Capital One
Question about whether overlimit fee applies per billing period

Capital One's Customer Agreement has the following overlimit fee provision: "... Overlimit charge if your account exceeds its assigned credit limit, even if we approved the overlimit amount..."

With no reference to billing periods, I cannot see how Cap One fees that they may assess an overlimit fee in each billing period that an account is over its limit. Capital One, however, insists that that reading is plainly contained in that provision.

I would appreciate comments from cardholders on the following questions:

1. Did you ever receive your Customer Agreement from Capital One? (it purports to come after you sign your application) Did you read it? Did you read that provision? If so, what was your understanding of its meaning?

2. Having read that provision alone (not other provisions in the Customer Agreement), do you believe that Capital One may assess one overlimit fee per exceedance, or one fee per billing period?

Thank you

Company: Capital One
Country: USA
State: Virginia
City: Richmond

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