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I recently started to use Capital Onecard prepaid as a secondary source for my paycheck direct deposit, since I get paid on Friday and my bank wachovia does engage in the practice stacking your debits, thus I was incurring overdraft charges. the first time I used the Capital one card was Friday payday, and i made two purchases. By around 7 pm that night, my card was declining. I called them and they stated that I needed to go thru verification by faxing my social security card and drivers licence, and that they did not know when I would be able to use my card, I could not use my card until Monday afternoon. The next payday, they did not get my direct deposit available until 830 pm stating there was a problem with the direct deposit. I would not reccomend this product to anyone! You have a multi-billion dollar bank/credit card issuer that thinks it is ok to tell a customer "we are working on it, and I do not know when you can have access to your money"Just because you use a prepaid card doesnt mean you can be walked over. i have used prepaid cards in the past to help manage my spending, and to help me not incur ridiculous overdraft fees from wachovia even when i have overdraft protection...but thats another story. Netspend is a great card that i have used in the past, but I was trying to see what capital One had to offer... nothing but problems, excuses and no access to my hard earned salary on payday. Stay away from this product...Customer service closes about 8pm, and they are in Utah and advised me my money would be available by 12 pm their time which is 3pm EST...it was still not available until 830pm that night after 4 calls, and my car insurance due.They will leave you in the lurch with no recourse and it is your monry. I can see why citizens do not trust the banks.
The complaint has been investigated and resolved to the customer’s satisfaction.
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You are right. The process of getting the card is slow and a lot of hoops. It is because they do not have a branch in Canada and because of that they have to do a great deal more paperwork in order to legally operate in Canada. I know that doesn't matter to someone waiting for their card, but hopefully that explains why.
I would also check with your bank to make sure they report regularly. I love my bank but when I went to get a secured card to rebuild my credit I found out they report bi-monthly and they had a much higher minimum deposit. I decided to get the Cap One card and despite the wait and all the extra paperwork I love it. They report monthly and my credit score has improved so much in less than a year that I should be able to get a regular credit card from my bank soon. And the fee is high for my card but my interest dropped in 6 months because I used it wisely so it ended up balancing out.
Pls check out this website you will find it to be totally amazing what these credit card companies do
http://www.pbs.org/wgbh/pages/frontline/shows/credit/
Capital One intentionally makes makes things difficult. I should not have to fax them their own TOS (terms of service). That is ridiculous and obstructionist. If I ask to cancel my account, just do it and be thankful for the interest you've earned. Customer Service, Customer Care? Yeah right.
So what is the actual complaint here besides that fact you didn't get your way...
From my experience, customer service at Capital one is perhaps worse than any other credit card company I have dealt with. In my experience they intentionally made it difficult for me to cancel my card after I saw the yearly fee. They agreed to wave the fee if I kept the card open. When I refused and demanded a refund for the annual charge, they made asked me to Fax them their own TOS regarding cancellation, and also a written request for cancellation. Jeeez!
That finance charge you are seeing is the interest of the balance of your card. It should be getting charged a finance charge every month.
i just wrote this long review and erased it by accident, long story short...get your money out quickly...go elswhere, if you need prepaid go to RUSH card. they are the most reliable prepaid out there, bankcorp is the bank and JP morgan/Chase is the account holder...GET AS FAR AWAY FROM CAPITALONE AS YOU CAN AND AS FAST AS YOU CAN!
THEY HAVE SCREWED WITH MY MONEY FOR THE LAST 3 PAY PERIODS, CAUSED ME EXTREME STRESS AND FEE'S BY BEING LATE ON FINANCIAL COMMITMENTS DUE TO THEIR NEGLIGENCE!
the same thing happen to me and i am still unable to get my money. there system was down for like a week are two.
