|
| Bad News
by danyello
| Feb 29 '00
Pros: gives credit to college students Cons: corporate land shark mentality In short, cards from Capitol One are bad news. I got a Capitol One MasterCard when I turned 18 because they sent me an offer in the mail with something like a $1500 limit and a low introductory APR. (No monthly fee.) These people are mercenary, however. First of all, I don't like how they target college students with their cutesy little "choose your card design" gimmick. (I chose the raindrops by the way.) Second of all, my grandmother (who isn't very savvy when it comes to personal finances) had just started chemo, and my mother began managing her money. She discovered that Capitol One had been mounting late fees on charges that my grandmother had somehow forgotten to pay. The charges put her over her $500 credit limit, which meant they started heaping more penalties on to the bill. My grandmother did not understand the situation, and she didn't pay it because she new she hadn't charged over $500. When my mother called, and asked to rectify the situation by offering to pay the balance, but not the penalties, Capitol One refused payment and continued to send the bills to my grandmother. Perhaps, our capitalist society allows corporations to bully old, confused women, but any company who refuses to cooperate in it's own best interest is just ridiculous and callous. If you don't have a problem with this because you feel that it was my grandmother's fault (she should have gotten help sooner etc.) then by all means expose yourself to these corporate land sharks, but as for me, I cancelled my account immediately. Who needs it? I now hold cards with First USA, MBNA America and Wachovia Bank, and they're all perfectly amiable. |
| Be careful of this one!
by kathy720
| Feb 28 '00
Pros: Friendly people on the phone Cons: Watch the statement dates! As expected, a credit card is a credit card. If you don't pay it off in entirety each month, a finance charge will be charged to your account. Understandable, and for those of us who use credit cards as loans, acceptable (regrettably). But, one unexpected feature of Capital One is that their due date and their statement date is the SAME DAY! I have always found that there is a lag of a few days - due on the first, but the closing date is the fourth or fifth of the month. Thus, as long as the payment is posted by the closing date, the credit card company doesn't charge a late fee. Not with Capital One. Due on the first, closed on the first, automatic $25 late fee incurred on the second! And it seemed like I received the statement about a week prior to the due date! I called and explained that I know I mailed it early enough to get there by the first, so the payment must have been delayed by the mail (yeah, right). They graciously waived the $25 late fee this one time. Thank you for that, Capital One. A major lesson was learned - always check the due date versus the statement date for those of us who mail them in as they are due. |
| Use only in a matter of
life or death
by BrodeurNo1
| Feb 23 '00
Pros: None Cons: Fees! Fees! Fees! Capital One is the most ridiculous credit card ever. Granted, they will give one to just about anybody but that leads to high fees for even the good payers. If your payment comes in one second past the deadline you will be charged $25.00. If you go over your limit by a few cents the charge you $25.00 (and believe me they will let you go over the limit just to get the extra fee). You have to pay a $49.99 membership fee. By the time you get done with all these fees you are lucky if the available balance is enough to get you coffee and a donut. I know that many people like to have a credit card in case of emergency but if this is the only credit card you can get you are better off trying to save $200 and let someone you trust hold it for you to be given back only in the face of death! |
| Applying
for Capital One credit is a Capital mistake
by joli
| Feb 09 '00
