My Credit Card Company Apologizes

Mar 19, 2009 by winjaw

Sorry, had to stop and laugh at that one for a minute.

But one day after my rant about Capital One popping my interest rate up to 17.9%, I mysteriously get a letter from them. Now that’s fast. Coincidence?

Of course they’ve seen the error of their ways and are actually going to reverse my interest rates – my money market will now be at 17.9% and my credit card rate will be 1.51%.

File that under wishful thinking.

But they have an offer I can’t refuse.
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Quote: You want a low rate? Say no more. We know you want to save money and make your life easier.

I can transfer all my high interest rates to my Capital One account and pay NO interest for 12 months. The kicker of course is that after that, my “everday interest rate” applies. And that’s a friggin 17.9%. How does Capital One define “high interest rate?” And if you  read some more of that fine print, you’ll see any payments you make will first go to existing charges.

In other words, you’re not paying any of that transfer back until all your other charges are paid off. And that’s a sucker deal.

It’s sad the number of people who fall for these gimmicks. Unfortunately, it often becomes a game of shifting balances from one credit card offer to another. Eventually, there are no more cards, no more offers and you are flat out stuck paying these absurd rates.