Capital One Credit Card Late Fees
I have kept a Capital One credit card for the past couple of years because I had a "fixed" rate of 4.99% APR. Recently the rate went up to 8.99% APR, which was still pretty good. I mainly use my American Express Delta Skymiles card because of the great customer service I receive from American Express and the other benefits that come with the card. Amex is not accepted everywhere though, so I also carry the Capital One card.
I missed a payment last month due to my getting confused about managing payments on bill pay (I've been paying $400 - $700 per month on the card) and cancelled the $50 automated payment I have setup to avoid missing the minimum monthly payment. I was hit with a $39 late fee. I called to have it canceled and was told that they system does not allow the phone reps to cancel the late fee anymore. Instead, a request was submitted and I would get a response in about 15 days.
Well, I'm not waiting for the response. I applied for a credit union credit card that has a late fee of only $20, which is far more reasonable. I don't know yet, but my past experience has been that they are also tolerant of removing late fees once or twice per year on a good account.
Capital One, you're losing a customer and $28 a month in interest fees. Why, because charging good customers $39 for a late payment is no way to run a business.
I encourage all of you to not allow yourselves to be treated this way by your credit card companies. Late fees themselves are not an unreasonable tool to encourage timely payments, but they have gotten way out of hand. Don't forget that we are the consumer and that we can always vote with our feet if the companies serving us refuse to listen.
Check out your local credit unions to tell banks and credit card companies that they are abusing us with their fees.
Use this link to find a credit union:
http://www.creditunion.coop/cu_locator/quickfind.html
BTW, don't worry about the membership rules. If you read carefully enough just about everyone and their grandmother is eligible. The rules are only in place because your current banks fear competition from institutions that don't rip-off their customers!
I missed a payment last month due to my getting confused about managing payments on bill pay (I've been paying $400 - $700 per month on the card) and cancelled the $50 automated payment I have setup to avoid missing the minimum monthly payment. I was hit with a $39 late fee. I called to have it canceled and was told that they system does not allow the phone reps to cancel the late fee anymore. Instead, a request was submitted and I would get a response in about 15 days.
Well, I'm not waiting for the response. I applied for a credit union credit card that has a late fee of only $20, which is far more reasonable. I don't know yet, but my past experience has been that they are also tolerant of removing late fees once or twice per year on a good account.
Capital One, you're losing a customer and $28 a month in interest fees. Why, because charging good customers $39 for a late payment is no way to run a business.
I encourage all of you to not allow yourselves to be treated this way by your credit card companies. Late fees themselves are not an unreasonable tool to encourage timely payments, but they have gotten way out of hand. Don't forget that we are the consumer and that we can always vote with our feet if the companies serving us refuse to listen.
Check out your local credit unions to tell banks and credit card companies that they are abusing us with their fees.
Use this link to find a credit union:
http://www.creditunion.coop/cu_locator/quickfind.html
BTW, don't worry about the membership rules. If you read carefully enough just about everyone and their grandmother is eligible. The rules are only in place because your current banks fear competition from institutions that don't rip-off their customers!
Comments
After being bounced around, I ended up having Dave (ICU561, claimed that his only boss was the Board at CapitolOne) at the other end, who stated that Johnathan had no business making that offer, and even though I had WRITTEN documentation from Pat stating the higher rate (but not the 15.9% rate), CapitalOne would not honor it. I told him in no uncertain terms that was unacceptable, since Johnathan, as CapitalOne’s representative, made the offer in good faith, and I verbally accepted his contract. Dave said he would need to “research” it, and would not get back to me until 23 August. He called me on 23 August, and reiterated that Johnathan was incorrect in making the offer, and that the WRITTEN document that I had, with the name of the Retention Group Manager at the bottom, was also now invalid, and that he was going to do absolutely nothing for me.
In late September-early October, I received a SECOND letter, again from Pat Johnson, Retention Group Manager, CapitalOne Services, Inc., informing me that my rate was going to be staying at LIBOR + 04.540% (currently equal to 9.9%). Fool me one, shame on you. Fool me twice, shame on me. CapitalOne is NOT in my wallet.
There is at least one website dedicated to consumer complaints about CapitalOne; it is http://www.consumeraffairs.com/credit_cards/capital_one.htm
In the end, people grow up and take responsibility for your own actions and stop acting like a jerk or a baby. Oh and one last thing, if you pay your bill in full each month and don’t pay any type of finance charges, and you call up and are upset because they will not reverse any fees. guess what, we are happy to close your account , you cost us money. So don’t be surprised if we are more than happy to close your account and your accounts are not going to break us , there is thousands of people each day wanting a credit card.
The first month, no problem. The following month my interest rate is 14.9%. I have good credit and I pay my bills on time. Before I made the transfer, I called CO several times to make sure what I was reading was in sync with my understanding. So, I transferred the balance. Well, now it seems like I just didn't understand. The "supervisor" was very condescending and seemingly unaware of customer service.
CapitalOne is getting cut up!!!!!!
I'm paying off my balance, and tearing up my Capitol One card. I urge everyone to do as I will be doing and call their Attorney General and Consumer Protection Agencies to complain.
After google-ing Capitol One Late Fees, I have found this site, as well as many others regarding this issue. This is a Capitol One profit center. There are pending class action lawsuits regarding this, and I intend to investigate.
This comment will also be posted on my Facebook Page, and Myspace.
Boycott Capitol One!