What's up with Capital One?

Do all credit card companies raise there interest rates after a while or just Capital One? When I got there card last December of 2006, there interest rate was like $3 per month? Then I got a letter saying that due to recent changes they were going to raise the interest rate, now I pay $9.73 of interest per month, is this normal? I have great credit and don't understand at all. Should I get a new card, what other cards do you use?

I pay my balance in full every month so I don't have to worry about the intrest charges. Works great and keeps my credit score in the good range.

Definitely try to pay off the entire balance every month. An interest rate is presented as a percentage. We can't compare $3 and $9.73 without knowing the different monthly balances.

Capital One has the distinction of being one of the most controversial banks to deal with when using credit cards. They will "sit"on payments until after the due date to charge "late fees" and "over the limit fees" that usually exceed the legal limits for interest rates.

They have determined that the "penalty interest rates" that their lobbyists have pushed through Congress, allow them to charge rates that would normally be viewed as usury, for even GOOD accounts! So you may see your "low interest rate" DOUBLE overnight!!

Good Luck!

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