- Report: #299618
Complaint Review: Capital One - Richmond Virginia
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Author Confirmed
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Capital One
P.O. Box 85015 Richmond, 23285 Virginia, U.S.A.
Phone:
800-955-7070
Web:
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CapitalOne Capital One's Tactics for Screwing Customers Richmond Virginia
Capital One Bank;s has structured their credit card business to extract excessive finance charges and late fees from their customers. (This is my opinion, which I am only saying to prevent them from suing me.) This strategy should be exposed, to protect customers. Here is my experience:
Capital One restricted me to an unbelievably low credit limit of $2,000 even though my credit history has always been flawless. I realize that this is their prerogative, but no other credit company I have ever dealt with discounts prior credit history. This strategy makes it easy for customers to exceed the credit limit.
Capital One;s website does not accept early payments. At Capital One, early payments can only be made over the phone, for which a $10 fee is assessed. When I made an early payment over the phone to avoid exceeding my credit limit, their computer system flagged my early payment as "suspicious activity even though my payment was immediately and successfully drafted from my bank. Even worse: my credit account was not credited with this payment until one week later after I called and complained to four people in Customer Service. Holding my money because I paid early is a strategy that should be against the law.
Capital One notified me that electronic funds transfer from my checking account would begin on December 4t. On my statement that was due on December 4 was printed the following information:
Capital One;s automatic payment service is in effect for your account. As requested, the New Balance shown on this statement will be debited directly from your designated bank account on your Payment Due Date. You do not need to send a separate payment
My bank account was NOT automatically debited on December 4, and finance charges of $11.88 as well as a late payment fee of $39 were imposed. I was $70 away from reaching my credit limit. I had to call a customer service representative to have the problem corrected.
After just the ONE late payment above (which was THEIR fault), Capital One;s website threatened me (in bold, red text) that the national credit bureaus would be notified of my delinquent activity if it continued. I can only imagine how much trouble it would be to have to correct my credit report if it had been wrongfully tarnished.
Capital One inquires against your credit report every month, looking for delinquent activity on any account. They have the option of raising your interest rates if they find late payments or other complaints on other accounts.
Imauu
Cleveland, Ohio
U.S.A.
Capital One restricted me to an unbelievably low credit limit of $2,000 even though my credit history has always been flawless. I realize that this is their prerogative, but no other credit company I have ever dealt with discounts prior credit history. This strategy makes it easy for customers to exceed the credit limit.
Capital One;s website does not accept early payments. At Capital One, early payments can only be made over the phone, for which a $10 fee is assessed. When I made an early payment over the phone to avoid exceeding my credit limit, their computer system flagged my early payment as "suspicious activity even though my payment was immediately and successfully drafted from my bank. Even worse: my credit account was not credited with this payment until one week later after I called and complained to four people in Customer Service. Holding my money because I paid early is a strategy that should be against the law.
Capital One notified me that electronic funds transfer from my checking account would begin on December 4t. On my statement that was due on December 4 was printed the following information:
Capital One;s automatic payment service is in effect for your account. As requested, the New Balance shown on this statement will be debited directly from your designated bank account on your Payment Due Date. You do not need to send a separate payment
My bank account was NOT automatically debited on December 4, and finance charges of $11.88 as well as a late payment fee of $39 were imposed. I was $70 away from reaching my credit limit. I had to call a customer service representative to have the problem corrected.
After just the ONE late payment above (which was THEIR fault), Capital One;s website threatened me (in bold, red text) that the national credit bureaus would be notified of my delinquent activity if it continued. I can only imagine how much trouble it would be to have to correct my credit report if it had been wrongfully tarnished.
Capital One inquires against your credit report every month, looking for delinquent activity on any account. They have the option of raising your interest rates if they find late payments or other complaints on other accounts.
Imauu
Cleveland, Ohio
U.S.A.
5 Updates & Rebuttals
Billcoll01
MESA,Arizona,
U.S.A.
