Capital One’s Phantom Interest Rate Increase

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.

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