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Capital One Rate Hike!

This blog really has nothing to do with working at home or work at home job leads, but I just have to vent. I suppose this won't be the first thing resulting from the recession to affect me, but it makes me really mad, nonetheless.

This weekend, I got a notice from our credit card company, Capital One. It says:

"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. We're also raising your Cash Advance and Default rates ..."

Our credit card Purchase rate was 8.28% and after April 17th, it will raise to 17.9%. How ridiculous is that? We are very good customers and I know what this is all about. Here is what they SHOULD have said in their little letter because this is what they really MEANT:

"Due to the fact that the economy is going down the toilet, many Capital One customers aren't paying their bills. We have noticed that you have been doing business with us for 7 years, have never paid a late payment and your account is almost maxed out. Because you have an excellent credit rating and astounding history with our company, we're going to raise your rates because we know we can get extra money out of you!"

I checked out the forums over at CreditBoards.com because I knew if this was an across-the-board type deal, I would read about it over there. Sure enough, this is happening to millions of Capital One's customers. The members of Credit Boards have a special nickname for Capital One - Crap1. Too true, too true.

As soon as we get our income tax refund, we're going to pay them off. Then, I'm going to make a nice little phone call letting them know that I'm sorry I made the mistake of giving them business and I'll be sure not to do that again. I don't appreciate being treated like this when I know I'm a valued customer.

Ok, vent over!

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