Chris
Cambridge,#2Consumer Comment
Mon, March 15, 2010
I am not sure why the concept of interest comes so difficult for so many people. I am not an employee of any credit card company; I am a borrower who must comply with the terms of borrowing just as anyone else does. I have never gone over my credit limit or missed a payment. I am 23. Sure, I sometimes carry balances from month to month, but I always pay well over the minimum payment amount.
A simple solution to avoiding going over the limit on finance charges is: DON'T SPEND TO YOUR LIMIT. Just because you have $1000 limit does not mean you must spend $1000. If your rate is 10% annually, a $1000 balance would accrue approximately $8.33 per month. If you can't leave room for that $10, you have some serious spending problems.
Joanne i
Skokie,#3Consumer Comment
Thu, March 11, 2010
An employee of Capital One must have written this "rebuttal" since it absolutely reeks.
First of all, there are LAWS governing how much interest can be charged. Secondly, Capital One has a very funky way of computing your interest.
Thirdly, it is not true that you have to be late twice--or even once!--for them to switch you to a punitive "default" rate. They do it all the time. It was done to me, and I was never late once. They are constantly dreaming up ways to trick people into going over their limit--not through spending, but via their whomped-on finance charges and fees---so that they can then tack on "over limit" fees.
I protested over and over to their "customer service" people--mostly in India---who assured me that all I had to do was check my "available credit" online and I would not incur a punitive fee. Well, guess what---the 'available credit" figure is false and deceptive. What is not stated on the 'available credit" bloc is the fact that the available credit does not account for finance charges--which can post to the account at ANY TIME! Since the finance charges are computed in a complex way on a daily balance, it is impossible to know how much they will be. You can only "guesstimate." Worse, they post at some point mid-cycle and then wham! You can be over your limit even without SPENDING anything. Then the fact that you are over your limit will engender another whopping $39.00 fee. This is added to your balance so that even after you make your payment, the new finance charges post and will put you over your limit AGAIN---once more, even if you DON'T even use the card. Thus the vicious cycle of predatory fees is begun.
The government and your congressmen know they are doing this. CapitalOne keeps the lines of communication with our politicians well oiled with plenty of campaign cash.
You have to fight back via the courts and regulatory agencies. This is a totally heartless, scumbag, unscrupulous company. keep fighting and DON'T GIVE UP!
Capital One has been sued over and over due to their unscrupulous business practices. They settle most suits.
Acct Manager
Port Hawkesbury,#4UPDATE Employee
Thu, February 25, 2010
Lets start off by stating very clearly - that if you had not been delinquent on your account at LEAST twice in 12 mths ( more than 3 days each time ) you would not be paying at your penalty rate, and this change would cause you no more concern than a passing car.
Dee
Florida,#5Consumer Suggestion
Wed, March 18, 2009
"How is it possible for me to be responsible for $1623.27 worth of transactions when only $539.20 was charged to the card? " It's called INTEREST that you pay every month that you carry a balance. I am surprised you don't get that.... your interest rate is in the terms that you agreed to. Don't want to pay interest? Don't carry a balance from one month to the next.
Dee
Florida,#6Consumer Suggestion
Wed, March 18, 2009
"How is it possible for me to be responsible for $1623.27 worth of transactions when only $539.20 was charged to the card? " It's called INTEREST that you pay every month that you carry a balance. I am surprised you don't get that.... your interest rate is in the terms that you agreed to. Don't want to pay interest? Don't carry a balance from one month to the next.
Dee
Florida,#7Consumer Suggestion
Wed, March 18, 2009
"How is it possible for me to be responsible for $1623.27 worth of transactions when only $539.20 was charged to the card? " It's called INTEREST that you pay every month that you carry a balance. I am surprised you don't get that.... your interest rate is in the terms that you agreed to. Don't want to pay interest? Don't carry a balance from one month to the next.
Dee
Florida,#8Consumer Suggestion
Wed, March 18, 2009
"How is it possible for me to be responsible for $1623.27 worth of transactions when only $539.20 was charged to the card? " It's called INTEREST that you pay every month that you carry a balance. I am surprised you don't get that.... your interest rate is in the terms that you agreed to. Don't want to pay interest? Don't carry a balance from one month to the next.