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  1. #1
    TXCharlie's Avatar
    TXCharlie is offline Former & Future Reserve Officer
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    Angry Read Your Mail from Your Credit Card Company!!!

    Capitol One sent me a letter Friday for each Capital One card we have...

    it seems that they're automatically raising our interest to 29%!!! This is insanity with the Prime Rate sitting near zero.

    According to the letter, the only way I can avoid paying 29% interest on my purchases and remaining balance not covered by special low-interest offers is to cancel my credit card, which I intend to do Monday morning - Then they say I can continue paying my current interest rate. That's a no-brainer there.

    I don't think we've EVER had a late payment on these cards, since I have them set up on automatic eBill Pay. Our credit is pretty good, even though we do have a rather high credit card debt from when I went into the hospital several times in the last couple of years (at over $3,000 per whack).

    We recently bought a new $25k car with a low-interest 2.9% loan, so I don't think there's much wrong with our credit - they wouldn't have approved the loan (we could have had 0% but would have lost the rebates).

    I wonder if it has something to do with me transfering my balance around to 0% offers? Every time I get a 0% 6 month credit card check, I swap balances around. Even though they typically charge 3% transfer fee, that's only 6% per year on that money. Maybe they caught up to me

    Actually, though, a co-worker got the same type of letter from CitiBank, and she doesn't even have much of a balance.

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  2. #2
    SPD's Avatar
    SPD
    SPD is offline Corporal
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    I got rid of all my credit cards 15 or so years ago. Makes interest rates simple.

  3. #3
    TXCharlie's Avatar
    TXCharlie is offline Former & Future Reserve Officer
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    Quote Originally Posted by SPD View Post
    I got rid of all my credit cards 15 or so years ago. Makes interest rates simple.
    That's my ultimate goal... I can't take a full-time police job until all that gets paid off.

    After I get out of Reserve FTO, the idea scenario would be if they offered me a Part Time job to help pay off my bills, and it turned into permanent later. I have no reason to believe that might happen, but it would be great if it did.

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  4. #4
    cajunguy's Avatar
    cajunguy is offline I LOVE my ParaOrd .45ACP!
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    I fool 'em every month.

    I only have two cards (Visa and Discover), and I ONLY use them for mail order, AND only if I have enough in the ol' checking account to pay the bill in full when it hits the mailbox.

    Haven't paid the first cent in interest to either card in years.

    Of course, try to get a decent interest rate from them on CD's these days. If you find anything paying higher than about two percent interest on savings right now, jump on it. I usually have my CD's for about a 12 month maturity. That way, if the rates ever go up, my money is only tied up for a maximum of 12 months at a time, and if the timing is right, I can maybe renew at a better rate.

    I can remember when CD's actually paid 12-14% interest. Never see those days again I'm afraid.

    .
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    "Heaven doesn't want us,
    and Hell's afraid we'll take over!!"
    .

  5. #5
    MacLean's Avatar
    MacLean is offline O/R Gun mod
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    It sounds like you fell victim to universal default.

    Pull your credit report and figure out which account was a late pay - or recorded as a late pay - and get that corrected if you paid on time.

    It is increasingly common for a one day late payment to result in universal default on all of your credit accounts.

    Don't play money games with 0% offers. Every time you accept an offer you take a hit on your credit report.

    Work all of your balances on to one low rate card and stay there. Establish a history with that company. Pay it off, and keep it for emergencies.

    Close your other accounts, one per quarter. Do NOT close them all at once. Get letters confirming they are closed.

    When you are done, start pulling one free credit report from each of the big three companies on a rotating schedule, and correct any errors you find.

    I did this, and went from being in debt badly to having a rating well over 750 and having a net worth in the positive range.
    I'm your huckleberry...

    Quemadmoeum gladis nemeinum occidit, occidentus telum est!

    You can be the weapon, and the gun in your hand is a tool - or the gun is a weapon and you are the tool.


    I was looking for a saint who was a devil of a lover,
    but every girl I found was either one way or the other...



