Capital One Mastercard Prime + 0.9%

I don't have this card. My own card's interest rate is just south of 20%.

RFD is full of responsible credit users. I figured none would ever pay any interest, so they wouldn't actually care about the interest rate. The interest rate on a line of credit is far more relevant, IMO.

I wonder if that card has an annual fee, because I'm a little mystified as to how they make money. I thought this kind of card was aimed at responsible higher-income users anyway.

NB: There are numerous Capital One cards. I just checked this link: http://canada.creditcards.com/capital-one.php - there's quite a few there, but none at prime + 7.14. Indeed, they all seem to have high interest rates.

Doesn't have an annual fee. The card doesn't exist for new card sign ups

all their cards are now at least 17% without any promos.., will they have another promo soon?

clseea wrote: ↑Anyone else have this card? I got notice they're jacking the rate from prime + 0.9% up to prime + 7.14%. I've had this card for over 10 years and now this notice. Bogus

+1, got the same notice

Not that they have to, but WTF, I wonder how they're explaining more than tripling their interest rate on this card? No late payments, usually carry a balance....
Had to keep my temper and remember that it's one of, if not THE, longest carried cards I have, so I'll just pay it off and use it once a year...

There was a thread about this that was started last month. Check it out below...

capital-one-changing-interest-rate-drastically-1703419/

Lots of people are still getting these letters about the increase. It was a good run while it lasted. Still one of the lowest interest cards available.

clseea wrote: ↑Anyone else have this card? I got notice they're jacking the rate from prime + 0.9% up to prime + 7.14%. I've had this card for over 10 years and now this notice. Bogus

I called the automated system to decline the increase and as I understand, my 3.75% rate will be locked in for the rest of the loan repayment period starting June and at that time, I wouldn't be able to tap into the credit limit anymore.

What I did was just reborrow $900 to bring the amount up to 90% of the borrowing. After our 1.99% for life of the loan with MBNA, this has got to be the lowest interest rate loan we have.

Yes, I also got the same notice last month. It was great while it lasted. However, it is still one of the lowest interest credit card available in the market. I paid off all balances on that credit card and keeping it for rainy days if i need it. Hopefully I won't have to use it.