What they are trying to do is squeeze every nickle they can out of card-holders.
They can cancel your card at any time. They have no need to make you quit.
They are raising the rate across the board. I’ve talked to those with small and large balances, as well as no balance.
Everyone with a balance needs to vote with their wallet and close their accounts.
It is the only way to keep the interest rate you had when you borrowed the money
Ralph
My Capital One statement came today. It offers “Online Savings Account 3.00% Annual Percentage Yield (APY) on balances of $10,000 or more*”
My new Capital One Credit Card rates according to last week’s letter are 17.9% for Purchases and 24.9% for Cash Advances. That means they are making 14.9% or 21.9% on fairly large, long term deposits. Capital One is also unique in the fact that they charge the customer to call them to make a payment.
As Ralph wrote, they are just squeezing every nickle out that they can. We are responding to this by closing the account, but with something over $300 billion of Obama provided dollars, why would they care?
I still don’t see any general outrage toward the whole government gifting of huge amounts of money to the very guys who caused the problem in the first place. Am I the only in the whole country who thinks these mismanaged institutions should be cut adrift to sink of their own greed and that the guys running them should be tarred and feathered on their way out of town? Instead, the miscreants are left in charge, and are now suing their employers over their own bad business decisions!
Happy RRing,
Jerry
Jerry Bowers said:
My Capital One statement came today. It offers "Online Savings Account 3.00% Annual Percentage Yield (APY) on balances of $10,000 or more*"My new Capital One Credit Card rates according to last week’s letter are 17.9% for Purchases and 24.9% for Cash Advances. That means they are making 14.9% or 21.9% on fairly large, long term deposits. Capital One is also unique in the fact that they charge the customer to call them to make a payment.
As Ralph wrote, they are just squeezing every nickle out that they can. We are responding to this by closing the account, but with something over $300 billion of Obama provided dollars, why would they care?
I still don’t see any general outrage toward the whole government gifting of huge amounts of money to the very guys who caused the problem in the first place. Am I the only in the whole country who thinks these mismanaged institutions should be cut adrift to sink of their own greed and that the guys running them should be tarred and feathered on their way out of town? Instead, the miscreants are left in charge, and are now suing their employers over their own bad business decisions!
Happy RRing,
Jerry
I don’t see the outrage either, Jerry.
The “tea parties” recently organized by the Republicans focus their outrage on the “stimulus” and homeowners in default, while ignoring those who caused the problem.
Capital One is not unique in raising of interest rates. Other companies have raised customers to default rates. Customers who have not had a late payment or drop in their credit score.
It is outrageous that our laws allow credit card companies to change the terms and interest rate, after the money has been borrowed.
Ralph
Here is why they are all raising the rates. New regulations going into effect next year will limit their ability to raise rates on previous balances.
They are stickin it to us while they still can.
Ralph
http://blogs.wsj.com/wallet/2009/03/13/credit-card-issuers-strike-back/?mod=yahoo_hs
Jerry Bowers said:Just got an e-mail from Capital One. 2.01 % APY on balances of $10,000 or more. Reducing what they pay for money while raising what they charge. We continue to pay for the folly of the financial institutions. If it is not bailouts, it is outrageous interest rates. Or both. Ralph
My Capital One statement came today. It offers "Online Savings Account 3.00% Annual Percentage Yield (APY) on balances of $10,000 or more*" Jerry
Ralph Berg said:Have you ever noticed that some of those Credit Card companies have offices in Wilmington DE.? There are states that limited the interest that CC companies can charge. DE. is not one of them.Jerry Bowers said:Just got an e-mail from Capital One. 2.01 % APY on balances of $10,000 or more. Reducing what they pay for money while raising what they charge. We continue to pay for the folly of the financial institutions. If it is not bailouts, it is outrageous interest rates. Or both. Ralph
My Capital One statement came today. It offers "Online Savings Account 3.00% Annual Percentage Yield (APY) on balances of $10,000 or more*" Jerry
I think they all are out of Delaware. It also has the largest number of companies incorporated there.
The rules are very favorable to business.
Ralph
Very favorable to shoppers too. No sales tax!
If you want to understand why most all corporations are Delaware registered then read the information at the link below.