Capital One Credit Cards - Capital One Overlimit and late fees- SCAM - McLean VA Nationwide

My interst rate started at 9.9% on this account. 2 months ago I paid my Bill. It was approaching it's modest limit and I paid more than the minimum and stopped using the card. The next month my interest was raised 3 pts. and I was over limit again. They charged a $39 over limit fee. This fee equates to 30%+ interest rate per yr based on my limit.

Again I paid over my minimum to get it below the limit. Again they raised my interest to 15.9% and the finance charge took it over the limit, so they charged another over limit fee.

IF THIS IS NOT A SCAM I DON'T KNOW WHAT IS.

I called them to discuss this activity and they said they were within their rights and I could cancel my card. I asked to have my card canceled.

THIS TIME I PULLED OUT MY CALCULATOR. If I pay $20 over the requested $105 min. I WILL $2 BELOW THE LIMIT FACTORING IN INTEREST AT THE CURRENT INTEREST RATE. I AM CURIOUS TO SEE WHAT THEY RAISE MY INTEREST RATE TO IN ORDER TO CHARGE ME AGAIN!

I hope that these rip offs will be addressed by CONGRESSIONAL REGULATION OF THE CREDIT CARD/ BANK INDUSTRY. RATES AND FEES HAVE RUN AMUCK.

I WOULD ADVISE CAUTION TO ANYONE THINKING THAT CAPITAL ONE IS THE CONSUMER FRIENDLY CARD AS ADVERTISED ON TV.

Bob
Albuquerque, New Mexico
U.S.A.