  6. #6
    mavriktu's Avatar
    mavriktu is offline Patrol Sgt.
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    Capital One is horrendous.The absolutely most thieving credit thieves out there.Many years ago I had a credit card with them(exorbitant rate of course but I was rebuilding my credit at the time ),I would get my statement say on the 10th,due by the 25th,mail my payment on the 12th and SOMEHOW,it NEVER,got to them before the 26th,guess what? LATE CHARGE,I had a PO box at the time,so I started on the day I got the statement,before I left the post office,would get a money order and mail it than and there,still no good,this went on for 6 months till I went to an Ajax finance company type outfit at 36% and saved a bundle and had it (the loan I used to pay off Cap 1)paid off in 6 months with an I-1 credit rating.

    BUT WAIT, THERES MORE,when Daps and I were first married and I learned she had a card with them I warned her,she was unaware as she never used it,so no problem,right????WRONG,they bought out the bank that has BOTH of our vehicle notes.,Our previous vehicle creditor had coupon books,if your payment was due on the 30th and you wanted to pay on the 5th,do it,no problem,want to pay a note ahead go for it.BUT Cap 1?? no way,they insist you pay by the invoice they send you,which is received about 3 days before it is due.Gotcha there Cap 1,you have a bank in our townI go there and pay it AND get a receipt,cause it seems the second time I payed it in person like that,the teller "accidentally" posted it to the wrong account.

    Bottom line ,if at all possible get away from Cap 1,they must make as much on late payments as they do their outrageous interest rates.


    Rant over---Sorry

  7. #7
    countybear's Avatar
    countybear is offline BDRT - Baby Daddy Removal Team
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    What's in YOUR wallet?

    "The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money."
    - Alexis de Tocqueville, Democracy in America

    Tell me not, Sweet, I am unkind,
    That from the nunnery
    Of thy chaste breast and quiet mind
    To war and arms I fly.
    - Lovelace

    The opinions expressed by this poster are wholly his own, and should never be construed to even remotely be in representation of his employer, its agencies or assigns. In fact, they probably fail to be in alignment with the opinions of any rational human being.

  8. #8
    Odd's Avatar
    Odd
    Odd is offline Cosmonaut Trainer
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    Quote Originally Posted by countybear View Post
    What's in YOUR wallet?
    Library card, bank card, two CC, three insurance cards, booster cards, $200, Advanced Auto receipts, some lint, old useless key glued in behind driver's license, driver's license.

    Well, you asked.

  9. #9
    gopherpuckfan's Avatar
    gopherpuckfan is offline I'm from the government and I'm here to help
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    Quote Originally Posted by cajunguy View Post
    I fool 'em every month.

    I only have two cards (Visa and Discover), and I ONLY use them for mail order.brides


    Interesting.....
    The views expressed in the above post are the sole opinion of the author and do not reflect any official position by the author's employer and/or municipality.

  10. #10
    IndianaFuzz's Avatar
    IndianaFuzz is offline Policeman Perry fan club
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    Quote Originally Posted by Odd View Post
    $200
    Dang moneybags! You know only drug dealers carry that much cash on them. Let me guess....you just happened to cash your paycheck today.............
    CHIRP! CHIRP!

  11. #11
    Retdetsgt's Avatar
    Retdetsgt is offline How did I get here!
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    Which is why I was ranting about the government needs to regulate the credit market. If you have a balance, they can do any damn thing they want and this is one of the reasons the economy went belly up. We got so dependent on credit because the banks made it so easy to get it and then set it up so you're a slave to it.

    I haven't kept a credit card balance for 25 years. Times I've needed money I didn't have or needed to buy something, I borrowed a lump sum from my credit union with a fixed interest rate.

    But so many people are in the position of TxCharlie, only worse. They were allowed to buy homes they couldn't afford and furnish them with credit card money they should have never been able to get and forced to pay usuary interest rates. They default so the banks go after people like TxCharlie and crank up his interest for no reason other than to make up their losses......

    So much for a capitalist society with no government regulation.
    When I used to be somebody (I'm center top)

    "A burning desire for social justice is never a substitute for knowing what you're talking about". -Thomas Sowell-

  12. #12
    Xiphos's Avatar
    Xiphos is offline I Void Warranties
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    We got rid of all the credit cards years ago. We keep American Express for emergencies and travel/car rental stuff.
    Pleasing nobody, one person at a time.