Pros: it's a credit card Cons: high interest, low limit, fees, fees, and more fees I got a "you are pre-approved" letter from Capital One during my first year in college and made the mistake of sending the letter back in for a credit card. I received a real-live credit card in the mail with a $600 credit limit and a 21% (gasp) interest rate. I promptly ran up the bill to about $598 dollars and spent forever trying to pay it off (since my interest was more than my minimum monthly payment). I still have this card today, but let me tell you, it will be cancelled next month or the month after, when I pay off what is left on it. Here's why: high interest rate, low credit limit The interest rate started at 21% and later dropped down to 18%. I paid this card faithfully and was the kind of customer they really liked - I used the card a lot, but never quite paid it all off. In three years the only perk I got was the lowering of the interest rate to 18%. Then I paid the card off and tried to cancel it and they said "Wait! We'll raise your credit limit!". Well everyone likes more credit (for emergencies of course) so I said "OK". And my credit limit got raised to a whopping $900 dollars! Whooptdy doo da. cash advances easy to get, but hard to pay off So, I kept it, no harm, no foul - and eventually made some more charges on it. See, the good (bad) thing that Capital One does is they give you a pin you can remember - like "bird" or "pain" (neither of which is my password so don't come after me in a dark alley) so you can easily withdraw cash. This is the only credit card I have ever had where I was able to remember the pin and therefore, whenever I was really strapped for cash I would whip it out - which made for some more high bills since my interest rate for cash advances is still 21%! they do not recognize customer loyalty or good paying habits About 3 years ago, I once again paid it off and wrote to cancel the credit card. I got a form letter back stating if I would stay with them I would get a 7% interest rate! Wow! So, I read the fine print and realized this was a variable rate that could change at anytime and was based on the price of bread in France (or something equally obscure) and was usually about 7.49%. Ok, still a good deal, sure, I'll stay! Well, this was definitely something I was only offered because I was leaving, not because I had been with them for 8 years or anything, because the next month I realized my credit limit was still $900 and I found this a little insulting so I called and asked for a raise in it - "Nope, no way, no how, absolutely not" was the answer. Hmm, Ok, well I'll just save it for emergencies I thought - and then I had an emergency and had to use it. I charged about $890 on it to get a car fixed and the next month my interest put me over $900 and they charged me an $18 dollar fee! 18 dollars even though this was the first time in 8 years and I had never ever been late with a payment. 18 dollar a year fee And, oh yeah, there is a yearly fee. I'm getting rid of this card next month, I should have done it a long time ago. If you need a card in college - go for Citibank instead, they have treated me really well over the years. |
|
Capitol
One -I Must Have Had "Sucker" Written on
My Forehead
by magenta321
| Feb 27 '00 (Updated Aug 13 '00)
Pros: I had a little credit for the first time Cons: It was very little, and the interest was awful!
Ahhh... It was the best of times;
it was the worst of times...
I went to college without anything more than an
Express store card. I wanted a credit card, and this
was my golden opportunity. Plus, there were sign-on
bonuses. I think I got a multicolored slinky or
something for signing away my financial soul. Oh
wait, is that "heavy handed" language
slipping in already? Well, let me explain why it is.
My next credit card had a $600 limit, and then next one only $250 (why would it be worth my time to have a credit card that has a balance lower than the price of a freaking hotel room in New York?!?!) I finally got fed up and ignored all the offers from Capitol One. |
|
A few years later, I decided to buy a new car and had to get my finances in order.
I paid off all of my credit cards, and gleefully cut them all up, with the exception of my debit card.
I now have my spending in order. It took me three
years to get here.
This is Capitol One's major market -- young college
kids just starting off on credit cards. The interest
rate is extremely high, and the credit limit is very
low. They are like vultures preying on college kids,
sucking them in with free tee-shirt or yo-yo offers.
