Capital One credit card rate increase! What to do?

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When I signed up for my Capital One Credit Card I signed up with the understanding my rate would be 8.9% fixed....now they increased my rate to 13.9%

When I called and complained once I noticed this, they stated they had to do this to a lot of their customers, but since I was a "preferred" customer they would lower it a whole measly 1% down to 12.9.

Now my question is...how they hell did they get away with this? Isn't the very definition of the word fixed, mean that it can't be moved/changed? It seems very shady and possibly illegal on their parts....the question now for me is with $4700 still left to pay off on my card...do I just leave it open, or cancel it in order to "stick it to them"? I heard canceling your cards hurts your FICO score....any help would be appreciated.

Capital One credit card rate increase! What to do?

Negotiate or switch cards and transfer the balance.

You can cancel to get your point across, but you will still have to pay back per the cardholder agreement.

As long as you carry a balance on a credit card, they can screw you.

-->Adam

Capital One credit card rate increase! What to do?

First get over the "stick it to them mentality" they could care less about you, one person or thousands ofo persons are just peons to them.

If it had just been you there might be a problem but they did it across the board to some cardholders.

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Capital One credit card rate increase! What to do?

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