What's in your Wallet?
I'm posting this to inform current and potential customers of a change in policy at Capital One Bank. This change in policy impacts many, if not all, Capital One Credit Card holders.
Consider the following scenario: You receive your credit card statement in the mail in early December. The minimum amount due is $290 and the due date is December 17. You pay the minimum amount due but it is late; it is posted to your account on December 22.
In the past, this scenario would have caused you to incur a late fee of $35.00. No other action would have been taken against you.
Now though, things have changed. This scenario will cause you to incur your normal late fee, plus your account will be suspended and sent to collections. It will not be unsuspended or brought out of collections until after you have made the NEXT MONTHS MINIMUM AMOUNT DUE payment ON OR BEFORE THE DUE DATE.
Continue the above scenario: On December 24, you attempt to use your credit card but it is declined. You call Capital One and they explain that your account has been suspended and sent to collections and that you will be unable to use your credit card again until after you pay the minimum amount due of $340 which would otherwise not be due until January 17.
Or, to make a long story short: December's minimum amount due is $290 but because you missed December's due date, you cannot use your credit card until you pay the new minimum amount due of $630!
I've done my best to make this clear.
What's in your Wallet?
(For those wondering, yes, the above scenario is real, it happened to my wife and I, and the timing couldn't have been worse!!!)
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