It's just now worth it. |
|
Anyone
can get credit with Capital One
by ned1
| Feb 18 '00 (Updated Feb 27 '00)
Pros: nothing Cons: gave a credit card to my 11 year old - i think that says it all I've seen the epinions about Capital One and how bad the rules are and all the late fees assigned!! I think I have discovered the reason - they'll give this no fee no money down card to anyone!! How do I know - not because I have one, but because my 11 year old daughter has one. That's right folks, you're paying to help pay off loans for people who don't deserve to have credit. I'm not saying by any means that everyone who has this card falls into that generalization, but it was way too easy for my daughter to get her first credit card. Please read on. Somehow my daughter got on some mailing list where they think she is an adult. ha ha ha. I've been getting offers of credit for her from Capital One for about six months. I've been calling them for that long to get her off the list. I told then her age and occupation - 5th grader. Each rep laughed and agreed she should not be on the list. They said they took her off, but a week or so later here comes the next offer -each one starting the same way, "because of your glowing history report we are offering you this no annual fee card . . . " Listen dumb dumbs, of course her credit history is spotless, she's 11!! A couple weeks ago she got another letter, enough was enough. I decided to teach them a lesson they'd hopefully never forget. I had my daughter sign the "application" in her best 11 year old cursive - it looked like a child signed it. She supplied no other info except for our home phone number, again in her handwriting. I figured they would call saying she left off income and social security number and I'd let them have it. We videotaped this to prove we weren't trying to defraud anyone, just let them see how stupid they are!! I didn't hear anything and figured I'd either missed the call about the missing info or they finally took her off the list. One day the mail came and there was her shiny new credit card. I flipped out, how could they do that, and what's worse, what if someone else had borrowed our mail and sent the card in and was wandering around with a charge card in her name ruining her credit by ringing up bills they had no intention of paying. these people are insane. You want to know why they have so many fees and high interest - just because of this. I'm sure my rabbit could get card from them if he got on a mailing list. I called them up cursing and screaming and letting them all know how stupid they were and asking how this could happen. Funny thing was, no one knew. I faxed them a copy of my daughter's application that was missing all critical info. is this an abnormality that it slid by, or will you just give credit to anyone? Again, no answer. I would never get a real card from them, because they aren't trustworthy and smart. They hand out credit to anyone and seem to have a we hope you fail so we can profit attitude. |
| A student's experience
by soap631300
| Feb 18 '00
Pros: will give new cardholders and students credit Cons: won't give you a credit increase, high interest rate, good customers aren't rewarded When I was in my senior year of high school, I first started getting pre-approved credit card applications. I decided that I would fill out and send in Capital One's offer. I thought that getting this credit card would be a good way for me to start to build credit. Boy, was I wrong. I pay off my credit card bill IN FULL every month. I don't buy things that I know I will not be able to pay off each month. I save up the money to buy things before I charge them. For months and months, I have loyally paid Capital One. No late payments, and I have not carried a balance. I have seen and read about too many people who have gotten themselves in debt, and I decided a long time ago that it would not happen to me. Well, I thought that by paying my card off each month and being a good customer to Capital One, I would be greatly rewarded. Wrong again. In the couple of years that I have had my Capital One credit card, the have NOT lowered my interest rate. I have a very high interest rate on my card, I think it is 19.99% or something like that. But I shouldn't have been surprised, because credit card companies love to give college students hight interest rates. I once called and asked for a credit increase from the lowly $200.00 one I had. I was declined! I don't know why. I pay ALL my bills, not just credit card bills, every month. I don't let any of my bills get behind. I was hoping that Capital One would work with me, not against me. Any other cards I have have been very good to me, but NOT Capital One. Now I know that I don't have a long credit history, but I have a good one. I was not asking for the world in a handbasket from Capital One, just a small credit line increase, but I wasn't even given that. I don't recommend Capital One, at least not for students and new credit card holders trying to build their credit. As I write this, know each person's credit history and situation is different, and while one person may easily get credit, another may not. I am just writing my own personal experience. But by reading other people's opinions on Capital One, I see that a lot of other people are also dissatisfied with Capital One. There are better credit card companies out there. |
| Capital
Pain in the @.........
