Thursday, February 22, 2007

A Public Service Announcement


Now that I am unemployed, I have a little more time to actually read the multiple pages that come with my Capital One credit card statement each month. And, it turns out that I am lucky to be unemployed or I would never have caught this. To my surprise, my 7.99% rate will be raised to 12.99% commencing April, 2007. And, it's not what you think - I've never, ever been late, nor have I exceeded my credit limit and I always pay way more than the minimum amount due. So, I called my friendly customer service rep and, incredulously asked her what this was about. And, to my disbelief, I was told that Capital One is losing money - that's right LOSING MONEY. Therefore, their losses are being passed on to the consumer (my words). The poor girl that worked in Customer Service advised me that everyone has to pay the higher rate, although she could offer me the rock bottom 11.99% due to my excellent payment history. Needless to say, I've said good-bye to Capital One.

So, the Republican bankruptcy law that benefited the credit card industry (Yes, thank you, Joe Biden), actually appears to have caused them to lose money. Now, if you believe that, I've got a bridge in Brooklyn I'd like to sell you.

Check your wallets.

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