UnThreaded | Threaded | Whole Thread (37) | Ignore Thread Prev | Next
Author: FlyingCircus Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 311070  
Subject: Capital Gone Date: 12/17/2005 1:04 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 3
Now I know how CapitalOne financed their funny-turned-obnoxious "No" ad campaign - by ramping fees and interest charges. Today, after repeated chances given, they lost me as a (very good) customer.

I've kept a small balance with them for years, usually between $1500-3000. Regular, large monthly payments. 10% interest rate, tolerable. Six months ago they still had an optional payment program so you could skip a month with no monthly fee, just pay interest.

They stopped that several months ago (at least for me.) Then this fall I was 1 day late on two monthly payments. No grace period, $35 fee for each one. I called and asked for a refund of the first one due to my credit history and score (excellent). No dice.

In November they escalated, on the second 1-day late payment. They ramped my interest rate to 28%, retroactive, and nailed me for nearly $40 in interest. I called twice to demand a rate pullback or a late payment refund or they were going to lose me. Couldn't get past the "we'll put in the request sir."

This month, I mailed in a check for half of the balance on the 7th - 2 days before the payment deadline. Mysteriously, they didn't credit my account until the 13th. Another $30 in interest and $35 late fee. Ba$tards.

Today, I activated my new MBNA LLBean card, 0% interest on balance transfers until 10/6, and promptly paid off the dirtbags' account. Being aggressive with my cash flow management, cost me a couple of dinners out with my family - but that particular institution will never get another dime from me.

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (37) | Ignore Thread Prev | Next


TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.