What’s in Your Wallet?

Saturday I received the following “important notice of a change in terms” to my Capital One Visa;

“Due to extraordinary changes in the economic environment, we’re reviewing our existing credit card accounts. Having considered these economic conditions, your account’s current Purchase rate, and the length of time you’ve had this rate and account, we will be increasing your Purchase rate to (insert gasp here) 15.9%”

What kinda crap is that? My current rate is 7.41%!

So apparently, to reward me for making ALL of my payments in advance of the due date, for paying the balance when possible….but always more than the minimum each month, for being a responsible Visa card holder….my interest rate will more than DOUBLE!

So, I figure I have three options;

1. Call and refuse the new terms, thereby closing the account, then paying the balance per the terms of the current agreement – even though we all know that closing accounts is not good for the ‘ole FICO score.

2. Pay the card off in its entirety, leaving the account open so as not to impact my FICO – but exposing myself to annual membership fees on a card I vow to never use again.

3. Stop making payments entirely until they’ll renegotiate the terms. Screw the FICO score – it obviously means nothing anyway.

I’m usually a roll-with-the-punches kinda gal. I don’t get riled often. But I am seriously considering option #3. It’s about time consumers stood up for themselves. I’m tired of being taken for some special kind of stupid. I’m tired of what amounts to corporate bondage. I’m tired of being nickeled and dimed to death. And it’s high time the banking industry was held accountable for lending $50,000 a year wage-earners the money to purchase 1/2 million dollar homes.

Dear Crapital One,

I am committed to providing you with honest and open communications.

Please be advised that due to extraordinary changes in my economic environment, I have reviewed my existing Crapital One credit card account. Having considered my economic conditions, my account’s current Purchase rate, and the length of time I’ve had this rate and account, I will be decreasing my Purchase rate to 0%. This change becomes necessary in light of the fact that you have already received $3.56 billion dollars in taxpayer funded bail-out money. Since I am a taxpayer, I have already met my obligation to you. To decline this change, please call 1-800-BITE-ME by 8:00pm ET, April 17, 2009.

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5 Responses to “What’s in Your Wallet?”


  1. artist victoria o'neill
    on Feb 18th, 2009
    @ 6:13 am

    the same thing happened to me with Citizens Bank and it really ticked me off. I like option 3.


  2. admin
    on Feb 18th, 2009
    @ 6:43 am

    Victoria >> did Citizens implement those changes recently? It’s outrageous that they have the ability to change the current rate on existing balances. Especially when there’s been no delinquency and no over the limit spending. I know there are new consumer protection laws to take effect next summer……but it’s too little, too late if you ask me.


  3. Chris Casey
    on Feb 22nd, 2009
    @ 7:17 am

    I am with you!

    WAMU did the same crap, never missed a payment, never late, paid it down to zero twice, and what do I get?

    Higher Interest?! Fuc’om!!!


  4. admin
    on Feb 22nd, 2009
    @ 11:15 am

    Well Chris, the way I see it, we, as consumers, have become so complacent that we’ve actually made them what they are today. Shame on us.


  5. Carl
    on Mar 20th, 2009
    @ 11:25 am

    Do option 1. if they don’t budge, go with others. There are cards out there that will suit your needs. No on option 3. Don’t jeopardize your good credit.

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