For months, I’ve waited to see if Capital One was going to make good on its promise to raise my interest rates. Last year, I wrote about possibly getting a rate increase from 10.9% to 17.9% by February or March of this year. That threat hasn’t become reality…. yet.
Yesterday, I got a balance transfer offer from Capital One. In the cover letter, it said that after the introductory period is over, I would just pay 17.9% on the remaining balance. Oh, how lucky I could be!
I haven’t gotten my May statement yet to see if this rumored increase will finally go into effect. It was still 10.9% on my April statement. I have a feeling it will be up to 17.9% for May. It’s a good thing I paid off the damn credit card this month!
Thank you, Capital One, for making it very easy for me to never charge anything on your credit card ever again — especially if it’s something I can’t pay off in full by the next month.
I think that these credit card companies will feel the burn someday when more people wake up and decide only to use their cards if they can pay them back before accruing interest. But of course, I’d bet that these same companies would figure out a way to make money somehow! Very sneaky….
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