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Good timing! Capital One just sent me a letter a few days ago saying that they were jacking my 9.0%APR up to 17% +. (A little "Thank you" thrown my way for always paying on time and having a fantastic credit score) Not going to email the guy needlessly, but good to have.
I'm in the same boat--great score, paying off the bill each month--and I got the same letter, going from 7.9% to 17.9% or more, depending on the Prime Rate. Nothing like rewarding loyal customers, eh?
Capital One has always sucked! I still have my first ever CC with them which I applied for during my college years. Now 10 years later I still have the same credit limit with no increase in sight. Yet I got one of those letters also.
The irony in all this is how I think I last used this card like 6 or 7 years ago.
My email to Mr. Fairbanks...
Dear Mr. Fairbanks,
You are rich. I am not. Thank you for increasing my annual APR to over 21% when I have always made every payment on time and never gone over my limit. Well, I am proud to say that I paid off my balance and I am closing my account today. I have encouraged others to do the same. I understand that times are hard (aka - no more private jets and expensive lavish parties for you and all of your entourage) but realize that your business is nothing without the customer.
Best Regards,
Disappointed
Yep, I too got hit with the unimaginable APR increase. Mine went from 7.7% to 17.9% for just paying bills on time and having a good credit score. Great work capital one !!
My email:
Dear Mr. Fairbanks,
I am confused by the emails your bank sends out. One says you are increasing my annual APR to over 25%. I can either accept the increase or close my account. Then a few day later I get a letter stating I am a valued customer and here are some check to use. If I am valued i do not think a rate increase is the right message, nor is it the way companies do business with longtime customers.
I understand we all have to make choices. Yours is to increase the rate on all of your customers. My new choice will be to keep a zero balance on the card and use another one for my future purchases. Along with not endorsing anything to do with Capital one.
I feel sorry for the person who will be reading these, because i doubt it will make it in the CEO inbox.
Best Regards,
A once loyal customer
I got one of those letters yesterday stating that my APR is going from 4.9 % , which we have had for about 10 years to 13.9%. And why wouldn't it? Because we always pay on time, some payments 2 or 3 thousand dollars paying the balance way down. I guess you, Mr. Fairbanks, RICH, are not taking too kindly to no more private jets, the life of luxury so we, the little people, will be made to pay for it. I was told by one of your operators the reason is to stay competitive with other banks and because the economy is bad! Don't banks usually lower rates to compete with other banks? Needless to say, I'm currently in search of a new bank to transfer my balance or maybe will just pay off my card and close the account. How does that help the economy or your bank?
A long time loyal customer that will be praying for you Mr. Rich
Capital One's web team confirmed that a problem was encountered with their online system -- a problem which resulted in my attempts to make payment to fail. I incurred several late fees which were quickly returned to me as the problem was *not* on my side. Quite fair, thus far.
My interest rates were also increased, but no one -- and I mean NOBODY -- was willing to talk about that. I sent via online system and received responses that completely overlooked or disregarded my specific concern; they simply referred to the terms of service.
How about my own terms of service? Am I not entitled to "complete" resolution for a problem that was not on my side. I guess not. With that, I am systematically paying off my outstanding balance. In fact, I made about 5 payments over the last 30-days.
I *love* responses that fail to acknowledge my concern and than tell me I am valued customer.
That's what I call shaking the tree. One more leaf (that is, one more customer) gone thanks to poor service. This message is *not* intended t obe self-promotional, but it just so happens that I posted an article on the subject "shaking the tree" at http://usurprise.wordpress.com/2009/04/18/business-owners-take-my-advice/ -- While I am not a Capital One fan any longer, I hope their CEO and other businesses might benefit from this.
So Mr. Fairbank is Rich? What a revelation.