What is the best way to close a credit card account for my 95 year old mother?
I have her power of attorney, but want to be sure I am doing all the steps necessary in this case.

I've been a loyal customer of Capital One for nine years now, and my interest rate has always been 7.9%. Never a late payment and my credit score is excellent. However, Capital One just recently hiked-up my interest rate to 17.9% for no apparent reason. I called them and spoke to four different "supervisors" demanding rate be returned to 7.9% immediately and all said "there's nothing we can do." How do they get away with this stuff??
I just sent them an email stating that if my rate is not returned to 7.9% within seven days, I will close my account and transfer any remaining balance elsewhere. Actually, though, I might just go ahead and pay it off in full and leave the account open. I'm afraid closing it could have a negative affect on my credit score. Capital One SUCKS!!!

I am being forced into default by WF. I have been paying 5.9% since closing the card over a year ago. Twice they have tried to raise the interest rate, but with negotiation, I was able to lower it again to this rate. This month, they again raised it to 19.97%. however, when I called WF, they said that the 5.9% was a "promotional rate" that they are no longer offering. I have never been delinquint on a payment but told their repersenative the increase would force me into default and they would get NOTHING. To which they replied that they were sorry. This is rediculous buisness practices for everyone involved- especially those who are trying to stay current in todays economy. They referred me to debt consolidation agency they are affiliated with and who charges a fee to damage my credit.

Chase sent a letter of Increasing the minimum payment from 2% to 5%. This card was only used as a loan for a car payment. I was offered the 2.99% apr so I decided to use the low interest and buy a used car for around $12,000. The minimun payment at the time was around $250 per month. I have paid on this loan for about 10 months now and low and behold they change the terms so the payment will now be close to $500 per month. Called the center and spoke to customer no service for about 45 minutes and told them i will not be able to make payment with that extreme of a increase and the customer no service responded with I will not charge your card the interest for one month but that is all he could do. So I feel Chase has just manipulated consumers in with the low apr interest offer and then they change the agreement whenever they want. I automatically make payments online and have never been late and never use that card for anything other than this one loan. So beware, If you think the banks of America can be trusted just look at your agreement. They can rip you off whenever they need to.

Hi I had to close our Chase business card due to the interest doubling. I received my bill today and here is the rub not only did the put that no minimum payment due they also noted on the bottom that my payment date has been changed to a week earlier. Either of which would put me into default and they would stick me with an even higher rate than I passed on in the first place. Beware!

My FICA score is 765 and I also received a notice of APR increase this week from FIA Card services (Regions Bank). The reason given on the notification is “change in our business practices and due to the pattern of payments and APR’s on the account”. I called yesterday reject the increase (the deadline to do so is May 1, 2009) and spoke with an account manager who advised me that this was an “across the board” increase and had nothing to do with my payment history or credit score. The deal they are offering is that I must not use my account at anytime after the APR increase effective date else the change will apply even if I sent timely notice rejecting the change. I was advised that my current balance can be paid off at the existing rate of 7.99% as long as I don’t use my card again after the first day following my statement closing date in May 2009.

I just received notice my interest rate is going from 8 to 17 percent. I have had this account for 15 years and no late payments. I have not called them as of yet because I paid it off last month.....LOL....joke is on them. I will only use this card a couple times a year now and will pay it in full to protect my credit score. Capital One is cutting their own throat and hopefully will bleed to death. Spread the word.

I know everyone says that you shouldn't cancel your credit cards, but we have a balance of a few thousand dollars and I refuse to pay 17% on anything! We are both educators and have never paid ANYTHING late. I would prefer to cancel that card and keep our low rate instead of paying 17% and the credit card company making thousands off of us. We own our own home, both cars are paid off and we owe very little. You would think the card companies would want to keep people like us! I will just take a chance on it lowering our score. It's in the 700's so a little lower won't hurt anyway.

Well I just closed both of our Capital One cards today. We had zero balances on them until a few months ago when we paid off the medical bills that were left over from my husband's heart attack. The hospital, radiology, and Dr. offices were charging 21% interest so when Capital One sent us these "special transfer checks" with a 6.99% for the first 12 months, and then 4.99% for however long it takes to pay the special checks total amount off, we decided it made more sense to go that route. I had called in and made darn sure that I understood the terms exactly because we've heard how they stick it to some customers. So we just received a "we're increasing your rate to 17.99%" not because we were late or missed a payment but just because they feel like it since times are so tough. I called in and they did everything to make me change my mind and made all sorts of offers but I told her to forget it. We will never trust them again and to cancel both of our cards. The one card we've already scheduled the payoff payment. The other, she assures me will be at the aforementioned supposedly "FIXED for the life of the special transfer check amount". (The special transfer check is the ONLY thing we ever put on that account.) We were great customers. Put stuff on from time to time but always paid on time and way more than the minimum payment or sometimes even paying it all the way off each month. They made money on us. No more. We will never do business with them again. We don't really like to use credit anyway and this just gives us an extra incentive NOT TO.

Same as commentor below. Capital One customer for more than 20 years. Out of the blue. Refuse? Automatic Cancellation of card except for repayment of outstanding balance at OLD rate! D'OH! So, is it SMARTER to pay it off and keep it? OR is it SMARTER to pay it off and Cancel it? Which will hurt my credit more?!!! Anyone know?!!

I provide legal representation to folks whose interest rates are hiked. Mark Bonner; 127 NW 10th St.; OKC, OK 73103. (Anywhere in the nation through local counsel.) Feel free to write or send an e-mail if you are looking for financial relief. lmb@nemw.com.

I just got a notice from Capitalone that they will be raising my rate from 9.9% to 17.9%. I have never been late nor do I keep a running balance. In protest, I will NO LONGER USE THAT CARD. Iwill keep the account open for emergencies, however.. I will not use it for anything. I used to run approximately $17,000 thru it per year. So they will be losing out on that business from me.. mind you.. I have been at that run rate for about 10 years.. so going forward... they will lose out on 3-5% of $170,000 (5100 - 8500) in fees they charge the merchants . I hope their IDIOTIC management realizes what a foolish decision this is as consumers will remember. Luckily im not in credit card debt.. so I dont really care what the rate is. But I can see how it could push someone over the edge from being able to make the payments to not being able to. I SAY IN LIGHT OF THIS, the government should NOT GIVE THEM A DIME MORE.. let them all go out of business. They are trying to recoup their massive losses quickly on the backs of the taxpayers that are bailing their sorry butts out!

I have a revolving credit card who has raised my rate to 32.70% for no reason they can give me. I asked to have it reduced and they informed me that the bank doesn't take requests from consumers at this time. I closed the account even though I can't pay it off all at once. They asked if the only reason was the rate and I told them the rate & that I would be very unhappy knowing I was still their customer despite the fact I must pay them.