Saturday 2/21/09 I recieved in my mail a notice from my credit card company which informed me that they would be making changes in my terms. The changes were to my Purchase and Balance Transfer Rate and my Cash Advance Rate.
My new rate for Purchase and Balance Transfer would be 17.9% (0.04904% daily periodic rate).
My old rate for Purchase and Balance Transfer was 13.24% (0.03627% daily periodic rate), if my math is correct that's a increase of 4.66%
My new rate for Cash Advance would be 24.9% (0.06822% daily periodic rate), while my old rate was 15.65% (0.04288% daily periodic rate) the increase on this would be 9.25%. Of course on page 4 of the booklet they gave me the option of declining these terms and closing my account. This must be done by phone by 4/17/09 before 8:00 E.T.
My question is this: How is this suppose to help me personally as a consumer, knowing full well many people cannot afford to simply close a credit card account. I guess Capital One will not be in my wallet.
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