Capital One Visa Credit Card Consumer Scam * Worst credit card there is * Fees fees and more sneaky fees. Getting rich $29 at a time Carol Stream Illinois

Thanks for this thoughtful post....

CapitalOne uses the same predatory business model as does Sallie Mae, the voracious student loan lender - they both make more money from the their customers failing rather than paying their bills/loans on time.

There is no RipOff or deceptive practices here, just poor credit managment on your part. So let's have a little Credit 101.

First of all you must read the Terms and Conditions that came with the card. This is where everything is disclosed. Then seriously re-think as to why you have 12 credit cards. If this one is so low in your opinion why do you even need to use it? The other 11 should have enough available credit on them to cover any purchases you need to make.

1 & 2) This is the same for all credit cards. However, in looking at the rest of your comments they probably raised your rates because you went over the limit(which again is in the agreement)

3)"...Charging an irreversible $29 "Overlimit Fee" for each and every instance that they go over..."
Solution: Never come close to your credit limit. Just because they give you $500 does not mean you have to use $500. Good Credit Management basically says you should NEVER use more than 30% of your credit limit. Just check out all of the credit forums. Show us ONE credit card that does not charge you an Over the Limit fee each month when you go over your balance.

4)"...Sending bills late to arrive on the 6th of the month, due on the 20th, so that all people who pay bills at the end of the month will get a late fee, unless they make a special effort to sit down and pay their capital one visa bill (very clever).."
Solution: You obviously have access to a computer. Go On-Line to get your statement as soon as it is generated. You can even pay it on line to be sure it is there by a certain date.

5) "...Sending bills 10 days after the end of the billing cycle, thus making the customer believe that their balance is lower than it might be (since it's the balance as of nearly 2 weeks prior). Customer sees low balance and continues using the card, usually going over the pitifully small credit line..""
Solution: Keep track of the purchases you make YOURSELF. If you refuse to keep track then the only one you have to blame is YOU if you go over. There is no control over when a merchant posts the charge. So even if you make a purchase it may not get posted for a day or so. Even if they gave you a statment it would only show the charges submitted and would have no idea that you have a charge that has not been submitted. Only the receipts you have would show you what you have actually charged.

Robert,

I am truly disgusted in you.

This has ZERO to do with this person's credit.

I have $29 late fees from this company all the time, and I have an auto bill.

I have since closed this card, have many other lines of credit, but NEVER have that happen.

There was a credit card company a while back that I had that did the same thing, and guess what.....they are out of business based on class action lawsuits when they would give the late fees, and other fees back if you complained.

History repeats itself.

I have a Capital One card and when I first received it I mailed my payments 10 days in advance. I received a late fee. I called and complained and the next month mailed my payment once again it was claimed my payment didn't arrive on time. I was very upset because this will effect my credit score. Now every month I pay $10.00 fee and I pay on line. I am almost finished paying my card off. Also my credit limit has increased a few times, but I noticed one month my interest rate changed for no reason. I noticed it I called them and my rate was changed even lower. So watch them you have to.

Seriously, almost all of the OP's complaints can be take care of by the OP.

1 - Don't allow yourself to get roped in, or at least know the terms after the intro period (which ALL credit cards have these days).

2 - If you have a dozen credit cards, all with high-ish limits, that may classify you as a relative credit risk - if I knew you had 12 cards with 10K limits (for example), why would I want to give you another 10K and risk your not being able to pay me when the time came? I mean, all lenders are going to have some idea of your debt-to-income and debt-to-available-credit ratios before they extend you credit, and that factors into how much you can have.

3 - I really don't know what to say to this one. You can't spend money you don't have available to you, not without a penalty. If you overdraw your checking account, they charge you a fee, right? Why would you expect it to be different with a credit card when you go over your limit? If you go over the limit once in a blue moon, ask if they'll remove or credit the fee and they may. But none of them will every single time, nor is it fair to expect them to ... you become a credit risk to a company when you pay late or go over your limit, and it's also reasonable for them to set up a deterrent system to keep you from breaking the agreement in the first place.

