CAPITAL INCREASING INTEREST RATES!!!!!!!!! =S?

Got a letter in the mail today talking bout how my rates are going to increase. Never been late, or anything. But i'm sure its, because of the economy and they gotta make some of their money back. But not off of me! It says after July 2, 2009 my existing rate will become a promotional purchase rate...... ok.....

Beginning April 2010 my rate will increase to 22.9%!!!!! That's for purchases and balance transfers.

Now here's the kicker: the cash advance and default rates are increasing to 24.9% and 29.4%!!!!!! But they are affective after July 2, 2009! That is soooo lame!

Here's the silver lining: I never carry a balance, never been late, and charge only what I know I can pay for. And I don't have any balance transfers. =D AND I NEVER GET CASH IN ADVANCE! =P It's just how amazing a bank can be with their greediness. My new rates on purchase and transfers won't go in affect till april 2010. But the penalty rate and cash advance rates are affective July 2, 2009. WOW... they are REALLY desperate for money. Shouldn't have been doing unscrupulous lending to unsuspecting people.

But I AM going to keep the card and use it. Just keep everything like $100 or less. That's easy to pay for.I have good POSITIVE history on my credit report.

"Your penalty rate (29.4%) is the rate you'll pay only if you pay us three or more days late two times within any 12 billing periods. We will return you to your non-introductory APRs if you make at least the minimum payment on time for 12 consecutive billing periods." <--- I've never been late. I ain't worried about the rates being change because I try to use my credit card as responsible as I can. And I ALWAYS make sure I can pay what I charge, accept one time when I had an emergency. LOL but that's takened care of. I can use my card and limit myself to a $100 bucks a month (gas) and pay it off. I ain't going to close it cause its how I got my REALLY high score. But I still think capital one is cheating A LOT of people who carry balances on their cards. Thank God I'm not one. And I hope I never am.

What's your opinion?
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Credit Card Companies are in the business to make money anyway they can legally. High interest rates is the name of the game and thay offset the loses they incur from ones that don't pay their balances. Many declare personal bankruptcy. Just keep a zero balace and stop worrying. Credit cards are wonderful for us who pay their total balance each month;however, if your purchasesw are small and you can continue your no balance policy, you are lucky. The break-even point for card companies is about $3,500/Yr. purchases on a card. Under that, they may lose money because of their overhead, if the balance is paid off each month. I use Discover every time I can, even on small dollar purchases and actually get cash back on my purchases, not much but over the year it adds up at 1 and 2 dollars at a time.ie, I buy, don't have to pay for many days and make a little money.
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I think some of the banks are trying to get all the law will allow in an effort to dodge the credit card reform legislation that was passed this week. Hopefully, they'll grandfather the provisions and the banks won't be able to continue this "fast one."

Personally, I'd like to know whatever happened to the usury laws and why they aren't being enforced. This is no different than loan sharking.
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Capital One isn't as bad as Chase, I had no problems with Chase, always paid them and all of the above they lowered my credit limit and raised my APR because I bought a car and it made my score go down. i have since canciled the card I had others that treated me like an actual customer.
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We all got em this is the change Obama triggered with his address to the bad economic times to the credit card issuers and the banks.
They turned around and slapped all the people still payong their bills a full rate hike no one knows if its legal its sure change!!!
Not egggzacktly what change we had in mind but sure emptied all I did have in my pocket. Objective word here is had change.
done deal there's your sign and its change.
cheers
thanks allot Mr Obama for the change we all appreciate the fact we lost
the last bit of change we did have to buy lunch at taco bells latest
.89 cent promo.
ooops not any more mr visa from bank of america wants that interest hike payment and taxs went up too cause congress needs to collect a fund for Obama to close gitmo.
80 mill worth thats not even a buck from every living adult still working in the nation.
chump change right.
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If you don't carry a balance, don't do cash advances and balance transfers or whatever else they want to charge you upwards of 30% to do, why is it such an issue for you?

This is what banks are doing since they are under the gun now.

It is legal for them to do this, so, that is what they choose to do. It's business, they don't have to live with you, so your opinion of their business practices really are moot to them.