Complaint / review text:
Resist capital one credit card scam!!! I have been making regular payments to Capital One for several years on a $2000 credit line. However, with the 29% interest and late fees (and compounded interest!), I am still over the $2000 limit. After losing my job in 2011, I requested that the account be closed so that I can pay down the balance with my unemployment insurance.
They replied that they will not close the account until the balance is zero and that the (compounded) interest would continue to accrue. Thus, they are effectively saying that I will be indebted to them for years because the interest on the principle, interest and late fees will continue until I can afford to pay them off in lump sums.
I have paid them well over $4000 so far for a $2000 credit line! By the time I can afford to pay them off I will have paid well over $10,000 for the privilege of being in debt.