One of the biggest rip offs in today’s society is credit.
Except for a home mortgage, any modern credit debt is doomed to put you into corporate bondage.
If you’re stuck making minimum payments and never make any charges again, you’re basically doomed to monetary slavery for the next 30 years.
In the good old days of credit cards, it was illegal to charge late and over the limit fees.
Basically, usury was illegal.
You could make your payment a few days late and it was no big deal; there was no such thing as a “credit score.”
Just the fact that you now have a credit “score” implies that having credit is a game.
Big corporations and the government want you to use credit cards.
After all, whenever you make a purchase with a credit card, you leave a trail — where you were, what you bought, what you eat, what your interests and hobbies are.
These records can be bought and sold to marketing companies and used against you in court.
Of all the credit card companies that now exist, the biggest rip off of them all by far is Capital One!
Capital One actively solicits debt slaves in colleges; they also sponsor sporting events and have slick commercials that try and make people believe that what they offer is “the no hassle card.”
Don’t be fooled!
Below is an updated story that I originally posted to one of the many “Capital One Sucks” websites:
I received an offer from Capital One for a “Visa PLATINUM” card with a credit limit UP TO $5,000!I am one who has lived without much credit and thought that a credit card would be good to have when traveling or incase of emergencies.I knew the “up to” $5,000 credit limit was just marketing, but the interest rate was reasonable.
I received my PLATINUM Visa card, but the only way to find out what your credit limit is was to call and “activate” the card.
I ended up being approved with an astounding $300 credit limit!
What they sent me was a Visa Classic card with a Platinum color.
I was not upset.
This being my only credit card, and not expecting to use it for anything other than travel at that point, was perfectly acceptable to me.
I ended up pulling cash advances off the card to almost the credit limit.
I did some traveling afterwards, paying my way with cash.
I received my first bill.
They tacked on a $56 membership fee, in addition to $20 in “cash advance” fees along with interest.
Okay, I was a little pissed.
Money was tight that month, so I mailed my minimum payment off four days before the due date.
I never used the card after my first payment.
My second bill contained not only interest, but a $29 late fee and a $29 over the limit fee!
I called the customer service line to ask about the charges.
My payment was due on May 14, 2002.
The customer service rep. told me they didn’t receive the payment until the 15th.
My check was cashed the 18th.
My second statement was printed the 19th; this statement stated that my first payment was never received, even though the rep. said that they processed it on the 15th.
Okay, I just asked for the charges to be reversed.
The rep. said that she couldn’t do that and that there was nothing I could do.
“Okay, cancel my card.”
“I’ll do that, but until we receive full payment you’ll still be responsible for paying the interest and fees,” she said in a bitchy manner.
“That’s fine,” I said.
I paid the full amount off plus about $40, just incase.
Three months cost me about $165 dollars in interest, penalties and fees for a $300 card!
Yes, I did pay on time.
According to Capital One, I should have sent my payment immediately upon receipt of my bill.
Why does their bill have a due date?
Shouldn’t it state “payable on receipt?”
Postmarks don’t matter to Capital One; when they get around to processing your payment is when they officially “receive” it.
If they process it a couple of days after the due date, they don’t ding your credit; they just charge you a $29 late fee.
What happens if that $29 late fee pushes you over your limit?
They charge you an additional $29!
I never liked credit cards, and it will be along time before I consider getting another one.
Capital One must think I’m stupid.
All I can say is, Fuck You Capital One!
Keep on marketing to students and derelicts, but sometimes you’re going to issue a card to someone with a brain, and a computer, who won’t put up with your rip off bullshit.
- Capital One Sucks! The Un-official Consumer Complaint Site
- The Complaint Station For Capital One Financial Corporation
- Capitol One sucks