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Report: #276145

Complaint Review: Capital One F.S.B. - City Of Industry California

  • Submitted:
  • Updated:
  • Reported By: Monterey California
  • Capital One F.S.B. www.capitalone.com/smallbusiness City Of Industry, California U.S.A.

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Capital One offers "SELECT CHECKS" with a special 0% APR until December 31, 2007. THIS IS A SCAM! Once you write one of those checks, Capital One charges a 2% fee and your account has a balance, even if you pay off all your purchases at the end of the month, Capital One will still charge you 17.12% on all those purchases because you didn't pay off your balance. The only way you can pay off your balance is to pay off the "SELECT CHECK".
What's in your wallet? Hopefully not a Capital One Credit Card!!!!!

Sigrid
Monterey, California
U.S.A.

This report was posted on Ripoff Report on 09/26/2007 06:24 PM and is a permanent record located here: https://www.ripoffreport.com/reports/capital-one-fsb/city-of-industry-california-91716/capital-one-fsb-select-check-scam-city-of-industry-california-276145. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:
0Author
6Consumer
0Employee/Owner

#6 Consumer Suggestion

Re: It is a good idea to read the terms before you accept an offer...

AUTHOR: Eixelgczoupi - (U.S.A.)

POSTED: Monday, August 03, 2009
When Capital One offers you these checks, they can be a great financial tool. There are two things to keep in mind, and they are listed on the paper that your checks are attached to:

HOW WE APPLY PAYMENTS: We will apply your payment to pay off lower-rate balances before paying off higher-rate balances.

and

All transactions with this offer are subject to a transaction fee of 2% of each transaction amount. This fee is considered a finance charge.


To take full advantage of this offer you should pay off your card's balance in full (to eliminate the 'higher-rate balance'). Then, if you do not use your card anymore, you will have no interest charged on your balance. Since the 2% fee is a finance charge, I believe that balance will accumulate interest.

These checks are not a scam, but they are effective in tricking lazy credit card customers into trapping themselves with interest-bearing debt for a long time.

I actually transferred my capital one balance to another card (no balance transfer fee, but at accumulated interest at my purchase rate), then used these checks to transfer it back to capital one. In doing so, I paid 2% up front but converted my high interest capital one debt into 0 interest capital one debt for a year.
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#5 Consumer Suggestion

Re: It is a good idea to read the terms before you accept an offer...

AUTHOR: Eixelgczoupi - (U.S.A.)

POSTED: Monday, August 03, 2009
When Capital One offers you these checks, they can be a great financial tool. There are two things to keep in mind, and they are listed on the paper that your checks are attached to:

HOW WE APPLY PAYMENTS: We will apply your payment to pay off lower-rate balances before paying off higher-rate balances.

and

All transactions with this offer are subject to a transaction fee of 2% of each transaction amount. This fee is considered a finance charge.


To take full advantage of this offer you should pay off your card's balance in full (to eliminate the 'higher-rate balance'). Then, if you do not use your card anymore, you will have no interest charged on your balance. Since the 2% fee is a finance charge, I believe that balance will accumulate interest.

These checks are not a scam, but they are effective in tricking lazy credit card customers into trapping themselves with interest-bearing debt for a long time.

I actually transferred my capital one balance to another card (no balance transfer fee, but at accumulated interest at my purchase rate), then used these checks to transfer it back to capital one. In doing so, I paid 2% up front but converted my high interest capital one debt into 0 interest capital one debt for a year.
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#4 Consumer Suggestion

Re: It is a good idea to read the terms before you accept an offer...

AUTHOR: Eixelgczoupi - (U.S.A.)

POSTED: Monday, August 03, 2009
When Capital One offers you these checks, they can be a great financial tool. There are two things to keep in mind, and they are listed on the paper that your checks are attached to:

HOW WE APPLY PAYMENTS: We will apply your payment to pay off lower-rate balances before paying off higher-rate balances.

and

All transactions with this offer are subject to a transaction fee of 2% of each transaction amount. This fee is considered a finance charge.


To take full advantage of this offer you should pay off your card's balance in full (to eliminate the 'higher-rate balance'). Then, if you do not use your card anymore, you will have no interest charged on your balance. Since the 2% fee is a finance charge, I believe that balance will accumulate interest.

These checks are not a scam, but they are effective in tricking lazy credit card customers into trapping themselves with interest-bearing debt for a long time.

I actually transferred my capital one balance to another card (no balance transfer fee, but at accumulated interest at my purchase rate), then used these checks to transfer it back to capital one. In doing so, I paid 2% up front but converted my high interest capital one debt into 0 interest capital one debt for a year.
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#3 Consumer Suggestion

Re: It is a good idea to read the terms before you accept an offer...

AUTHOR: Eixelgczoupi - (U.S.A.)

POSTED: Monday, August 03, 2009
When Capital One offers you these checks, they can be a great financial tool. There are two things to keep in mind, and they are listed on the paper that your checks are attached to:

HOW WE APPLY PAYMENTS: We will apply your payment to pay off lower-rate balances before paying off higher-rate balances.

and

All transactions with this offer are subject to a transaction fee of 2% of each transaction amount. This fee is considered a finance charge.


To take full advantage of this offer you should pay off your card's balance in full (to eliminate the 'higher-rate balance'). Then, if you do not use your card anymore, you will have no interest charged on your balance. Since the 2% fee is a finance charge, I believe that balance will accumulate interest.

These checks are not a scam, but they are effective in tricking lazy credit card customers into trapping themselves with interest-bearing debt for a long time.

I actually transferred my capital one balance to another card (no balance transfer fee, but at accumulated interest at my purchase rate), then used these checks to transfer it back to capital one. In doing so, I paid 2% up front but converted my high interest capital one debt into 0 interest capital one debt for a year.
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#2 Consumer Comment

u mean those little checks you get in the mail?

AUTHOR: David - (U.S.A.)

POSTED: Monday, October 08, 2007
lolz wow thanks for the heads up :) anyway I kind of knew those were a scam and I just rip em' up and throw them away. So I would never suggest using them in the end even tho I myself have thought of it. Oh also stay away from the loans, Yeah I know U pay and pay on time mind you and well they say since you've been outstanding you can get a load, heck no one needs to get in more debt. I always told my father that, (not exact) - They want me to get in more debt and hate me now that I've been paying fully every month. HEHE ;) I won't do it myself and I suggest
NO one to EVER be excited about a loan and being in debt and or more debt. Stay away from debt and ONLY get a loan or even use those checks we push comes to shove otherwise use the regular credit card for that.- Oh by the way on mine It says the whole procedure for using them is the same as my Card. So if I'd pay on time on every penny well it says that's all I'd basically have to pay, and no intereset since again it says the terms and conditions are likey when I make purchases. Oh! well... (u know I get more and more and more each month, last time I got some with my Statement. Errr!..
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#1 Consumer Comment

Please...

AUTHOR: Duane - (U.S.A.)

POSTED: Thursday, September 27, 2007
...take the time to read all the disclosures as well as the terms & conditions. It is well documented from Capital One.

You have not been ripped off. You just didn't read what you should have first.

Always read the contract before you agree to it.
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