I received a pre-approved offer from Captitalone in 2002. It was for $7500.00 and the APR 14.90%, which was cheaper than the cards we had.
I transfered the balances to the capitalone card.
Then the fun began. The bill for Jul-aug showed a charge for $29.00 for Overlimit fee, even though at the point that they charged it, I wasn't over the limit. Of course then I was over the limit.
Then my husband lost his job. I called capitalone and spoke to a drone who told me "to call when I can make a payment".in the meantime I now had past due fee of $29.00 in addition to the $29.00 overlimit fee and the minimum balance due doubled from the previous month even though there were no additional charges except for fees.
I wrote to capitalone in november and they wrote back asking me to call them to discuss the situation and I told them that my husband now had a job and I wanted to get back on track but the minimum payments had doubled every month from $210.00 in jul/aug to a whopping $962.00 in oct/nov (with no additional charges by me) and there was no way that I could make that minimum payment as we are a 1 salary family with two toddlers and what could they do to help.
Well... The only solution they came up with is that I had to pay $255.49 mo. But this would not stop the fees from building up. So Essentially I would only be paying the interest and fees and never getting anywhere.
The minimums kept doubling and the APR kept fluctuating to the current rate of 25.90% and they even added a $6.00 monthly member fee!
January 9th they sent a letter stating that the account was 120 days past due and it resulted in the card being permanently restricited from future charges and that if it wasn't paid it would be charged off and reported as R9.
As of feb/march capital one is still charging me overlimit, pastdue and "member" fees! The interest and fees in one month was $242.62 with no end in sight.
Capitalone sucks you in then sucks you under until you drown in HUGE minimum payments and fee ridden debt! CONGRATULATIONS YOU HAVE BEEN PRE-APPROVED... Gee i feel so lucky now!!!
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