For about a year I kept receiving "junk" mail from CapitalOne as part of their "pre-approved" credit card program. They kept after me to open a Gold Visa Account with a high limit of $2,000.00. I finally agreed.
They sent me my card and began charging me a $6 per month account maintenance fee. I used their card, paid them scrupulously, and otherwise maintained an excellent relationship with them. They won't and they can't deny this.
Every month I would immediately pay my bill without hesitation. They won't and they can't deny this.
Back in November of I began the process of relocating across the country to my new home. Every month my wife and I would go there to make arrangements to first buy our new home and then start moving.in December of while I was "out of town" and we were traveling across the country, my account went "over limit" my $30.
Now I had sent the money, but there was a lapse between the day I paid the money and the date that it was credited, so that for one day, my account went over by $30. Remember, otherwise I made every payment on time every time, and there are no late payments.in fact, the account has been paid off many times so that there were no high balances. Like I said, I maintained an excellent relationship with Capital One, and they won't and they can't deny that.
Capital One charged me $29 for going over the limit by $30. But it didn't end there. I figured "OK" I screwed up somehow by not paying them fast enough. So I paid the $29 and didn't dispute the overlimit fee.
I learned how to use their internet bill pay features so that I can pay them off even before I get a bill. So I started paying them off almost immediately after I used the card every month, and within 21 days of any specific charge (their 'grace period') so I would not go over limit. The relationship "improved" because there was no way I could screw up the account in any way right? Wrong!
On March 6, while I was paying my bill online (early and within the 21 day grace period, per the 'rules' in their own contract that they drew up and you can't even negotiate with them), I noticed that they lowered my credit limit to $290 from $ caused my account to go into an over limit, and I think they charged me an over limit fee and then socked me with their monthly fee of $6.
Can you imagine these SOB's! $72/year for a $290 credit limit. Who do they think they're fooling? I called to find out and they said because I went overlimit once, while I was traveling, and before they got my nearly instant payment, they lowered my credit limit substantially and it would take at least a year before they would restore my credit line! So I had to live with this crappy $290 credit limit for a whole year and pay them $72 for nothing. "Forget it" I told them, "Just close my account!"
They put me on hold, and put me through to a "manager" who tried to convince me that I didn't want to do this. I told them "Yes, yes I want to close this account. I don't want to pay $72/year for a $290 credit line. I can open a debit card account and get paid interest on my money while I'm not using it. So close the damn thing."
They put me on hold and put me on with a "supervisor". The "supervisor" told me that she was "authorized" to bump my limit up to $490. I told her "Forget it. Just close the account". A $490 credit line is nothing. I can put money in the bank and use a debit card instead. Just close it already.
The "supervisor" told me that I maintained an excellent relationship with Capital One (no duh, like why do you think I was trying to pay them off all the time so that they wouldn't screw my credit up) but that because I was over limit once they had to lower my credit limit to next to nothing.
I kept saying I want it closed. So close it already. Finally, after an hour on the phone, they "agreed" to close my account. What's so difficult about this? Why don't they want to close my account. What is it? They want my money for nothing? Close it already.
I still have no confirmation that the account is closed, but I assume that it is. It better be!
So here it is folks: You get a letter from Capital One saying you're "pre-approvied", just throw it away! You'll be happier because you can't play by their rules and they want you to suffer even if you have maintained "an excellent relationship" with them. Apparently a good customer is a bad customer. So no customer can ever be a good customer. They're impossible. They're schizophrenic! They're nuts. Just run away from them as fast as you can.
Richard
Fort Lauderdale, Florida
U.S.A.
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