I got a letter from Capitol One saying they were doubling the interest on my Visa because of a business decision. They've assured me that it wasn't anything I did (no late payments, not over limit, etc.) but due to the economy they are taking this action. I didn't know they could do that but I guess there's nothing I can do about it. I have an excellent credit rating and history and I'd like to transfer the balance to a lower rate. Does anyone have any recommendations for a good rate Master Card or Visa?
You can get 0% for 12 months on balance transfers pretty much anywhere. I know Citibank has it and I think Chase and BofA do too. Doesn't Capital One have an annual fee anyway? Fuck that.
I agree. If you have any kind of good credit rating (700+), you should be able to get a card from any bank with a sweet balance transfer deal. I don't know why CC lenders are fucking with existing accounts of high credit score customers. They are slitting their own throats.
Because they can. Because credit is still a little tight overall. Notice the banks are all starting to make money again? Plus if they pass that credit card owners' bill of rights (or whatever the name of that bill is) then the card companies won't be able to pull these shafty moves. So their getting in their hits while they can. EDIT - I was going to add - Spud, you should call them and let them know you're going to probably cancel the card. Sometimes they'll back down and make you a deal. Sometimes.
Some card company (Chase maybe?) tried to pull the same crap on us recently - so we simply dropped them and got a different card. Easy peasy. If they are stupid enough to drop their low-risk, always on time customers - they do not deserve you. Simple as that.
Credit card companies hate me, and not just due to my sparkling personality. I used them as a free 30-day float and then pay my balance in full.
Every credit card company is doing this. Most are starting to charge annual fees as well or increasing annual fees. I'm also hated by my cc companies for the same reason MaxieP listed. Using them as a 30 day float and getting those travel miles at their expense. I also recommend avoiding the first rep on the phone. Ask for account services instead.
That's what we do as well. Never have an interest hit on the balance. The worst possible customer for a credit card company.
They still get fees from the merchants when you buy stuff. So they aren't entirely unhappy with you. barfo
Yep, part of the reason they offer rewards. We purchase absolutely everything we can (gas, food, insurance, utilities, etc., etc.) on our cc, then pay off each month. We get anywhere from $40 - $60 back each month in free gasoline.
I noticed the interest rate on my Chase card went up recently when I was deciding which credit card to use for a big purchase I was considering. I had a zero balance and hadn't used it for a while, so I don't know when the higher rate went into effect. I emailed them, saying that I wanted to make a purchase with the card, but the APR was way too high. I told them if they lowered it, I would actually use the card. They responded by not only declining my request, but they also cut my credit limit in half in the process.
They all suck. The credit card company hates me because I've paid in full and on time for more than 10 years. They call people like me dead beats. They keep sending the bill later and later, hoping I'll pay late so they can charge me interest and fees. Spud, they do it because they can. Because they spend millions of dollars lobbying to be sure they can.
This happened to one of my friends too with his AMEX card. I think it dings your credit score too when they cut your limit.
