Posted by Anonymous on 2/3/05 6:53pm
Msg #19364

Not notary related...thought I would share....

I got my credit card statement yesterday and Capital One increased my interest rate from 8% to 26.24% for being 5 days late on my payment last month. First time I have ever been late and I have had the card since 1999. Called them and they said it was "policy" and my fee would go back down after 6 months of payments on time.
Watch your statements, it may happen to you.
By the way, I cancelled the credit card.

Reply by CaliNotary on 2/3/05 7:05pm
Msg #19365

Gee, I wonder why they don't use that in their advertising? "Five days late? We'll triple your APR. No Hassle!"

Reply by Becca/FL on 2/3/05 10:42pm
Msg #19381

What's in your wallet? (n/m)

Reply by Terri - CA on 2/4/05 2:48am
Msg #19396

Unfortunately, it's stated in the Credit Card Agreements that if you're late they can raise your interest rate :(

Terri
Lancaster, CA

Reply by Loretta/MD on 2/4/05 7:28am
Msg #19403

Yeah, and I read the fine print on all of their inserts every month too.

Reply by Charm_AL on 2/4/05 7:38am
Msg #19405

OUCH !!!
that hurts

Reply by Christine/IL on 2/4/05 8:10am
Msg #19406

Unforutunately not only can Cap one raise your rate, but once your other credit cards see that you were late, there is a good chance that they will also raise your rates. Your credit card company monitors your credit report for these things. It's also not a good idea to close a card with a balance on it as now you will always be at that high rate, you have nothing to negotiate with now. There is a great credit card message board on www.fool.com. It's a great resource.

Christine
www.chicagomobilenotary.com

Reply by Loretta Reed on 2/4/05 10:03am
Msg #19416

Fortunately, I am not bound by my credit card and we only have one now since we cancelled that card, if they raise that one, I will cancel it and pay it off as well. We also paid that card off that we cancelled to slap Cap One in the face, even though they didn't feel a thing. But I understand your point.
I only have CC's in case of emergency. I am lucky to have reserves in the bank. It took years of trial and error to be able to understand that and I am glad that I learned that lesson, even though it was a hard one. I also check my credit report regularly and I will monitor my credit card statement for the only card we have.

Reply by Camille on 2/4/05 2:57pm
Msg #19434

It happened to us also, just call and tell them to put it back, or you will transfer the balance to another card. They put it right back to rate we had.

Reply by Loretta Reed on 2/4/05 9:44pm
Msg #19472

I tried that and they declined. They said that they would review the account after 6 months.
I was only 5 days late, it will not even be reflected on my credit report because it was not net 30 days late.