Capital One Hates Everyone

So, the economy sucks, and everyone should panic, and OMG we’re all going to die, and the stimulus plan just passed will do nothing to help and is just oinky oinky pork, right? I’ve heard some variation of all that far too damn long. Why don’t we just break out the barrels and suspenders already?

I read on Consumerist that Capital One was raising a lot of interest rates, but I hadn’t heard of any rate increases yet, so I guess I thought I lucked out.

Not so. Today I get the letter: “Due to extraordinary changes in the economic environment, we’re reviewing our existing credit card accounts. Having considered these economic conditions, your account current’s purchase rate, and the length of time you’ve had this rate an account, we will be increasing your Purchase rate. We’re also raising your Cash Advance and Default rates.

How much? From 15 percent APR to 22.9 percent. What. The. Fuck. *

I can opt out of it, and am thinking of doing so. It’s about as low a limit as you can get, probably because it was my first credit card (got it about two-and-a-half years ago, while in college). I love that Capital One mucked up their crap in other areas and is a) panicking and finding a way to rape me in the arse, b) figuring now’s as good a time as any to screw me over or c) all of the above.

I can opt out of the new terms, and am considering doing so. But this is one of only two credit cards I have, so honestly, I’ll probably just pay more of it off before the new terms take effect April 17. This pisses me off, though. For a second, I logged onto my account and thought they had lowered my already-teeny credit limit. But I was misreading. I’m using less than half of my low limit, but damn it, it irritates me all the same. I pay more than the minimum. I pay on time. But they don’t care. What’s in your wallet? How about a big steaming pile of crap? My rate increase seems higher than some of the ones on Consumerist; maybe my short credit history is hurting me. But closing the account would also hurt me. Sigh.

Not that I expect much of anything from Credit Cards, but even this seems like a bit much. Are your credit cards screwing you over any more than usual? Has anyone else had Capital One, or any other company, pull this stunt? I’m really glad I’m a “valuable customer;” my God, can you imagine if I wasn’t?

I also wonder if this is because the new credit card regulations that are set to take effect in summer of 2010. Which gives the cards plenty of time to jack up everything before then. Thanks, Congress.

*This would be enough to make me cranky anyway, but I got two fillings today and my teeth kinda hurt.



Filed under General Crap

2 responses to “Capital One Hates Everyone

  1. bebehblog

    Discover took away almost my entire “available cash” balance on the credit card. It would have to be a REALLY serious situation before I would ever take a cash advance on a credit card but knowing they cut my limit to less than 20% of my credit limit still hurts. They also laughed at me when I called to ask if they would lower my interest rate, since my promotional rate had ended and I knew I’d been carrying a balance for a while. The account rep actually laughed.

  2. God, credit cards just suck. And you can’t do anything in this country without having a few of them. It amazes me that the government allows them to keep operating the way they do. It’s insanity.

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