    That which does not kill me, better start fucking running.

    If I lived every day like it was my last, the body count would be staggering.

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  13. #13
    Jks9199 is offline The Reason People Hate Cops & Causer of War
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    Quote Originally Posted by TXCharlie View Post
    Capitol One sent me a letter Friday for each Capital One card we have...

    it seems that they're automatically raising our interest to 29%!!! This is insanity with the Prime Rate sitting near zero.

    According to the letter, the only way I can avoid paying 29% interest on my purchases and remaining balance not covered by special low-interest offers is to cancel my credit card, which I intend to do Monday morning - Then they say I can continue paying my current interest rate. That's a no-brainer there.

    I don't think we've EVER had a late payment on these cards, since I have them set up on automatic eBill Pay. Our credit is pretty good, even though we do have a rather high credit card debt from when I went into the hospital several times in the last couple of years (at over $3,000 per whack).

    We recently bought a new $25k car with a low-interest 2.9% loan, so I don't think there's much wrong with our credit - they wouldn't have approved the loan (we could have had 0% but would have lost the rebates).

    I wonder if it has something to do with me transfering my balance around to 0% offers? Every time I get a 0% 6 month credit card check, I swap balances around. Even though they typically charge 3% transfer fee, that's only 6% per year on that money. Maybe they caught up to me

    Actually, though, a co-worker got the same type of letter from CitiBank, and she doesn't even have much of a balance.
    If you check the fine print on most credit cards today, you'll find that they claim the right to raise your interest rates to the max rate if you default on ANY reported debt or credit card...

    And default means make a late payment. By even a day. Even if the credit card waives the late fees, they ding you with the reported late payment.

    And it doesn't matter if you'd been paying like clockwork, paying ahead, and never received the bill in question...
    Voting against incumbents until we get a Congress that does its job.

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    All opinions expressed are my own and are not official statements of my employer.

  14. #14
    longevity's Avatar
    longevity is offline Rookie
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    Quote Originally Posted by countybear View Post
    What's in YOUR wallet?
    hmmm... drivers license, atm card, carl's jr. coupon, library card, block buster card =)

  15. #15
    CTR man's Avatar
    CTR man is offline Officer First Class
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    Quote Originally Posted by mavriktu View Post
    Capital One is horrendous.The absolutely most thieving credit thieves out there.Many years ago I had a credit card with them(exorbitant rate of course but I was rebuilding my credit at the time ),I would get my statement say on the 10th,due by the 25th,mail my payment on the 12th and SOMEHOW,it NEVER,got to them before the 26th,guess what? LATE CHARGE,I had a PO box at the time,so I started on the day I got the statement,before I left the post office,would get a money order and mail it than and there,still no good,this went on for 6 months till I went to an Ajax finance company type outfit at 36% and saved a bundle and had it (the loan I used to pay off Cap 1)paid off in 6 months with an I-1 credit rating.

    BUT WAIT, THERES MORE,when Daps and I were first married and I learned she had a card with them I warned her,she was unaware as she never used it,so no problem,right????WRONG,they bought out the bank that has BOTH of our vehicle notes.,Our previous vehicle creditor had coupon books,if your payment was due on the 30th and you wanted to pay on the 5th,do it,no problem,want to pay a note ahead go for it.BUT Cap 1?? no way,they insist you pay by the invoice they send you,which is received about 3 days before it is due.Gotcha there Cap 1,you have a bank in our townI go there and pay it AND get a receipt,cause it seems the second time I payed it in person like that,the teller "accidentally" posted it to the wrong account.

    Bottom line ,if at all possible get away from Cap 1,they must make as much on late payments as they do their outrageous interest rates.


