Nothing.
Why? Because Capitol*cough*theives*cough*One mugged me.
Last night I went to use my Capital One card and it was rejected! OMG. Why? Well, it turns out that the payment that was electronically transfered to them a week before it was due was posted on their account a day late. See, MY online banking shows it was paid well in advanced of the due date. But, somehow (and I suspect Christopher Columbus has something to do with this–and we all know how I feel about Christopher Columbus!) Capital one didn’t log it until yesterday. My prize? Oh a late fee. A frozen account. And just in case I wasn’t feeling the love, they doubled my interest rate. Their mistake. And I paid.
So–when you see all those pirates/vikings/goulies on the telly asking, “What’s in Your Wallet?” I suggest you think very, very hard about answering “Capital One”–think “Cash” instead. 🙂
Ouch! I’m not a big Capital One fan…but when I was 18 they were the only place that would give me a credit card *chuckle*
Capital One’s behavior is practically criminal. When trying to call them to deal with them they don’t have an option to talk with a real live human being. They demand you enter or speak your credit card (yeah I so love talking to machines) and then they give you options. Try hitting 0 and you are told it is an invalid option. After calling two different numbers for Capital One AND the number for Master Card directly I discovered through experimentation that if you hit 0 three times you can talk to a live human being. So, for anyone else with a Viking Raider in your wallet – remember the magic number of 000 and that will get you to a live human being.
Not that talking to a live human being was helpful.
My call was promptly routed to India where I spoke with a lovely gentleman who informed me that his system was “locked” from doing anything for my account and that there was nothing that could be done. Our computer system controls everything… I’m sure that eventually they will review your account and fix that interest rate. So sorry about the late fee… *sigh* got to love Capital One’s efficiency.
Capital One sucks the life out of your credit rating too – just found this one out… turns out that Capital One doesn’t report your credit limit – just what you owe. So the credit bureaus actually give a more negative score on your credit report if you have a Capital One card because they assume that you are maxed out on your card no matter what your debt to credit ratio actually is. I confirmed this looking at my own credit report.
Bad practices, impossible customer service, and negative credit score impact – these are the truths about Capital One. So the next time you see that “What’s In Your Wallet” commercial run away. Keep running. Turns out the Capital One card is actually a Trojan Horse and the evil Vikings you thought you were escaping are hiding inside waiting just for YOU…
They are in my top ten of evil corporations in Amreica. I had an experience like that with a late payment, and as soon as they got nasty I paid the balance in full, cancelled the card and haven’t used a credit card since. It’s been two years now. Everything goes on the debit card now (which should always be used as a credit card so your transactions are protected). If they ask debit or credit always say credit.
Also when I get offers in the mail, I fold it all up, write “Remove me from your mailing list”, stuff it in the postage paid envelope and send it back to them. This makes them pay for the return postage, and makes them take care of the garbage they send me. We have enough garbage in Oregon without their corporate litter.
I hate to provide a suggestion that in any way seems supportive of the bozo’s at CapOne….but did you use it Florida and then again at home within say a week? They might have frozen it because of a changed spending pattern. That’s happened to me a couple of times.
Capital One is just one of many modern day legal loan sharks. AND these same mobsters now persuaded the US Government to tighten bankruptcy laws so that when unsuspecting consumers get in over their heads, they can’t get out!
I am teaching my children that credit cards are dangerous, that you should NEVER have more than just one, and only for car rentals, etc. Debit cards actually suffice in many situations now. We have one, the balance is teeny. EVIL!
My husband’s card from a different bank got frozen because of an unusual pattern. Do we now need to inform them if we’re going on trips? I have had my issues with the bill arriving late because of the mail, even when I’ve mailed it a week before it was due. I call and rant if that happens!
Something similar happened to me last month, and then I was charged a $35 late fee on top of it! So unfair.
Yeah. My favorite scam of all: You post the payment in plenty of time but it always mysteriously shows up a “day” late no matter how early you keep sending it and WHAM you have that nice $35 fee. There’s NO reason for that $35 fee. Everything is computerized anymore. It is PURE profit plain and simple. Blood money… as if the interest rates aren’t high enough. The REAL joy is when they also get an “over limit” charge too. Credit cards are necessary and even potentially useful when used in a prudent manner. The difficulty is that few Americans are prudent. And why should they be? Do you remember YOUR personal finance class from High School or College? Doubtful as few if any such classes are offered…
Heh… I’ve been “blogging in the comments” over at carrie’s site. 🙂 See, Carrie–it runs in the family. heh
If you are interested in information about a class action lawsuit about the Cap One credit limit non-reporting issue, please contact me.
William Mullem
Attorney at Law
[email protected]
1.87.spartan.8 (toll free)