Stupid interest rate hikes...

iVillage Member
Registered: 05-11-2005
Stupid interest rate hikes...
2
Sun, 10-25-2009 - 9:32am

Ugh... I hate dealing with CC companies. Capital One jacked our interest rate up about 8 months ago and I didn't catch it until now. I have no idea why they did as the card is in DH's name and he gets all mail in regards to it.

The interest rate on both cards was initially 16.99 (I know, high to start with) but around January/February the rate went up to 23.99 on one and 27.99 on the other. I'm trying to figure out the reason and I can't find one. We didn't go over the limit on a Capital One card until July, 5 months AFTER the rate hike. Even then it was their stupid annual fee that put us over.

We just got word from HSBC that they were hiking the rate on one of our cards with them, but we went ahead and cancelled that card. It was a shame about that one as we actually use it. That rate hike I can understand because it came AFTER we went over the limit with Capital One, but we've never been over, or late, with HSBC. UGH!!!!

And, go figure, HSBC raised our limits on our cards at the beginning of the year and now this happens. Yuck. SO CONFUSING!

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iVillage Member
Registered: 04-10-2003
Sun, 10-25-2009 - 10:14am

So sorry you are going through this. Any chance you can opt out of the interest rate increase, close the CC's and just focus on paying them off?


Hopefully you can sort this out sometime soon. Good luck!


Bex -


"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."


Bex -

iVillage Member
Registered: 12-10-2003
Mon, 10-26-2009 - 11:35am
Capital One is one of the CC's that have been raising interest rates for no other reason than to raise the rates. DH has a Capital One card and they wanted to raise it a considerable amount a few months back so we opted out and closed the account. We had never been late with a payment, never went over the limit, and paid more than the minimum each month. Seems like most cc's are doing the same.