Capital One

I've had a Capital One VISA for over 10 years. My interest rate has been 9.9% fixed for at least 4 years.

About a year ago, since I'm "such a good customer", they switched me to a cash rewards program at no charge and no change to my interest rate or credit limit.

I received a letter from them this past Friday. They are raising my interest rate to 15.99% VARIABLE (7+% over prime) because of "rising interest rates" - pretty much, we can so we're going to. Not because I missed a payment or was late with a payment or went over my credit limit but because of rising interest rates.

Funny how I'm about $200 away from their first tier of "cash rewards" and I lose it if i close the account. If I don't close the account, I get bumped to the higher rate - and you know it won't stop there. They'll keep on raising it since they've established that they can and "prime got raised" - funny it doesn't go down as quickly.

I guess someone's got to pay for the vikings but it's not gonna be me. I called them to close my account and it's all automated. I should have counted how many times they mentioned that I would lose all of my rewards points if I closed it.

I guess being "a valued customer" is just another empty phrase with Capital One. I thought they were one of the good guys.

Tami Furry