No. of Recommendations: 6
kinda long (remember, you were warned)

WHen me and XDH were married, he got a Capital One visa (against my advice - he really isn't good with a card) with a $500 credit limit. Within 6 weeks, he was slightly over limit on the card. I thought, well, at least he'll have to pay on it and stop using it for a while.

Silly me.

We divorced a couple of months later, so I never saw anymore of his statements or anything. Well, last night, he asked for my help with a few things. (We are still close friends - never marry your best friend). One thing he asked me to do was to call Capital One and make a payment over the phone for him, because those voice menu's drive him nuts. Now, being the proud owner of a paid-off Capital One visa, I could tell him that they charge $10 fer the privilege of making a telephone payment, but on-line payments are free. So I set up his account for on-line access and payment.

His balance is $1089!!!!! He hasn't made a regular monthly payment since the divorce three years ago - he says he pays on it every couple of months or so, whenever he has money. So, every month he is charged a $25 overlimit fee, and a $29 late payment fee. He said he's never gotten it under the $500 limit since he got the card. EVER.

And I noticed a $8.97 charge that seemed suspicious. Turns out, he's got that credit insurance that pays your minimum payment if you are unemployed or disabled. He didn't know. He's been unempoyed since December!

SO, I on-lines his $50 payment (the minimum due was $280, so there will still be the late fee this month) and got a claim form for the insurance for him to complete.

So, I guess there are 2 morals of this story....
1. don't be such a complete dunderhead and run a card over your limit and never pay on it. The fees are now double what he actually spent, not even counting the interest.

2. know if you have credit insurance or not, and use it if you do.

yes, finances were one of the main things we could never got together on. never marry your best friend.
Print the post  


UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
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.
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.