Capital One Bank Capital One Bank Doubled our interest rate and told us they were within their rights to do it! Richmond, Virginia

All the employees you spoke with are correct. Any company can increase your interest rate whenever they want for any reason.

It doesn't matter if you paid your bills on time in the past, if you miss payments they will increase your interest rate. There are not heartless its how credit card companies work.

They're not going to make an exception for you because then they'll have to do it for everyone else. They are running a business.

I understand when you stated "they are running a business" but you also stated "they are not heartless"

What what do you call it then when they double the interest rate on a 10 year customer in good standing that always pays their bill on time despite the current economic crisis we are in?

I would tend to agree that not only is this company completely and utterly heartless..but that this consumer had EVERY right to report this here, to warn others to the fact that this company is a ruthless, heartless company run by greedy assholes. They also stated this was done and they never recieved the information..which my be in violation of law. I highly suggest this consumer do some research as lawsuits regarding this matter against banks have been won.

Now this consumer reported this here as per the grounds of this website..to lodge a complaint when being charged too much and to exercise their freedom of speech. Capital One has every opportunity and right to rebut or respond to this complaint by their consumer relations dept or any employee of the company.

I wait in great anticipation for this response. All others need not apply.

That is the stupid response I've ever heard, IF they really were a "10 years" customer then they should have know the terms of there card. Plus all credit card company do it, it is how the industry works, if you don't like it DON'T HAVE A CREDIT CARD! SERIOUSLY!

Obviously the poster did not take the time to read the terms of the card and to help avoid the increase.

Also this happened to me before, I noticed the change on the statement and I called the company and told them that I didn't receive any notification and they changed it back to the original interest rate.

Don't be stupid and look at your statements so you know what is going on with your credit card. IT IS SIMPLE!

They obviously had a reason to increase the rate its not like they use a customer dart board and who ever the dart lands on is gets their interest rate increased, There is always a reason. The poster just chose not to disclose the reason.

Hey Chuck,

Obviously you are not reading the thousands of complaints from other Capital One counsumers. There is NO reason for Capital One to raise our rates, we always pay on time and always pay much more than the minimum amount due. Capital One darts are hitting all their customers, just do a search on Capital One complaints and you will see.

I have to agree with Chuck.  Although he comes across rather ill-tempered at times, he is right.  The banks DO NOT need a reason to raise your rates.  They are doing it to everybody to get out ahead of new laws that go into effect next year.

Ronny, regardless of whether they have hearts or not, they are running a for-profit business.  That is the down side to our version of the capitalist economic system.  They are not interested in the customers well-being.  They are interested in maximizing their companies profits to impress shareholders, some of whom are probably the people being shafted/complaining about said shafting(I'm willing to stipulate that and laugh about the irony at the same time).  They have to keep the majority of the shareholders happy to stay in business and get their bonuses.  Its cold and yes, some may say heartless, but its the way of the business world today.

Instead of making the "freeze" on interest rates immediate, congress gave all the credit card companies 12 weeks to "work out the bugs". What did the credit card companies do? Raise the rates on all most everyone. Posted about the local DJ who stated he had received letters from both capital one and citigroup, that they were raising the interest rate on his credit cards from 9% to 23.9%. Got a letter from valero, a gas card, last week, telling me the interest rate was going from 9% to 14% OVER prime(prime is 3.25%) BUT NO LESS THEN 23.9%. F**K them. I never use their card anyways. It doesn't matter what your pay history is or what your credit history is. They're screwing eberybody. Thank your congressperson.

The increase may have been made as a result of the lovely "universal default" clause in many credit card agreements. They review your credit report periodically, and if any adverse information shows up (late/missed payments with another credit card company), you're suddenly more of a risk, and they jack up your rate. I think Congress is working on getting this clause changed/revoked.

Work your butt off to pay the credit card balance off & close the account.  Until people learn how to save money & pay cash for things, the credit card companies are going to win & stay rich. 

   It doesn't matter who issues the card.  The same practices are used by everyone in the industry.

   Bottom line.  If you borrow money under the typical revolving credit (credit card) agreement, you are shooting yourself in the foot.   There are not many differences in the credit card agreements from one bank to another.  What it boils down to is that you have no way of knowing what you'll ultimately pay for something that you charge on  a credit card (unless you pay the balance in full every month).   Since the card agreements give the bank the right to change anything in the agreement whenever they feel like it (with minimal notice. And no, they don't have to send you a letter), you are at their mercy if you carry a balance.   It's like doing business with loan sharks.

   Most of this could be avoided if people would take the time to read and understand the revolving credit agreement.   Folks like the OP that are surprised that their interest rate could increase, are prime examples of the type of people that do not read their agreements and assume that some bank is going to treat them fairly.   Once you read and understand  the typically lopsided credit card agreement, you will recognize that borrowing money under such terms is a complete sucker bet.