Capital One – home to the highest interest rates
Many credit card companies have emerged throughout the years offering highly competitive interest rates for quick, easy money, as well as savings accounts. One of the most popular of its kind is Capital One. While the company has emerged with highly competitive offers, it still finds competition in giants such as American Express.
The company offers a variety of plans with different interest rates and many other benefits. Some include returning money for the purchase of airplane fares as well as shopping in certain locations, while others have no yearly payment fees.
Capital one interest rates climbing
Lured by countless emails and letters customers often apply for what they think is a low interest fee. However, there is a catch. As the world is emerging from the recent Recession interest rates have started climbing, the ones of Capital One cards significantly so. What was once deemed a viable company with some of the best rates around now has its customers closing credit cards on a daily basis. Yearly fees are also beginning to rise, leaving people with no choice but to get rid of accounts. With interest rates being so fiercely high it is hard to keep up with monthly payments, and a hell when one can’t pay them on time.
In order to increase their own revenue and reduce the loss of money capital one has started decreasing the interest rates of customers’ savings accounts. While this has helped them from an economical point of view, it has created a prerequisite for the loss of many customers. With a variety of banks that offer better APRs people are quickly fleeing from the grasp of a company that changes the value of their interest rates at a whim. For the people who still owe them money it eventually becomes a battle that requires them to sink further into debt in order to pay off their bills. Recession has forced what was once a company with potential to destroy it’s authority on the market.
Capital One has become a last resort.
With their constantly fluctuating interest rates, they have become the last choice on people’s credit card lists. Many are still lured to join their large community on a daily basis through offers that are subject to change at any moment. However, larger companies such as American Express and Master Card have taken over, promising better APRs and benefits to the general public.