I had an overlimit fee in February due to a past due fee for January which was in turn due to the change in APR - from 14.99 to 23.15. They increased my APR because 'due to current economic condition'. Obviously, they think that we, the people who are suffering from job loss and cut back hours just to still be working, ought to pay for their lost in profits. This is my first overlimit and past due in more than 2 years. I try to keep my payment on time (automatic online payment) and more than the minimum.
While I would admit that it was my fault not to check the notification of the APR change, and I was fine accepting the overlimit fee of 39.00. My minimum payment that Capital One requested was $145.00. I paid $168.00. I thought that Capital One would have included the overlimit fee and the past due fee into their calculation of my minimum payment (which was increased from 73.00).
I just looked online tonight and saw that they have charged me another overlimit fee of 39.00 and my balance is indeed still $72 over the limit. I am not sure how they calculate this and am now trying to research this and figure it out myself, before talking to them.
I doubt that Capital One is doing anything illegal, but I believe it borders on scamming and robbing customers. Is there something that could be done to credit card companies from abusing their client base? It is obvious that something or some laws and regulations need to be administered to this credit card company.
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