Dear Wenchypoo,
I have a Capital One credit card. I chose this card because it had no annual or monthly fee-- imagine my surprise when I noticed that now I am charge a $4.00 a month fee! I contacted Capital One and asked why. They stated they mailed me a letter stating they were going to start charging this fee and that if I used the card again I would be paying this fee. I never received this letter. I asked for the supervisor, again was told this, asked for their supervisor.
I was telling my coworkers about Capital One and found that they had not received a letter, either! Now if one letter got "lost", maybe I might believe that--but when others have the same problem, something's up! Capital One found a way to get extra money out of me, but they won't be doing it for long!
Dear Stunned By Capital One Huns,
If you take a stroll over to Bankrate.com, you’ll find tons of credit cards that don’t charge fees of any sort. You may be getting charged fees based on your credit FICO score (the lower your score, the more you pay). Evidently, Capital One doesn’t have much faith in your ability to manage credit, so they’re offsetting their risk by charging you more.
To avoid getting dinged by plastic in the future, you need to improve your FICO score and consider shopping HARD for advantageous cards from Bankrate and not off the TV.
Wednesday, July 20, 2005
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3 comments:
This happened to me! I too was told I was 'sent a letter.' The rep stated that if I had had a problem with the 'monthly member fee', then I would've had to respond to the letter they sent me 2 months or so ago. I was then even angrier, because they were now telling me they had 'no authority' to waive this fee, but if I had simply answered a letter I never received, they could've??? Made no sense. I told them if they didn't waive this fee I would pay off the card immediately and cancel. They took my bluff and I followed through and cancelled, after paying it off. This makes me angry for all the other customers out there... is there anything that can be done?
http://ksfinancialprogressreport.blogspot.com/
I've got 3 CapitalOne cards and I haven't seen this $4/mo charge on any of them yet. Two are the same program, "Preferred Platinum Plus" and one is just a regular plain ol "you're lucky you got it" card. I haven't used the plain card yet, but I have been charged my annual fee on it and charged amounts on the other credit cards.
I suspect this monthly charge that some get, but others not, is somehow tied to individual FICO scores. It would stand to reason that the lower the FICO score, the more risk they assume for credit misuse, and the more charges, fees, and penalties they're going to heap on.
Just get into the habit of charging no more than you can comfortably pay of each month to avoid all the crap these companies continually come up with. Pay the card off in full each month, and these penny-ante dings will surely disappear. If you can't pay it off each month, quit using it and pay cash.
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