    Rant over---Sorry
    Amen to that. Cap 1 is one of the main reasons I am in the fix that I am in now. When we financed our new car, the loan was drawn on Onyx. Well guess who bought out Onyx three months after we bought our car? You guessed it. Payed our bills on time every month. When my mother passed away 2 years later we asked them if we could do a one month deferral due to funeral expenses and etc. They wanted us to pay one more payment so that they could set this thing up. Then they started this bullshit stated above in mavriktu's post. We even sent our payment registered mail, return receipt requested. The payment would get to them on a Thursday morning, due on Friday, but because they only hire their bill processors part time and no one works in the office on Friday, our bill was not processed until Monday therefore making it late. We told them we had proof that the bill was sitting in their office on Thursday therefore it was not late. We went round and round with them for three months on this BS. Tried to get the car refinanced after this but the re-fi company wanted $2,000.00 down to make the payments less. After the third time through this they repossessed the car. Plus they hire incompetent office workers.

    NEVER, EVER GO WITH CAPITAL ONE!!!


    Choose The Right. When you're doing whats right, then you have nothing to worry about.

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  16. #16
    Retdetsgt's Avatar
    Retdetsgt is offline How did I get here!
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    I've used credit cards to my advantage. For years, my wife and I used a United Airlines visa. We got one mile for every dollar we spent, sometimes 2 miles per buck. We bought everything on that card, including groceries, of course paying it off at the end of the month. We really racked up the miles when we built our house. Over the years, we stacked up enough miles that we took several trips, flying 1st class that cost us nothing. Well, that's a lie, I guess. There was a $60 annual fee for the card. But we flew to Europe and all over the USA.

    Now I can't travel like I used to so we switched to the Chase Freedom card. We get cash back and now about every 3 or 4 months I get a check for $250. Again, paying it off at the end of the month, it only cost me the annual fee for the card.

    I was pretty careful with my money when I was working assignments with lotsa OT and built up some extra money for retirement. Now I make car payments into a high interest rate savings acct with my broker, E*Trade. When I need a new car, I draw the money out of it rather than borrow it. It was a bit of a struggle and took some sacrifice early on to get in that position, but I like it better than paying interest to a bank for my car.

    My only debt is my house and I got a 15 year mortgage on it rather than a 30. The payments weren't all that much more and since I built a house I could afford, it's no real burden. In 5 more years, it'll be mine. It's a nice position to be in, but I did without or made do for a number of years so that my retirement would be like that. Old people who have their own money, make their own decisions...... I don't want someone else, including my kids to be making my life decisions.....
    When I used to be somebody (I'm center top)

    "A burning desire for social justice is never a substitute for knowing what you're talking about". -Thomas Sowell-

  17. #17
    deputysykes's Avatar
    deputysykes is offline Corporal
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    Just cancelled mine. Since I'm not an illegal alien I don't get any special treatment from B of A...
    I'm not ruining your life, you are, and I'm just going to write a short story about it.

  18. #18
    lewisipso's Avatar
    lewisipso is offline Injustice/Indifference/In God we trust
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    We have one and never keep a balance. It's paid off every month.
    Do not war for peace. If you must war, war for justice. For without justice there is no peace. -me

    We are who we choose to be.

    R.I.P. Arielle. 08/20/2010-09/16/2012


  19. #19
    ArmouredsainT's Avatar
    ArmouredsainT is offline Defender of Brain Cells...
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    I went throught this same crap with Crapitol Uno about a year ago. I went round and round over the phone with them raising my 5.9% to 15.9%. I said hey, what's in your wallet? Not Crapitol One.

    Inthe end, I kept my credt card and after several months I called them to cancel and they said I had already been re-approved for 7.9%.
    Hiding out in Montana

  20. #20
    CTR man's Avatar
    CTR man is offline Officer First Class
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    Quote Originally Posted by deputysykes View Post
    Just cancelled mine. Since I'm not an illegal alien I don't get any special treatment from B of A...
    Never had a problem with B of A but then again my Portuguese Surname looks Hispanic, go figure.


    Choose The Right. When you're doing whats right, then you have nothing to worry about.

    Not a LEO

    In memory of Sgt. Howard K. Stevenson 1965 - 2005. Ceres Police Dept.
    In memory of Robert N. Panos 1955 - 2008 Ceres Police Dept.









 

 
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