Dear Capital One, Drop dead.

[vakkotaur]

In the last day or two I have received two pieces of mail from Capitol One - the folks that advertise[1] the "No Hassle" card - with one declaring "Action Required" and both proclaiming a 0% introductory rate. And upon closer inspection, both eventually jumping to 22.9% variable. Alright, I know that credit cards get to play fast and loose with interest rates compared to... well, just about anyone but loan sharks and the economy is in pretty rough shape, but 22.9% variable? Come on. These mailpieces are shredder-fodder and nothing more.

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[1] I assume they still advertise the "No Hassle" thing, but I haven't watched TV, save for the odd visit away from home, in over a year.

Comments

They know what's in you wallet

[temperlj.livejournal.com]

Makes the ad that uses raiding barbarians that much more appropriate doesn't it?

Re: They know what's in your wallet

[vakkotaur.livejournal.com]

All too appropriate.

[nefaria.livejournal.com]

I completely ignore the interest rate on credit cards because I pay mine off in full each month. The only things that matter to me are the annual fee and the rewards.

I just wish everyone had enough math knowledge to understand what a 22.9% interest rate loan will do to them over the years; apparently more than half the population doesn't. :(

[vakkotaur.livejournal.com]

Full payoff all the time is ideal. Alas, this is a non-ideal world and I've had to let bits ride at times. If I must do that, I want it riding for as little fare as possible.

[yakko.livejournal.com]

That is exactly why I declined Capital One's new terms when they tried punishing me for being responsible.

[yakko.livejournal.com]

It's sad, really... knowing how compound interest works used to be a basic requirement in school. I believe you had to know this by high school.

[nefaria.livejournal.com]

For anyone listening, remember the rule of 72's at least.

Divide 72 by your interest rate (in %) to see how long it will take your original debt to double if you don't pay it off. At 18% interest, your credit card bill balance would double in four years, for instance.

[sideband.livejournal.com]

I take all the Capitol One card offers and put them in the Chase return envelopes.. and the Chase offers go in the CitiBank return envelopes. And the CitiBank offers go in the Capitol One return envelopes, thus ensuring that these fuckers have to spend money for absolutely no reason whatsoever.. just like they want me to do on their "interest" rates...

That's just the way I do...