by DoubleCoog
| Feb 24 '00
Pros: Easy secured credit Cons: Lousy Customer Service; will add 100% collection charge if you default (or if they say you do) In January of 1991 I left my position as the financial director of a hotel & returned to school to change careers; by 1992 I had paid off most of my credit cards, except for one, one that decided to make my life a living hell. No this conflict was not with Capital One, but this is how Capital One came into the picture. In 1994, with the negative credit info on my file making it nearly impossible to get a standard credit card, and before the advent of VISA and Mastercard debit cards, I decided to deposit $200 in a 100% secured account with Capital One. I needed a card to secure hotel reservations, rent cars, and begin restoring my credit. The service in general less than spectacular, and with on-time payments the credit line was not increased as I was told it would -- it eventually increased to a mere $250, but this is not the biggest problem I have with Capital One. In 1995 I paid the card below $200 (to about $170), and sent a written notice to capital one to close out my savings account, apply it to the unpaid balance, and refund any excess funds. Instead I was ignored, or sometimes told that it was being processed. Within a few months I received a bill from Capital One for over $400 for "outstanding balance plus interest plus account collection fees". When I asked for detail of the charges & how this can be possible when I asked for the account to be closed with an outstanding balance less than the secured account, I was told that no supporting documents would be provided without putting my request in writing. Now, please save the lecture, I know I should have put a formal letter in writing and sent it return receipt/certified mail, but I didn't. I was working 7 days a week that summer, and frankly didn't make the time over what was, at the time, a minor annoyance. I did send a short note, but not certified mail, and not return receipt requested. you see, my credit was already badly stained until 1999 from my disagreement in '92......... Segue 1999....doublecoog is applying for a position in Boston, and a credit report is pulled. The 1992 info is still there (no problem, a simple phone call gets that removed), and surprise, Capital One and a collection agency EACH report a $470+ charge owed from 1995, (with a "high balance of $230" --someone explain them apples?!) In disputing the charge, the credit bureau checks and "verifies the account". My only recourse now is to donate $470+ dollars to Capital One, negotiate middle ground, or place an annotation explaining the lack of a valid debt on the report myself. Capital One still does nothing to help, I will have to play annoying pest to try to get the charge removed....or wait two more years...... Thanks for nothing Capital One! BTW, not all secured cards are inherently evil. In general, I've been much more satisfied with |
| Lawsuit Anyone?
by GreenAcres
| Feb 17 '00
Pros: at lying and fraud charges Cons: no, probably ex-cons or parolees I've read with great interest all of the epinions of "Capital One". Glad to see I'm not the only one, let alone in the minority who have been screwed by Capital One. I received a pre-approved letter for the Capitol One "Platinum" card 4 years ago to "consolidate my high-interest credit card balances to a %6.9" (for 1 year when it would rise to only 9.9), $15,000 credit line and no annual fee and other alleged services... I listed the balances to be transferred and waited for the "all new platinum card for select customers with excellent credit history" to arrive. A few weeks later I received the platinum card. The next day I received a Capitol One "Silver" account card (had not activated either and no time to call). The following day I received a page of "checks" to use to be applied to my platinum account and separately a letter from them stating that they had closed my platinum account and issued a "Silver account"! I got my first bill from my new best friends (after all they had rid me of those pesky high interest credit cards-%18 and %21). They had "downgraded" me from a Platinum to Silver and reduced my limit to $5000, but I don't care if they want to call it a pink petunia card. I had transferred just over $1200 and planned to pay it off in a few months anyway. Well, the transfers were on the CapitalOne bill, but the interest rate was NOT the 6.9 I was promised, but 18.9. I called "Customer Service" and asked about the discrepancies and was told that I had mistakenly received the platinum approval and cancelled my platinum account and transferred the balance to the "silver account" (which I was aware of since I can read)...I asked why the rate was 18.9 instead of 6.9 and they said that 18.9 was the best they could do for a "silver" card holder. I told her that I didn't want the card if it was going to be %18.9 and that they had to notify me if they were going to change the rate. She put me on hold and a "supervisor" explained to me that I had already made charges to the account and that by using the card, I accepted the interest rate (the charges were the transfers). I disagreed and told them to cancel the card, I didn't want anything to do with them at which time they told me that I couldn't cancel the card until I paid the balance. I was mad, but figured it would just be for 3 months and to pay it off and be rid of them. HA! The next month's bill included a $24 "processing fee" and $22 to "JC Penney insurance" (neither of which I agreed to). Once again I called Cap1 to find out where these charges came from. They pulled my account and told me "you must have made them, it's YOUR credit card!" I told them that I definitely had not charged anything at JC Penny and had not agreed to a "processing fee"! I kept getting transferred when finally a "customer service manager" told me that they were billed by Cap1, that the Insurance was "credit protection" and was brought over from my previous account. The Platinum card had the "platinum protection plan" for free and no "processing fee". But since I was not