Credit Card

This is my blog for today. I thought I used considerable restraint in my language by not using the word screw and piss poor. I have several more in mind but I will use a little self control (what little I have).

Capital One Bank
Dear Sirs,

Imagine my surprise when I opened my mail yesterday and found that you were raising my interest rate on your credit card. I have always paid on time or early, always paid more than the minimum payment and have never defaulted on any loan in my 62 years. I am not late with any payments, credit, mortgage, or utilities. In fact, I owe nothing to anyone except you. I chose your card because you had a reasonable interest rate. It is the only one I carry or use. However, as soon as it is paid off, I will discontinue using it also, unless I have an extreme emergency.

It is my understanding that the survival of this economic situation is dependent on getting consumers to spend more money on products and to use credit to do so. It seems by raising your interest rate, you are encouraging people to stop buying and stop using your credit card. This seems like another typical decision made by CEO’s, along with their decisions to loan money to people who can’t afford to repay, and to give themselves bonuses when they have repeatedly demonstrated bad management skills.

I will assume therefore that you are not doing this to help the American economy, but to line your own pockets. Please don’t use the current economic crisis as an excuse to bilk your loyal customers. It doesn’t fly. And please don’t show up in Washington, D.C., asking for a bailout when your credit business goes in the tank. By raising the interest rates on your good customers, you will be left with only the bad ones who can’t live without credit and have no intention of ever paying their bill.

Sincerely,