Personal Finance

Capital One Mastercard Prime + 0.9%

  • Last Updated:
  • May 6th, 2015 2:33 pm
Tags:
None
[OP]
Deal Guru
Nov 21, 2011
10749 posts
4007 upvotes

Capital One Mastercard Prime + 0.9%

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
7 replies
Deal Addict
Jan 2, 2015
1633 posts
638 upvotes
Toronto, ON
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.
[OP]
Deal Guru
Nov 21, 2011
10749 posts
4007 upvotes
Doesn't have an annual fee. The card doesn't exist for new card sign ups
Deal Addict
User avatar
Feb 23, 2004
3466 posts
286 upvotes
Calgary
all their cards are now at least 17% without any promos.., will they have another promo soon?
6b 6f 63 6f 6d 61 6e 20 6f 66 20 63 64 6d 61 2d 64 65 76 2d 74 65 61 6d
Sr. Member
May 18, 2006
997 posts
24 upvotes
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...
Deal Addict
User avatar
Sep 14, 2004
3815 posts
96 upvotes
Toronto
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.
Proud supporter of Tour for Kids and Ride for Karen!

Come chat live with other RFD'ers on IRC! #redflagdeals on EFNet!



Peace!
Deal Expert
User avatar
Apr 21, 2004
56486 posts
21536 upvotes
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. :)
Jr. Member
Jan 2, 2009
160 posts
45 upvotes
Ontario
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.

Top