Let me preface this with saying that I've had my credit card with Capital one for about 9 years. In that time, I've never ONCE paid late. I charge a lot to it, every month and pay it off about 2-3 times a month. I understand how credit works and the necessary evil that revolving credit is. That being said, I suppose they don't make much money off me. I rarely carry a balance over to the next month. I don't transfer balances and I don't get cash advances.
I've enjoyed a fixed rate of 7.9% for 9 years on this card. That was, until yesterday. You see, I received a piece of mail, looking exactly like the daily junk mail I get from (insert any credit card company name here). It looks a lot like one of those privacy statements they send you annually, in a slightly oversized envelope, bulk postage, mass mailed. I decide to open it.
Here's what I'm treated to (I'm paraphrasing here):
Dear capital one cardholder,
Due to recent economic conditions, we've reviewed our cardholder's accounts. Due to the length of time you've held your account and the length of time you've had your interest rate, we are increasing your purchase rate, cash advance rate and default APR effective January 2009. New rates are: Purchases 17.9% variable, Cash advances 24.9% variable and default APR 29.9% variable. You can decline this change by calling the number listed, which will close your account as of May 14, 2009.
EXCUSE ME??????????
In other words:
Dear customer,
Due to our irresponsible lending practices, and despite being bailed out by your tax dollars, we've reviewed your longstanding good account. We've decided to penalize you without warning, against your will, and in a manner in which we hope you won't even notice. If you decide not to bend over and take it up the ass, please phone this automated phone line, as we don't value your long-term customer relationship with us enough to actually speak to you.
Sincerely yours,
Capital One
To which I only have this, hormonally-enraged response.
Dear Capital One,
FUCK YOU.
Sincerely yours,
Me