DO YOU
#2Consumer Comment
Mon, January 14, 2008
KEEP TRACK OF YOUR SPENDING AT ALL? CREDIT CARDS WILL ONLY ALLOW YOU TO MAKE AN EARLY PAYMENT IF YOU ARE CARRYING A BALANCE. I HAVE NEVER HAD A CC THAT WILL LET YOU PAY THE BALANCE PRIOR TO THE STATEMENT DATE. SOMETHING IS MISSING FROM THIS STORY. IF YOU ARE SPENDING & REPAYING YOUR BALANCE EVERY MONTH, SEEMS LIKE YOU WOULD BE USING A REWARDS CARD INSTEAD OF A CAP1 CARD. WHAT ABOUT ALL THE OTHER CARDS THAT YOU REFERRED TO THAT GAVE YOU A MUCH HIGHER CREDIT LIMIT?
Billcoll01
MESA,Arizona,
U.S.A.
DO YOU
#3Consumer Comment
Mon, January 14, 2008
KEEP TRACK OF YOUR SPENDING AT ALL? CREDIT CARDS WILL ONLY ALLOW YOU TO MAKE AN EARLY PAYMENT IF YOU ARE CARRYING A BALANCE. I HAVE NEVER HAD A CC THAT WILL LET YOU PAY THE BALANCE PRIOR TO THE STATEMENT DATE. SOMETHING IS MISSING FROM THIS STORY. IF YOU ARE SPENDING & REPAYING YOUR BALANCE EVERY MONTH, SEEMS LIKE YOU WOULD BE USING A REWARDS CARD INSTEAD OF A CAP1 CARD. WHAT ABOUT ALL THE OTHER CARDS THAT YOU REFERRED TO THAT GAVE YOU A MUCH HIGHER CREDIT LIMIT?
Billcoll01
MESA,Arizona,
U.S.A.
DO YOU
#4Consumer Comment
Mon, January 14, 2008
KEEP TRACK OF YOUR SPENDING AT ALL? CREDIT CARDS WILL ONLY ALLOW YOU TO MAKE AN EARLY PAYMENT IF YOU ARE CARRYING A BALANCE. I HAVE NEVER HAD A CC THAT WILL LET YOU PAY THE BALANCE PRIOR TO THE STATEMENT DATE. SOMETHING IS MISSING FROM THIS STORY. IF YOU ARE SPENDING & REPAYING YOUR BALANCE EVERY MONTH, SEEMS LIKE YOU WOULD BE USING A REWARDS CARD INSTEAD OF A CAP1 CARD. WHAT ABOUT ALL THE OTHER CARDS THAT YOU REFERRED TO THAT GAVE YOU A MUCH HIGHER CREDIT LIMIT?
Billcoll01
MESA,Arizona,
U.S.A.
DO YOU
#5Consumer Comment
Mon, January 14, 2008
KEEP TRACK OF YOUR SPENDING AT ALL? CREDIT CARDS WILL ONLY ALLOW YOU TO MAKE AN EARLY PAYMENT IF YOU ARE CARRYING A BALANCE. I HAVE NEVER HAD A CC THAT WILL LET YOU PAY THE BALANCE PRIOR TO THE STATEMENT DATE. SOMETHING IS MISSING FROM THIS STORY. IF YOU ARE SPENDING & REPAYING YOUR BALANCE EVERY MONTH, SEEMS LIKE YOU WOULD BE USING A REWARDS CARD INSTEAD OF A CAP1 CARD. WHAT ABOUT ALL THE OTHER CARDS THAT YOU REFERRED TO THAT GAVE YOU A MUCH HIGHER CREDIT LIMIT?
M
Denver,Colorado,
U.S.A.
Website Payments
#6Consumer Comment
Mon, January 14, 2008
I make EARLY payments all the time on their website! In fact, I make 2 payments per month on our card as it's a gas card and it keeps it more manageable to make more than one payment. My payments get credited either the same day or the next business day, depending on the time of day I make the payment. Is your account a business account? I have a personal account so maybe business accounts are different. If you have a personal account, $2000 is not an insulting limit. Obviously they were right, as you come close to maxing out your card. You should never be that close to the limit. It's not good for your credit!
