CapOne: 25% interest

[OnTheMoveAgain]

CapOne is charing me interest on two accounts that has been close out since Dec 2003. I never agree to these terms. Do they have to prove to me that I agreed to these terms? Im trying to clean up credit reports.

[Diehard]

I think it's in your disclosure statement. Recently credit card companies are reviewing your credit reports, and if they find that you were 30 or 60 days late on any other account, (and including their account), or there is any negative reporting on any other account, they can charge you the default interest.

It may not be fair that they can go back to an old account, but this is what they are doing. This is why you have to read the fine print.

They usually include it in the envelope when you get your CC in the mail.

I know that some CC companies did inform some customers of changes in their policy, opening the door for customers to close their accounts, and going to a company that did not have such extreme rates.

I don't understand how a closed account at customer's request with a '0' balance would lead to a default interest rate. I would contact them for their explanation, and if it is not a favorable explanation pay off the balance and close their account.

Diehard