Since my first job, I’ve practiced the art of living within my means. This means I own only one credit card, which I pay off in full each month. I do this so that I can maintain good credit if/when I would like a big loan, for example, to buy a house.
I had a Discover card for years, but cancelled it after finding out the hard way that the single-use “safe” internet credit card number system they had was neither single-use nor safe.
Capital One seemed to have a decent set of rewards and easy online use, so I went with them. For a few years I was happy, or satisfied, anyway. How quickly things can change though!
A Minor Annoyance
On more than one occasion their website has been completely unavailable during normal business hours. We aren’t talking unavailable for ten minutes, we are talking anywhere between five hours to a day. In today’s web dependent world that is inexcusable.
Rate Jacking
My credit is excellent. I keep a strict budget and pay things off. My one loan, a student loan, is paid on time each month. Until some recent mix-ups (see below) I’d never missed a payment with Capital One. But my rate recently got hiked up to 24%. If I didn’t pay these goons in full every month I’d be screwed in a big way.
The Main Reason Capital One Sucks
The biggest reason Capital One sucks is because they appealed to my desire to be environmentally friendly and go with paperless statements. I love the idea of paperless statements (which saves Capital One tons of money), but I made the mistake of depending on Capital One to email me when the statements were ready. It was a month and a half before I realized I hadn’t seen an email alerting me to a statement. Nothing had changed on my end, same old email, all I’d done on their website was login and pay my bills. A few emails back and forth and I got my exorbitant late fee removed. Everything was good-ish until the same thing happened again this month. I have yet to hear back about the removal of my late fee, but I anticipate it will be removed. The most annoying and suspicious thing about this, besides the hassle (ironically my credit card is billed as a no-hassled card), is that while they have be unable to reliably alert me of waiting statements they have been able to send me unsolicited emails offering auto and home loans almost weekly.
If I do keep my account with them you’ll be sure I’ll set up my own alert system. I obviously should have after the first incident, but I’m a glutton for punishment and a tend to be a bit lazy about these sorts of things. Lesson learned. But I’m more likely to cancel than keep the account at this point. Credit card companies are in need of reliable customers and I feel confident that I can take my ball back and go to a company that keeps their heads far from their asses.
6 Comments
capitol one sucks beause apparently they have decided it is more profitable to take advatage of the financially incapable. I just received a notice that my interest rate would increse to 18%. I seldom carry a balance pay on time etc but I guess I am not enough of a money generator so I get 18%, BS, I closed the account I have lots of other options are you responsible your letter is on the way. I was told this was a business decision to assure they would be around in 10 years I will enjoy watching @sshole one circle the bowl in the future as they sink from bad debt
I’m an indian working for capital one customer relations in Bangalore. Whenever u guys call ur call reaches us in India. You guys think we r stealing our jobs. But its ur american owners who are giving us jobs….. I completely agree with u guys. CapOne steals money. It has increased interest rates for most of its customers. The reason given is economy. Thats bullshit. The late n overlimit fee charges are $39 which is ridiculous. Their payment protection program is designed to squeeze money out of u guys. I’m sick of this company. I’m hunting for a new job. If u guys have any questions email me at ***@yahoo.co.in
By the way if there’s a guy called *** answering ur call when u call CapOne its me!
JON’s Note: removed identifying info, because I’d hate to see this guy lose his job if someone from Capitalone read this.
I too counted on Capitol One to send me my email statements. For three years I paid my card off, no matter how high, using the e statements. 3 years!
Then in Dec 2008, they stopped coming.
I need statements to remind me my bill is due.
The next time I heard anything about an over due balance was from a collection agency in June.
I explained that I had no problem sending them a check for the $3,000 owed the next day; if they took off the late fees and added interest fees. He asked why should they do that, I said because I signed up for no paper bills and you stopped sending me email statements. The rep told me that “statements are a courtesy, not a right”.
I disagreed and they kept hounding me.
Long story short, I have a court date next month in May.
Any advise from readers would be much appreciated! Thx.
Written proof received regarding Capital One now discriminating by ‘redlining’ your city if they do not like where you live, or when you purchased your home.
More on this unethical and bad practice by going here: http://davidgreen.com/credit-discimination-based-on-zip-code-by-capitalone.htm
This is usa. THey like to drain every penny from you— left, right, & center. That is usa today. They terry nickel dime you and then you have nothing left. live within means, get out of all debt, and move out of usa. it is a sinking ship.
crapital one–all the expensive commericials in this severely bad economy and they like taking money from the financially incapble. where’s mauobama and slimestein when we need them, too busy worrying about foreigners?!?