Here is my Dear John letter to Capital One (idea stolen from Dhunny)
Dear Capital One:
Well, we've had some good times, and over the past few years, DH and I have used you a lot. You've always been there for us when we needed you, or even those times we just wanted you. When we wanted to go to a nice dinner, there you were, just sitting there looking up at us saying 'It's okay, use me!' You were great at Christmas time too. We used you to earn 3 points for every dollar spent, but we paid that portion off quickly thanks to saving up last minute for the gifts.
I hope you will not be too offended that I'm making this break from you. It's better for me and DH and I'm sure there is someone else out there that will use you until your hearts content, and until your rate skyrockets.
It will be hard to go shopping with you not around, but that's better. I hardly wore any of the clothes I bought with you and ended up giving them away, tags still attached.
I was just on your website and I just paid you off, for good. Yes, our EZPass is still on there, but I will pay that $25 each month in full, so at least I'll still get to take advantage of your 3 points for every dollar spent. That's 75 points each month! I may keep you in my wallet for emergencies, but just to let you know, that you will be paid off in full each month in the rare case I'll use you.
Paper is much better for me and the environment then plastic is.
I sure will miss you!
Beth and DH
My next Dear John letter will be to Chase.....