Remember my December 6th post about JP Morgan Chase Bank sucks? I am expanding my "Sucks" to include Capital One Credit Cards . I happen to have a great credit score and no balance on my cards yet they just changed my terms. For those that have cash advance balances: "Whoa Nellie"! (It's a "Roy Rogers Show" line).
Anyway, my new terms on purchases and balance transfers (APR) is 17.9%. My cash advance rate (APR) is 24.9%. They are adding 21.65% to the prime rate! And my default (APR) rate is a staggering 29.4%.
I thought not to worry, the notice says I can decline these changes. I said to myself "You bet I will." Well, on the next page it says if I decline them they will close my account.
So: You suck Capital One!
4 comments:
They did you a favor. The best way to stick it to the banks and credit card companies is to NOT USE THEM. Pay off your credit cards and then cut them in half. Save up and buy your next auto with cash. If you have a credit card with zero balance, pay it off every month--leave them no way to make money except the transaction fee. And you can take that away by paying cash.
If possible, pay off your mortgage early; or just rent and opt out of the "ownership society i.e. debt serf" scam. Move your funds to an online account like Ameritrade; leave nothing in former investment banks' accounts for them to manage and leverage.
I Ameritrade is great. I've shredded my credit cards except for one I use for my business and it's paid within the grace period before the interest charges. I'm done with the check by phone fees, over limit fees because one of my credit card company's reduced my line and it crossed in the mail as I charged and went over my limit, but was within the limit I thought I had. Yep, I'm done with the credit card company's and finance company's. I cannot pay off my mortgage unless I win lotto, which I don't play, or until I can sell my property and move to a place where my P&I are not equal to my T&I payment!
Same thing happened to me with Citibank-I carry no balance, got great creditand they raised my interest rates to the same levels as GoD's.
If I didn't have a zillion frequent flyer miles I'd close the account.
DON'T CLOSE YOUR ACCOUNTS. CREDIT CARD LINE OF CREDITS ARE GETTING HARDER TO COME BY.
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