currently a platinum card holder, "things changed"! I told him that was unacceptable and they needed to reverse those charges. He told me that the only way to cancel the insurance was to notify them in writing, that it was a different department and could not be handled on the phone and that the insurance division would "take care of the charges". Then he basically accused me of being cheap for not wanting to pay that measly $24. I wrote the letter that night canceling the 'insurance' and sent it off the next day to the address he gave me. I also sent them a $4XX- payment. The next bill...the payment that was sent 2 weeks before "due date" was posted the day after the closing date, the interest rate was now 21.9, a late charge of $18, "JC Penny Insurance" for $22, and credit available was "0"! Once again I called and asked to speak to the "customer service manager" I had spoken to before (less than a month prior) at which time I was told "there's nobody here by that name"! So I went through the same thing again with the rude woman at the other end. She told me hold and I was "disconnected". I called back and spoke to another person and told them what happened at which time I was hung up on again. I called back and got a message that everyone was busy, to hold until the next representative was available. I waited for over a half an hour and hung up with no response. I called back a few days later and was finally transferred to a "supervisor" who assured me that he would investigate my claim and call me back. I waited and waited...days...weeks, with no response. The bill was due again and I sent in the minimum due (out of spite, really). Next bill, guess what's on there? No payment was posted, "JC Penney Insurance" AGAIN, $25 "late fee", and a $25 "over the limit fee"! I totally lost it! I called "Customer service" and told the woman that I needed to speak to a "supervisor" that I was just going to pay them what I owed and be done with them, the stress was NOT worth it. Very indignantly, she told me that it was noted in my record that I called every month and was 'abusive' and that she WAS NOT going to connect me to a supervisor, that I was just calling to make trouble again. I think my exact words were "Excuse me? Would you care to explain THAT and your nasty a** attitude?" At which time I heard typing and she said "I've noted that you are ignorant and you cursed at me" *click* I called back, waited for the next representative and as soon as I was connected, hung up. I called again, same thing. Hmmmm, coincidence? I think they didn't want to take my call. Is that why they have you enter your account # before talking to someone? I had received my check back from the bank from the previous month's payment and since it wasn't on the last month's statement it would be counted as this month's payment, RIGHT? Hah! That's when the "reminder calls started". THAT month! They could call and harass me for not making a payment, but not answer questions or provide "customer service". The calls continued (up to 7 times a day!) for the next 2 months- and trust me, they didn't get a dime! When I tried to return the calls, I was told that I had to talk to Collections and I thought I was being transferred and after waiting a few minutes, the telephone operator would come on and tell me "If you'd like to make a call, please hangup and dial again..." On a Saturday evening, I received a call from a man that identified himself as "Charles Gaisser, vice president of past-due accounts". I explained to him all that had happened and we agreed that for $890 (the balance of the transfer plus @$100 in interest), we would part ways if I gave him my checking account # over the phone. I did and thought the matter was finally settled. No withdrawal was ever made from my bank and after a week I called the 800 number that he gave me to contact him if I had any further questions. It was to a switchboard operator at Capitol One, who seemed quite confused when I asked for his extention (there was one more number than any of the extensions had!) She said that she had never heard of "Charles Gaisser" and checked with another person there and she had not heard of him either. OK...while not productive and a little worrisome that someone was running around with my account #, that was the best customer service I ever got from Crap1. She said she would transfer me to someone to help me- which turned out to be the 800 customer service number! I was connected directly so I spoke to a person and not a computer. She asked my account # and I told her that I didn't want to give it because the people were rude when they pulled my account or hung up on me. She promised not to hang up and when she pulled my account she said "Oh, I see why you didn't want me to see this" and read to me the "comment's" on my record. I was shocked! It made me sound like I had turret's syndrome and there was a note that the account had been closed , and payment of $890 for payoff was processed. So now I knew that it WAS a Cap1 person I talked to using the pseudonym "Charles Gaisser". THAT was good. Several month's past and I began receiving the calls again! Then letters and God help them, calls at work! I REALLY tore that guy a new one who was acting like a tough guy when he called me at work. I don't want ANYBODY calling me at work unless it has to do with work. When I got my credit report, it was still listed as active with a balance! I notified equifax, sent them all that I had to support it and thought it was over. 2 months after notifying equifax I started receiving REAL nasty letters and harassing/threatening calls from different collection agencies "On behalf of Capitol One". (Reminded me of Mafia 'warnings'!) Can you believe that I'm STILL getting collection letters for an account that was closed and paid over 3 years ago? Here's the kicker...the difference between what I owed and paid and the fraudulent charges they agreed to drop plus all of the "fees" is now over $2500! Get real! Anyone else want to do something about Cap1 to stop them from carrying on like this? Let me know! |
| BEWARE OF CAPITAL
N"ONE"!
