Dear Loyal Customer – We’re Raising Your Rates … Again
So, I get this letter from one of my credit card companies. I open it assuming I’m going to get a reduction in my interest rate. I mean, I’ve never missed a deadline, always paid more than the minimum, been with them for years, just an all-around good customer.
Apparently not. Because of the economic situation, a review of my account, blah, blah, blah, they are raising my interest rate again – third time in about two years. I had a 7.9 % rate, which isn’t all bad. That was increased to 12.9% a while back. I called on that one and was told it had nothing to do with me, just those “bad people” who don’t pay their bills.
And that should impact me because …? Anyway, the latest notice says my rate is now going up to 17.9%. I am simply at a loss. I have a near perfect credit rating. My wife and I have made a very serious effort to get out of debt. Barring our mortgage, we’ve succeeded.
We don’t have any credit card debt – oh wait. Maybe that’s it. Since I don’t pay the credit card companies mountains of interest anymore, they reward me by more than doubling my rate in two years.
Gee thanks.
Here’s the kicker. This, as of yet unnamed credit card company, is where I have my “high yield” money market and savings accounts. I say “high yield” because those two accounts COMBINED have an interest rate of less than 5%. And, I have enough money in both accounts to get their highest rate.
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How can a “high yield” interest rate be less than two percent? I am simply missing the logic. My money market and savings account rates continue to go down, yet my credit card interest rate continues to go up.
It’s like they’re sitting around some conference table smoking something and Bob goes, “hey, let’s raise this guy’s credit rate and let’s lower his savings rate. Won’t that be a kick in the pants.”
Yeah, thanks.
You know Capital One (oops, did I say Capital One?), you should really get rid of the “high yield” part. How about “we’re shooting to go as low as dirt” money market account.
Must be a nice line of work if you can get it.
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Nice, huh? Same story here, same perfect credit history, same company, same letter. Pretty much tripled my rate, and changed it from a fixed rate to adjustable. Now I know what they mean with their “Triple Rewards” advertisements…
“Triple Rewards” – I like that. Nicely done.
I will name CAPITAL ONE. They upped me to 24.9% from 14.9. I wrote and called to request a further review and was referred to their automated system that helped me lock in my current rate by closing my account. How do they expect to help ‘economic conditions’ by further taking away the disposable income of their customers, or, in my case, a customer no longer.