Potential downside to applying for better interest rate credit card?

 Capital One just raised my "fixed" rate from 10.9% to 17.9%. Yeah,
they fixed the rate alright. They apparently sent a notice some time
back but it never caught my eye. The semi-English speaking rep from
Manila advised me they have no lower interest rate they can offer at
the risk of me taking my balance elsewhere.

Any suggestions for a significantly lower rate card provider? Is there
a downside to applying for them? Seems I've heard that just applying
for a credit card can have an adverse effect on your credit.

Thanks

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Check http://www.bankrate.com  for some recommendations. Honestly though,
if your rate was raised, there's a good chance Capital One views you as
a credit risk. If that's the case, other credit card companies might
hold the same view.

It all depends on how good your credit is as to how successful you will
be at finding a better credit card deal with a lower interest rate.

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I just got an "pre-approved" offer at 16.99% but since there is no
annual fee, I'm taking it.
BTW. I always pay it off every month.
I figure a higher % rate company may delay the up and coming annual fees.
No?

 georgewk wrote:

There's two obvious possibilitys.

One is that they have a higher than usual interest rate to avoid charging an
annual fee.

The other is that they plan to gouge as much as they can get away with on both.

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