Capital One hikes customers' interest rates across the board

Capital One recently made a "business decision due to the current economy," raising their interest rates for each and every one of their customers. Put yourself in the shoes of a consumer with a high FICO score (say for example, 790) who has never missed a payment on their account, or any account with a creditor. If you were this customer, how would you react to a notice in the mail that your interest rate would be increasing from 8.9% APR to 17.9 APR (nearly double) - to say that you wouldn't be all that happy would be an understatement. From the view of any consumer, I can't see how Capital One thinks that this won't lead to a serious backlash, not only during the current recession, but down the road when the economy has regained its former health - it certainly doesn't create good will.

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Capital One Interest Rate Hikes Anger Customers