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Capital One was very explicit about opting out too. They said if you want to opt-out just call customer service and cancel your account.
I'd like to cancel my account, but is it better for your credit score to have longer credit history?
I like Capital One less and less every day for a few reasons. One reason is the really high APR. Another reason, which doesn't happen to me very often, is that if you hit your credit limit they slap your account with a $40 overage fee instead of simply declining the charge.
It's all just a money making scheme. Large companies making money off of other people's inability to manage their own money.
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Hi-
I am with Capital One's customer service group, and I just wanted to explain the change you’re referring to in your post.
The 29.4% APR that was referenced in your letter is Capital One’s penalty default rate, which is the rate your APR goes to if you pay late two times in a 12-month period. If you do pay late twice and your rate increases to 29.4%, you will automatically go back to your old rate if you make 12 payments in a row on time. There may or may not be another rate referenced in your letter that defines the actual purchase rate increase. I am sorry for the confusion and hope this helps further explain the issue.
Please feel free to contact me at executivecustomerservice@capitalone.com if you’d like to discuss your account and any terms that may be changing or if you have any additional questions.
Misty
Misty, That's great, thanks for letting me know about the penalty rate. It's also nice to see that companies are being proactive about customer service and any concerns that come up.