I've had a small balance on a Capital One creditcard for some time now, I got it a few years ago at a promotional rate of 3.9% for the life of the balance.. being a low rate I've just been paying the minimum monthly payment.
Gets my statement through today and noticed the interest amount has gone up almost 10x from last month.
Rang them up and was told that because the cost of lending has increased, so has my interest rate. I asked how they could do this since the money on the card was still at the 3.9% life of balance rate, and just kept getting the same reply "the cost of lending has gone up".
Rang financial ombudsman and they said I can put in a complaint, but chances are there will be something in the T&Cs allowing them to do this.
Anyone else been stung? I've also heard there's a list of other card providers doing this as of this month?
Gets my statement through today and noticed the interest amount has gone up almost 10x from last month.
Rang them up and was told that because the cost of lending has increased, so has my interest rate. I asked how they could do this since the money on the card was still at the 3.9% life of balance rate, and just kept getting the same reply "the cost of lending has gone up".
Rang financial ombudsman and they said I can put in a complaint, but chances are there will be something in the T&Cs allowing them to do this.
Anyone else been stung? I've also heard there's a list of other card providers doing this as of this month?
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