I received two Capital One important notice forms in the mail today, one for each of my cards. They are notifyng me that the terms on one of my cards (Capital One 1) is changing. My APR will be 17.9%! Also, the default rate and cash advance rate are changing.
The form states that I can opt out by closing my account which is perfectly fine with me. I plan to pay both my Capital One accounts off and closing them anyway.
The notice I received for my Capital One 2 card only states that they will be chaning my default rate. It is strange to me that they only chose to change the one thing on this account. I know (think) I'm in a locked rate for the balance I owe them at 3.99% which was a special transfer rate they gave me a while back.
None of this really matters with my Capital One 1 account since my estimated pay off date for them is the first week of May...if all goes as planned. I'll keep my fingers crossed!
Once Capital One 1 is paid off, I think I'll focus on AMEX for a while since the interest rate is 4% higher than Capital One 2 and I owe them about $10,000 more than Capital One 2.
Is this Opt Out thing a blessing in disguise???
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