4 - Check out Regulation Z and the Fair Credit Billing Act for some details about this and your idea that banks intentionally send out your statements late each month. As far as the due date of the 20th, call and ask them to change the due date, or do as everybody else does and just fit it into your monthly budget to pay that bill on the 20th. Personally, I get paid every two weeks, but I have to pay my rent on the 1st. There are plenty of times I don't get paid until the 5th or 7th but I don't go to my landlord about it and tell her that she should change my due date to coincide with when I get paid - I make sure I have that money set aside since I KNOW I'm going to have to pay it!

5 - They can't just blink your statement to you (although as has been pointed out, you can go online and look at your statements, I'm sure), so of course there's a lag between the billing date and the date you receive the paper statement. So yes, unless you stop using your card on the cycle date until you get your statement, the balance on the statement wil always be "wrong". That's true for every credit card that I've ever had. You should always know (or be able to calculate pretty closely) how much you have on your credit card so that you won't run into those sorts of problems.

I don't mean to sound flip, but I'm surprised you haven't encountered problems with your other cards, because based on what your complaints are, the same things go on with every other card company (although admittedly you have higher limits with your other cards). The other companies don't blink your statements to you, so same issue there ... if you go over the limit, I'm sure they'd charge you a fee ... maybe it's just because of the higher credit lines that you haven't felt the effects of your lack of attention to detail.

A little known fact: You can change your "Over the limit" policy by simply calling an automated 800 number.

By default, your Capital One card allows you to charge slightly over your credit limit however, you will be assessed an overlimit fee.

You can change the default setting so that most overlimit charges will be declined. Say you checkout at a retail store and your total purchase was $100. If your available credit is $98, -under the default setting- you will be charged an overlimit fee for going over by $2. However, by changing your default setting, your transaction will be declined and no fee will be assessed. (you will need to provide another form of payment)

-------------Call (866)540-2505 to change your policy default. With this change most overlimit charges will be declined---------------

*There are some EXCEPTIONS*
Certain charges could still put over your limit such as:
- Finance charges
- Monthly/annual fees
- Pre-authorized charges
- Automatic recurring charges
- If there is a lag between a charge authorization and posting of the transaction affecting your balance.

You can find this information at the Capital One website:
http://www.capitalone.com/financialeducation/fees/minimize_fee_tips.php

You pay a 10.00 fee to pay online PLease it's free through thier site or through your bank. Anyway yes where's the rip off you pay your bill late you refuse to use the services available to you to check you balance you consistantly go over your credit limit and it's thier fault. Chek yourself and your habits and take responsiability for your actions. Capital one does not make you apply for or keep thier card you have it because you need it and you obviously abuse it thank them for allowing you to keep it. They forwarn you of the fees and APR associated with this type of behaviour so it you want to blame someone look in the mirror

They take 1 week to process my statement forcing a U$39,00 late fee payment from nowhere then they say that my payment was returned and charge me U$39,00 fee for returned payment for no reason, they hired a thief to work for them

before it was done every now and then now this is happening every month

it was done on June, July and now August 2009

I called them many many times to complain they're unwilling to help and nothing is done

the payments outside the 1 week billing cycle goes through without problems

my bank Wachovia says there is nothing wrong with my bank account

there is money in the account to process the payments and still

Capitalone create problems and more problems to charge customer all kinds of fees

as a customer a feel powerless I feel that I've been taken, I feel lost...

I can't cancel the card because it's my only one credit card to do business on-line

I wish the government would help us instead of bailing out the Big Companies

Washington needs to do something NOW as they did for the Big Companies

We are the people suffering the consequences of this economy

the CEO's have plenty of money to live while we are struggling to survive.

I would like to know ....who will stop them ?