Comments on: Have Your Credit Card Rates Gone Up?

By: Keri

Keri — Fri, 08 May 2009 15:36:13 +0000

Orchard Bank did the same to me… raised my rate only when I mailed back in the opt out notice they told me a month later they didnt get it in time so they were denying my request to opt out. Even though the card had not been used at all since before I got the statement showing they were raising the rate. Then when you call and complain you get people that cant even speak english. OUR TAX DOLLAR bailouts hard at work alright. I think this is OUTRAGEOUS!! And I have never been over the limit or late with them…they just decided to do this due to the economy (my credit score had actually gone up due to a paid off vehicle loan). Go figure. Higher interest rate because my credit got better. Stay away from Orchard bank

By: Henry W. Bevil

Henry W. Bevil — Tue, 17 Feb 2009 17:29:57 +0000

Capital One offered me 0% for 12 months, I paid or transferred the balance at the end of that period. Year later offered 0% for 18months to get me to transfer balances. Transferred the same balance back. This period ends August 2009. Raising my rate from 5.33% to 15.9% this month, except for the special offer.
I opted out, they would not budge, and the way they talked this was basically
an across the board action. Since I opted out, my rate is to remain fixed @ 5.33%
untill the balance is paid out. Minimum payment to remain at 1% plus the current
month accrued interest. I’m going to have to see this to believe it.!! I may make min. payments for 8 years! Or transfer to another card. I’m not sure my exact credit score, should be perfect as far as payments. I get one or 2 offers a week to transfer a balance @ 0% for a year. The offers now, require the 3% transfer fee and the APR is not desirable. I could transfer my Capital One balance to another card ( I have numerous ) @ 3% transfer, and end up around 10%. So Capital One was my lowest, and going to the highest Now. The rate increasing like this is a very stupid business decision, running off people who pay their bills on time EVERY Month . I’m over 63, a retired accountant, and never had a late payment, EVER.
And our tax Dollars are bailing these business firms OUT ?? Criminal in my book.
Enough said.

By: Jen

Jen — Thu, 18 Dec 2008 15:07:51 +0000

B of America raised mine from 11 percent to 28% they are the absolute worst! I sent the letter to opt out but they still raised it despite calling 3 months in a row and them saying they were changing it back to the prior rate! I am so fed up I plan to transfer the balance as they lie to me and have me waiting on the phone on hold for at least 30minutes each time I call. One man wouldn’t tell me his name and hung up on me when I asked for his supervisor!

By: Mary M

Mary M — Thu, 10 Jul 2008 17:14:32 +0000

My Discover card rate recently jumped from 13.9 to 20.9%, with a letter stating the reasons as “account open for over 12 months, APR less than 20% and acct not used monthly.” How outrageous is that? I haven’t been late, much less missed a single payment ever, thank you. For ANY card. I thought I was a model customer! They have me because I have too high a balance to transfer.

I have found Bank of America to be the best. That one did go over the limit one month (still, never late or missed) and they raised it for 6 months, and to my great surprise it reverted to the original 9.9% at the end without my having to call. I thought that would be a battle, the way Discover and Citi work.

By: Michelle Horning

Michelle Horning — Sun, 17 Feb 2008 23:14:11 +0000

I have been a Capitol One card holder for several years. In fact, at one time I had 3 Capitol One cards. My credit rating is 718. My score is not higher due to high credit balances on a number of cards. I have NEVER made a late payment. The default rates are so rediculous, one has to be diligent about due dates. Capitol One raised my FIXED RATE card I had for several years from 9.9% fixed to 21.9% variable. It doubled my payment. I called and talked with them and they said it was due to my high credit balances for all cards totalled, not just theirs. I cancelled one Capitol One card. I moved the 21.9 variable balance to another non-Cap One card. The last Capitol One card I am ususally able to pay off month to month. This practice is so wrong, expecially when one has been a consumer with Capitol One for 4 or 5 years.

By: Nacho Coordinator

Nacho Coordinator — Fri, 15 Feb 2008 14:00:07 +0000

Capital One and Amex Blue have raised my rates from 9% to 17% and 21% respectively. Ironically, my cash advance APR for Capital One is still at 9%. Bank of America has not touched my rate which has been at 7.9% since I got the card about 18 months ago.

My FICO is 788 and I’ve never made a late payment on either card. Personally, I don’t really care about the APR since I no longer carry balances.