Attorney General Mike Hatch sued Capital One Bank Thursday over the ads for its “No Hassle” credit card, which promote a supposedly fixed interest rate of 4.99 percent. Customers who miss a payment deadline or exceed their credit limit can end up with interest rates of as much as 27 percent, Hatch said at a press conference. About 40 percent of the credit card’s users will be paying higher interest rates within two years, he said.
I knew the “No-Hassle” card from Capitol One had to have a catch. I’ll make sure never to miss a payment on mine… sheesh.