by dibaby718
| Feb 16 '00
Pros: I NO LONGER HAVE TO DEAL WITH THEM Cons: HOW MUCH TIME DO YOUR HAVE? Several years ago, my family became "underemployed". This greatly affected how we were able and not able to pay our bills. We sought the help of Consumer Credit Counseling (HIGHLY RECOMMEND!). Capital One refused to work with CCCS, so we were forced to maintain a payment arrangement with them that sometimes we were unable to keep because they REFUSED to offer any type of arrangement. Our card was supposed to be a joint account with my husband and myself. However, they would never talk to me about the account because I was not the primary account holder. This went on forever, even though my husband had me put on from day one and talked to them countless times authorizing me to discuss the account, they never honored that. HOWEVER, I was permitted to call and make a phone payment, so long as I didn't ask any questions. Fortunately, things have improved for us financially and we were able to pay off Capital One. Once we did that, it was truly a day to celebrate. Until a few weeks later, when they tried to bill us for interest on the prior balance. This of course thrilled my husband to no end knowing he had to call them again. Which, he did and they eventually credited the interest and closed the account. LOOK ELSEWHERE! |
| And the fees....
by ShawnaJo
| Feb 16 '00
Pros: ok, if you have bad credit and don't mind paying out your @** to be able to buy a CD every now and then Cons: High Interest, Hidden fees, Processing fee, annual fee, Overlimit fee, late fee, cash transaction fee, no grace period, uncaring representatives, no service, insecure, unsecured No problem, right? I laugh every time I see those commercials for capital one or any other unsecured credit cards. I understand that some people need the opportunity to get their credit back on track, but less than one percent of these people actually get better credit ratings after using an unsecured credit card. My husband received a capitol one card through a business account. He did not sign up for the card and when he received it we learned that there were no annual fees on this particular card. So he decided to keep it. When we received the first bill there was a charge for $15.00 for a call to a 1-800 number. At first I didn't know what to think, but I called the number to see what it was because my husband said he had not called any 800 #'s. I found out that it was a service line for the credit card. They charge $15.00 to activate the card. None of this was in the credit card agreement. I also noticed that there was a finance charge of about $30.00. This was on the first bill so I knew he had not acquired any interest. I called Capitol One to see why there was a finance charge. they told me that they had done away with the grace period and now charged 19% interest on all purchases. This was totally ridiculous so we cancelled the card right away. A few months later a friend of mine got a capitol one card she paid the processing fee and received her card in the mail a few weeks later. The card had a $400 limit so she didn't put very much on it. By the second month she had about $200 on the card and since she is the type of person who only pays the minimum her balance kept going up. During the fourth month she received a bill stating that her credit had been suspended because she had an outstanding balance of $600. She hadn't charged anything during that month so she couldn't figure out what happened. She saw the compounded interest and then she saw an over-limit fee. She then looked at her charges and noticed a charge to J.C.Penney for $200. She had not been to J.C Penney in over a year so she called to see what this was about. After waiting on the phone and talking to several rude representatives, she finally talked to someone in charge. She was told that the $200 was for her Life Insurance. Well, I don't know about you, but that seems really expensive for life insurance. She said she didn't have life insurance and asked why it was charged to J.C.Penney. They told her it was J.C.penney Life insurance and if she didn't want it she would have to talk to them. Apparently J.C.Penney had transposed the card numbers and charged her card instead of someone else's. OK, it happens, but what about all the interest and the over limit fees? They were not removed, so my friend cancelled her card as well. This is called an unsecured credit card- more like insecure! |
| Capital One = Capital
Mistake
by s_a_t
| Feb 10 '00
