Capital None
Capital One sent me what I'll call "the love letter." It was different from the last one, which simply hiked APRs for cash advances and defaults (things I never use anyway, nor would I ever use if I got in trouble). Today's love letter is The Big One.
See, I've had a purchase APR of 4.99% fixed since I got the card. I've paid all my bills on time. I never carry a balance these days, but I used to on this card. (4.99% fixed APR.) I get rewarded for this behavior by Capital One by having the APR for purchases increased to 13.9% AND made variable.
Let's see... how did Capital One justify this reward? The Love Letter states, "this increase is based on your account's Purchase rate, the length of time you've had this rate and account, as well as the challenging economic environment."
Let's pick apart each justification. Since I've had a 4.99% fixed APR since, oh... 1998, when I opened the account, the first part translates roughly to "You don't have the potential to make us money." Same for the second part. I am not making them money, nor do I have any potential to do so. It's Capital One's reward to me for being responsible.
That last part is a kick in the beanbag. It's an excuse, plain and simple. It's also an insult! Rub salt in the wound, kick me while I'm down, etc.
Good riddance to bad rubbish.
See, I've had a purchase APR of 4.99% fixed since I got the card. I've paid all my bills on time. I never carry a balance these days, but I used to on this card. (4.99% fixed APR.) I get rewarded for this behavior by Capital One by having the APR for purchases increased to 13.9% AND made variable.
Let's see... how did Capital One justify this reward? The Love Letter states, "this increase is based on your account's Purchase rate, the length of time you've had this rate and account, as well as the challenging economic environment."
Let's pick apart each justification. Since I've had a 4.99% fixed APR since, oh... 1998, when I opened the account, the first part translates roughly to "You don't have the potential to make us money." Same for the second part. I am not making them money, nor do I have any potential to do so. It's Capital One's reward to me for being responsible.
That last part is a kick in the beanbag. It's an excuse, plain and simple. It's also an insult! Rub salt in the wound, kick me while I'm down, etc.
Good riddance to bad rubbish.