Thursday, May 21, 2009

Guess what we got in the mail yesterday

John ran to check the mail yesterday evening and told me we got a notice from Capital One about our credit card. As many of you know we are paying off our cards and car loan and want to become and live debt free. Well this notice we received yesterday was a shock to me.

It states that penalty rate on their cards meaning if you are late on your payment three or more days two times within any 12 month billing period you will be socked with this penalty rate that is A LOT higher than your normal APR.

Then it goes on to talk about the penalty rate amount your going be as shocked as I was when I read this one here goes....... 29.4% WHEW!

Now as you read on they give you two choices,except these terms or call and decline these changes and they will close your account. But you still pay off your balance they just can't sock a rate increase to your account.

Where I was irritated with them because we are not late on any of our payments and once we payed it off to a zero balance we were going to close the account anyway so that's ok. So then last night John read online about the new bill congress passed.

If you would like to read about this bill click here Credit Card Bill. This just affirms to me that we are making the right choice by getting out debt,not acquiring any new debt and living below our means.

God Bless,


eclifford84 said...

I totally understand what you are going through and believe the credit card companies are out to try to take everyone to the drycleaners while they still can. I got a notice in the mail today from the credit company the I financed my furniture though. They are claiming I made a late payment but I had sent it out a week before it was due and have NEVER made a late payment on anything in my life! Low and behold I am now being held responsible for almost $500 in deferred interest because I had a promo of no interest until 2013. I think it's ridiculous that they are probably going to get away with this but I am going to sit down with my husband and call them tonight. I am so upset!! We are in the middle of buying a house and everything had been really stressful but worse case I will have to just close out my acct and use some of the 8,000 first time homebuyer tax rebate to pay if off. Grrr... I hate credit companies!!

Tammy said...

If you get your checks that have been processed back,you should be able to see the date you have it to be paid and maybe that can make a difference for you.

Good luck $500 ouch!

God Bless,

eclifford84 said...

They didn't process it until two days after the due date, but my hubby called them that night and straightened everything out with them and got us back on the 0% interest and they took the fees off of the account- I don't know how he does it!! It also helped that we have NEVER made a late payment on any account ever! I enrolled in autopay with them so this doesn't happen again- the little games they play to try to get more money is just wrong!