Complaint / Review
Capital One
Credit limit on secured card cut to half the deposit

I had a secured credit card from Capital One. I received a letter that because a payment had been late ONCE in 6 months, they were reducing my credit limit to half the amount in the secured account. The payment was late by 2 days and I had less than $100 due on the card at the time.

I was told that they were in their rights to hold my money and not allow my access to in the form of available credit. I cancelled the credit and secured savings account immediately.