Dear Capital One,
How can jacking up the rates on your best customers be a wise business move?
Outside of telling everyone I know and don't know, I feel helpless to do anything about this.
I wrote my Senator, Sherrod Brown and heard nothing back.
If they are doing this to me, what evil are they doing to everyone else? What will it take to rope these bastards in? Capital One is clueless in terms of generating long term business and Congress apparently is paralyzed to do anything.
In any case, here's my not sad story since I can walk away from these SOBs. I'm pissed off for those of you who can't and are victims of today's consequences.
I have a job that is reasonably secure.
I have paid off almost all of my debt outside of my mortgage, for which I am not underwater.
I have a credit score of 800+ on one agency report and 790+ on the other two reports.
I have had no changes to my financial condition that would impact my credit score (unless returns on retirement savings due to the lawlessness under the Bush administration were reported).
I had two car loans with Capital One that I took out simultaneously when I moved from Manhattan to Cincinnati. Both were 60 month loans and both were paid in full, on time, never late, never missed a payment. I owe nothing on these loans.
Three years ago, I was offered a balance transfer at 3.99% for life. I took them up on their offer, made my payments until it was paid off. I was never late, never missed a payment and I owe nothing.
In fact, I owe Capital One zero dollars today. I am debt free to my former biggest creditor outside of my mortgage.
Last week I received a notification that my rates are going up 40% from roughly 10% to 14%.
Interest rates plummeted. I called them to request a rate drop of 60% to reflect that their low cost of funds pass through partially to me. They told me no.
I told them they got $3.1 Billion in TARP money to stimulate the economy, not to jack up the rates of their best customers. They told me that I could cancel my card with them if I wanted. That was my only option. Take the rate increase or cancel the card.
How can this be good for Capital One? Why would we give these morons a dime? Is there any other business in the world that screws its best customers when their costs are dropping precipitously?
Like I said, I don't need their card.
Now, I simply won't use their card. I want to cancel their card in protest, but all that does is hurt me.
If I cancel my account with them, that hurts my credit score. If I keep my credit card, that makes me feel like a sheeple. I'm stuck.
Any suggestions?