Two friends of mine recently received notice from their Capital One credit cards that their annual rate was increasing to 27 PERCENT!!! Both of them manage their money very well but each carries a balance. This sounds to me like they are just looking to cash in on customers carrying balances. The good thing is that you CAN opt out but you need to contact them to do so. Once you have opted out you must not use that credit card (cut it up!!!) again because if you do you are consenting to the new terms and your interest rate will skyrocket! I always hated Capital one and their stupid viking commercials. At least now I have a better reason to hate the credit card.
I would keep an eye out for these types of notices from other credit cards as well. Bank of America isn't doing so great and I can see them doing something like this too.
very scary!
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