Capitol One commercial

[my sons father]

I'm sure you have all seen the Capitol One commercials where Viking hordes are plundering (high interest rate credit cards), and Capitol One comes to the rescue with their low rate cards? Well, if you actually have a Capitol One account, you should have recieved a letter in the mail a few weeks ago explaining how they will raise you interest rate above 26% in you are late a few times in a year. This is on top of the $6 a month "membership fee" they charge you just for the pleasure of paying them that rate! I just closed my account with them, paid it off in full, and their customer service person told me I didn't owe them another dime after I specifically asked him that question. Then I got another bill in the mail, for the interest on the balance for the time between my last statement and when I actually paid off the balance. And of course another $6 because my account was still open!
LET THIS SERVE AS A WARNING TO ANYONE INTERESTED IN GETTING A CAPITOL ONE CARD...THEY ARE THE ONES ACTUALLY DOING THE PLUNDERING - OF YOUR WALLET! MY INITIAL INTEREST RATE WAS LESS THAN 9%, AND THEY KEPT RAISING IT UP UNTIL IT HIT 18%! AND NOW THEY TRIED TO GET 26%
They would claim the payment was late, and when I started paying online, they would claim it takes x amount of days to process, so it is still considered late. Short of taking them to court, I closed my account and will never do business with them again!

 

[SampSon]

Capital One is a subprime creditor, what do you expect?

 

[Mani]

I've heard bad things about Capitol One and have avoided them. Usually the truly good credit cards don't advertise themselves so damn much.

 

[evilsaint]

I don't know about that %18 hike for no reason, and that $6/month is horse****, but the %26 for making a certain # of late payments is considered, by most credit card companies, going into default on your account, and is pretty standard thoroughfare around their industry.

Check out the fine print on any of your credit cards concerning concurrent late payments, and the APR (usually for a period of the year afterwards) involved will most likely be %26 or higher :disgust:

 

[spidey07]

Originally posted by: evilsaint
I don't know about that %18 hike for no reason, and that $6/month is horse****, but the %26 for making a certain # of late payments is considered, by most credit card companies, going into default on your account, and is pretty standard thoroughfare around their industry.

Check out the fine print on any of your credit cards concerning concurrent late payments, and the APR (usually for a period of the year afterwards) involved will most likely be %26 or higher :disgust:

yep. Always, always, always read the entire agreement. they put stuff in there that you wouldn't believe. All CC companies do.

 

[DaveSimmons]

The card is only $18 a year with 1% cash back if you pay your bills on time. (I have no idea what my APR is since I never carry a balance.)

 

[jadinolf]

Originally posted by: DaveSimmons
The card is only $18 a year with 1% cash back if you pay your bills on time. (I have no idea what my APR is since I never carry a balance.)

Your statement probably states that.