Pros: Yeah right! Cons: Don't get me star Let's just say I'm not impressed. My husband and I have a Capital One card. We tried to pay it off in January, but they just won't give in. We sent in our final payment, and they decided it was like three seconds late so we get stuck with a late fee. Now we have to pay $29 PLUS all of the finance charges from our previous balance for the next month. I think they are just out to screw people. I sent in the payment a week before it was due, so there's no way it was late. Plus, every time I try to call them, they give me some bull about not being able to access that information. Then what the hell is customer service for anyway? |
| Applying
for Capital One credit is a Capital mistake
by joli
| Feb 09 '00
Pros: it's a credit card Cons: high interest, low limit, fees, fees, and more fee I got a "you are pre-approved" letter from Capital One during my first year in college and made the mistake of sending the letter back in for a credit card. I received a real-live credit card in the mail with a $600 credit limit and a 21% (gasp) interest rate. I promptly ran up the bill to about $598 dollars and spent forever trying to pay it off (since my interest was more than my minimum monthly payment). I still have this card today, but let me tell you, it will be cancelled next month or the month after, when I pay off what is left on it. Here's why: high interest rate, low credit limit The interest rate started at 21% and later dropped down to 18%. I paid this card faithfully and was the kind of customer they really liked - I used the card a lot, but never quite paid it all off. In three years the only perk I got was the lowering of the interest rate to 18%. Then I paid the card off and tried to cancel it and they said "Wait! We'll raise your credit limit!". Well everyone likes more credit (for emergencies of course) so I said "OK". And my credit limit got raised to a whopping $900 dollars! Whooptdy doo da. cash advances easy to get, but hard to pay off So, I kept it, no harm, no foul - and eventually made some more charges on it. See, the good (bad) thing that Capital One does is they give you a pin you can remember - like "bird" or "pain" (neither of which is my password so don't come after me in a dark alley) so you can easily withdraw cash. This is the only credit card I have ever had where I was able to remember the pin and therefore, whenever I was really strapped for cash I would whip it out - which made for some more high bills since my interest rate for cash advances is still 21%! they do not recognize customer loyalty or good paying habits About 3 years ago, I once again paid it off and wrote to cancel the credit card. I got a form letter back stating if I would stay with them I would get a 7% interest rate! Wow! So, I read the fine print and realized this was a variable rate that could change at anytime and was based on the price of bread in France (or something equally obscure) and was usually about 7.49%. Ok, still a good deal, sure, I'll stay! Well, this was definitely something I was only offered because I was leaving, not because I had been with them for 8 years or anything, because the next month I realized my credit limit was still $900 and I found this a little insulting so I called and asked for a raise in it - "Nope, no way, no how, absolutely not" was the answer. Hmm, Ok, well I'll just save it for emergencies I thought - and then I had an emergency and had to use it. I charged about $890 on it to get a car fixed and the next month my interest put me over $900 and they charged me an $18 dollar fee! 18 dollars even though this was the first time in 8 years and I had never ever been late with a payment. 18 dollar a year fee And, oh yeah, there is a yearly fee. I'm getting rid of this card next month, I should have done it a long time ago. If you need a card in college - go for Citibank instead, they have treated me really well over the years. |
| The Get-No-Capital One
Card
by vpenn
| Feb 09 '00
Pros: Ummmmm, let me think...... Ummmm Cons: Low limits, high interest, annual fees When I received the pre-approved card in the mail I called the 800 number and was told that I qualified for a credit card with a limit of $300. Now my intention was to utilize the card for a small business and the cap limit to help control spending. What I didn't bargain on was the fact that these jokers were going to nickel and dime me to death and then only send me a card with a $100 limit. The monthly membership is a joke. It is a $24 charge to pull your credit report and send you a .59 cent card, all the while charging you for the privilege. Even if you don't have good credit, no credit, or want to control spending this is NOT the card to do it with. Overall, I would not recommend this card to anyone. The fees are too high $24 a year, the interest is high 19%, and the spending limits are terribly low >$300. If you need Capital, it isn't the One. |
