(I know the above graphic sucks, but I was too lazy and tired to mess with PhotoShop tonight)

JUST TWO DAYS AGO I was having lunch with a friend from work.  I was BRAGGING about how great my Capital One No Hassle Rewards Card was.  Great rewards, and an EXTREMELY LOW interest rate.  Look very closely at the Purchase Rate and you will see that it is 4.24% APY.  I told him about this and he simply didn’t believe me.  But you see it there, in living color.  I USED to tell everyone that Capital One was one of the best credit card programs available.

So what am I complaining about you may ask???

When I get home from work today, I’ve got a letter from Capital One, It reads as follows:

“Due to extraordinary changes in the economic environment, we’re reviewing our existing credit card accounts.  Having considered these economic conditions, your account’s current Purchase rate, and the length of time you’ve had this rate and account, we will be increasing your Purchase rate.  We’re also raising you Cash Advance rates.  The following changes will be effective for all billing periods that begin after April 17, 2009″

My new purchase rate went from 4.24% to a whopping 13.9% and my Cash Advance rate went to 24.9%

Isn’t this a great way to reward some of your best long term customers.  The letter does say that I have a right to decline these changes…but only by closing out my account.

I’ve got an amazing credit history and have had this card with a $20,000 credit line for a long time.  I don’t have any balance on it, and I believe that I will be closing it…who wants to do business with a company like this…ECONOMIC TIMES ARE TOUGH, SO OUR SOLUTION IS TO SCREW OVER OUR BEST CLIENTS.

Looks like I won’t be buying any Capital One Financial stock any time soon.  Who is running this company anyways?

I am a major advocate of the SMART use of credit cards.

I have been known to often tap credit cards for major purchases when they are offering attractive rates or balance transfers offers. My favorite aspect of using a credit card is the reward program. I would never use a card that does not offer a rebate program. I have enjoyed some amazing free stuff over the years through using rewards cards for personal and business purchases, and paying them off in full each month. In fact, my last four airline flights have been completely free because of the airline miles I’ve earned through my credit cards.

Anyways, I’ve found a great place to compare and contrast which credit card may be best for your individual situation. Visit Credit-Land.com and check out the various credit cards that are out there right now.

There are really two good ways to search.

If you are looking for the lowest possible APR…

If you are looking for a great Balance Transfer Card, they offer a lot of different options.

Good luck, and remember to use credit wisely!