This is just a warning for Canadian Capital One customers. Your interests rates are going sky high and if you don't call them before August 31, 2009 you will be automatically agreeing to this change!
I received the following letter today: "As a Result of the current economic environment, we've had to make changes to some of the credit card products we offer -- this inclued your current card with a variable annual purchase rat of Prime 13.55%. This is equal to 15.8% as of June 2009.
As of your October statement, your new variable annual purchase and balance transfer rate will be Prime 17.55. this is equal to 19.8% as of June 2009.
While you won't see this change reflected until your October statement, we wanted to let you know about it as soon as possible. Your account number won't change and you'll still have the same benefits. If you received any special balance transfer offers, that rate will also remain the same.
You can also choose to decline this change and close your account.
You have the option of closing your account and paying off your existing balance at your current rates. If you choose this option, your account will be restricted (starting September 21, 2009) and you won't be able to make any further transactions. You should continue to make payments until your balance reaches $0, at which time your account will be closed. There is no deadline to repay your balance, but you must make your minimum payments."
"If we don't hear from you by August 31, 2009, we'll automatically apply the new purchase rat and cash advance rate."
I wanted to post this as a notice to all capital one customers to get out while they can! After August 31 you will be on the new 19.8% rate. They are giving us a way out (which I know is not a rip off) but a lot of people don't read this kind of mail they get and won't realize this will be happening. Don't get a shock when your payments go up!! Find a better card with a lower interest rate today!
Grioje
Saskatoon, Saskatchewan
Canada
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