| CapitalOne: A Customer
Service Nightmare by RuggedMan01 | Feb 05 '00 Pros: nice looking cards Cons: customer service should be called customer disservice I had a Capital One card for a couple of years and had continual problems with payments not being posted in a timely manner. I would always send the payment at least 10 days ahead of the due date, only to find they would sit on them and not credit my account promptly. Several times I had to send an additional payment by an overnight service to make sure my payment was posted before the due date. It became a ritual having to call the automated system all the time to see if my payments had posted. Dealing with customer service was a nightmare as well. They are rude and will do anything to get you off the line. I finally got to the point when I had to cancel the card. I was tired of having to call the automated system every time I sent in a payment to make sure it got posted. When I cancelled the card, they told me an estimated pay-off balance to send in, which I did. Of course, it was more than the amount I owed, so I ended up with a credit balance on the account. It took nearly 3 months to receive a check from them after I closed the account. I had three different customer service associates as well as a supervisor tell me it had been sent, and was in the mail. After never receiving it, I had to talk to a manager who promised it would be arriving. Three months later it finally arrived! |
| Use Any Card But This
One
by Bechtellaw
| Feb 05 '00
Pros: Easy to obtain with past credit problems. Cons: Hard to maintain and rebuild your credit. My experience with Capital One is they are really out to make more money than the average credit card company. When I used Capital One no matter when I mailed my payments I always received a late charge on my next bill. I could mail my payment in the day after I received the bill thinking you know in three weeks this should post just fine. NOT! The only proven method that stopped this from happening to me was sending it registered mail. Some of the companies pray on the fact that they think you can't get credit other places as easily because of your past. Be very careful of this because they will try and charge you things that you wouldn't pay if you had good credit. I really would have never noticed this but, my husband had a card as well as myself so, I had the chance to test this out on two different accounts without them realizing they were doing it to one person. I would never recommend a card that isn't happy with what they charge you already and they are just looking for ways to make more money. I am very happy to say that I no longer owe Capital One. |
| Very
Poor Service!
by tess0
| Feb 02 '00
Pros: Cute card Cons: Customer service is worst I have ever dealt with, excessive fees. My husband and I had two cards with Capital One, for over 5 years. It seemed like there was always a problem. Payments mailed well in advance were frequently late and we would call and they would transfer us around until we finally asked to speak to a supervisor, at which point we would then go through our typical " check the postmark" speech. The customer service representatives were not very helpful at all, more often than not if we didn't say "okay keep the late fees" they would get very defensive and become what my grandmother calls "snippy". The late fees were always removed after they investigated the payments. Finally after five years of this we closed our accounts, that was a horror show. We mailed them our intent to close our accounts a month went by they cashed our check so we assumed they had received the request. They said they never got it. We sent it again, another month goes by they never got it, this went on for three months. Finally we sent it registered /signature required and still no response so we called with the receipt number and the confirmation card. They then said they would check and call us back three and a half weeks of us calling and them saying "oh we will call you back" they finally agreed that they received the request. After they agreed that they got it, we asked them to remove those months from the "annual fee" base. Again we went back and forth. Many calls to them and finally they agreed to go to the second request we mailed (it had "shown up" in the service center four months after it was mailed). We eventually got this situation all taken care of but six and one half months to close two accounts I though was very excessive. They have sent us many requests to return to their company...many pre approved cards...we always call and say please take us off your mailing list and no we will never come back. |
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