Initial implication was a Gold Card with high limit. What came on the statement was a $200 limit. (?) On the statement was a "membership fee" monthly for $6. (!) Not very noticeable in the original information. There was a welcome letter that initmated quarterly limit increases to the higher levels. I should returned the cut up card long ago.
Due to business failure, I had to close other accounts and thought this to be able to build new account and good payment history once again. However, the payment never seems to arrive on time and there is usually a $25 charge for some reason. And soon enough there are two charges for both late and over limit. $56 dollars per month and no merchandise or service for that amount. Not much to show for good intentions or for good payment history.
In talking to others and now by seeing this reporting site, I realize it is a scam. I also realize that even when the account is paid in full and you request it be closed...they will not do that, keeping it open and reporting negatives to credit bureaus. I would imagine even non-negative reporting but the appearance of this firm's account on your record would prevent decent, non-scam creditors from giving you an account.
When they did not record a payment in September even though it was sent seven days earlier than the due date...and they never cashed the check or showed it received, I could not contact them on the phone. I spent 3 hours on two days trying and never talked to a human. The mechanical voice was defective to the point that I hung up after spending time going through the maze.
I cut up the card and sent a letter to Consumer Services. They never gave attention to the phone response. They did send a form about giving up legal recourse and accepting abatration. (?) And when no payment was received the following month..they called me. But the caller wanted a "phone check" for the minimum and could not relay my inquiry to a superior "at this time".
I never charge $200 of services or merchandise to this card. I was advised that my balance was over $450 in December. I wanted out but cannot pay, in good faith, that balance that is based on charges unfairly imposed. In finally getting through, with some 20 min. of "hold", I got someone in Texas that offtered to "waive" $100 if I made the minimum payment of $145 and kept the account under $200. I agreed just to be able get out of this account.
Underemployed as many are this month, I cannot write a check for the total or I would just to close the account. I worry that this monstrous affront to good people wanting a good credit history will further cause me distress. I worry that even when closed early next year, it will only be reported a zero balance and not be "closed". One of the persons relating their experience to me mentioned that after one month of a zero balance, the next month brought a statement with the "membership fee" on it. She keeps worrying that another statement will show up again months after she requested the removal of the charge and final closing of that account.
This is a national disgrace. The premise is sleazy and unfair if not illegal. At least Sears and J.C. Penney, who often show late payment by mail, have working phones to their credit departments and if you pay at a counter at the local stores...that date is the payment date. With Capital One, who knows when they really received your payment? In talking today with some others, they noticed that often they get a late charge with a day difference in the payment received just past the due date and have to call or visit the bank. But they get the charge waived and use the ATM or night drop to make future payments. With Capital One, you had better use "phone checks".
I think that my accountant was correct when he suspected that when you dial in the account number and want to talk to someone about a problem, they can make you wait long enough to hang up rather than wait longer. When you have not made payment on time or are over limit, they answer or put you in que. How businesslike....not!
Is there someone who has successfully CLOSED their account with one move? Anyone for a class action suite?