I am commenting on my own complaint after receiving a phone call from the executive department of Capital One. Despite all the negative input with regards to Capital One, I am very pleased to inform the forum readers that I have settled my grievance. The person to whom I spoke allowed me to opt-out, which closes my account and payments are made on the remaining balance at the APR last applied before the interest rate increase. Score One for Capital One! Donald North Pole, Alaska
Same thing happened here. Received letter in envelope that was mailed "Standard Sorted", typical for junk mail and marked "IMPORTANT NOTICE OF A CHANGE IN TERMS REGARDING YOUR ACCOUNT.." Capital One was changing our Platinum Visa's fixed APR to a variable rate and increasing it substantially to 24.9%. This after being a customer since 2017, always paying on time and always more than the minimum monthly payment. The mastercard account was paid off and closed several years ago and like the Platinum Visa, always paid on time and payments exceeding minimum. They provided a special number to call and the rep acknowledged the rate increase was in response the the declining economic conditions. However, they (Capital One) was understanding in that they did not want existing charges to incur the new APR and that the new rate would apply to future transactions. I was further informed that Capital One was actively looking into these complaints from long-time, on-time paying customers and that they possibly could provide a lower interest rate, a new plan with different rate or no change to existing account and a letter would be forthcoming on their decision. However, when I questioned them further, they could not provide a date. I made it very clear I would never pay their insanely high interest rate. I closed the account, obtained the payoff balance and paid the account in full, severing all future ties with Capital One. When you see those commercials "What's in your wallet?" you can be assured it will be empty if you do business with Capital One!
Yeah, that's all well and good if it's a real complaint. How many complaints have you seen on a lot of boards that just aren't real? Not only that, sometimes the person making the complaint is the one at fault.
Tell Oscar is good if the complaint is real, not so good if it's not. And there's no way to refute them, so there's no way for people to know the difference.
What it is to the casual observer is a list of complaints.
It could be better than any of these other places - particularly for Canadians. But it needs a little more interaction somewhere to make it really useful.
with respect, i disagree with jgracey - a friend of mine placed a complaint on telloscar, and informed the company that she had done so - her complaint was sorted out in 3 days and they gave her a credit of $50 on her account
um, Tell Oscar isn't all that helpful.
There's no way there to refute any complaint or offer help. I find it pretty useless.
hi,
suggestion -copy/paste yr comment on this site as well -
www.telloscar.com
its canadas best consumer comments site
see other capital one complaints
hope this is helpful
Same exact situation to two seperate accounts my husband and I had with Capital One. Although I cannot quote their exact words, the increase in interest rate was "due to the economic conditions" we all are currently facing. We had the accounts for almost 10 years and had never missed a payment and had been late, maybe once by a few days.
Their suggestion was if you choose not to agree to the "new terms" you could close your account and continue to pay off the balance at the lower (original) interest rate of 9.9%. If you accepted the "new terms", then your rate would jump to almost 18%.
Both my husband and I paid a monthly fee of $6.00 per month on each account faithfully from "day one" which is $12.00 x 12 months = $144.00 a year just to keep the account open regardless of our account balances.
We had never had any complaints with Capital One prior to receiving the "new terms agreement". We cancelled our accounts and cut up the cards. Ironically, most people don't take the time to read all the tiny inserts that are mailed seperately from your monthly statement.
My advise, take the time to read over the term agreements you receive. We had a very similar problem with MBNA four years ago when we failed to respond to an interest increase from 9.9% to 24.24%. Two months later my new account statement arrived with the "new rate" at 24.24%. After contacting customer service, they seemed proud to offer me a much lower increased interest rate at...17.9%. I refused their offer, closed the account and transfered the balance owed to Bank of America.
I agree with A. Davis. Call Capital One before deciding one way or another. Also, check out what's happening with all credit card companies, this isn't just about one company changing APRs and such. Last I read 7 out of 10 major CC companies were hiking the rates on their customers cards.
I would also recommend speaking with a financial adviser before closing any account to find out what the impact of closing any account would be. Last thing you would need right now is hit to your credit score when you may need to rely on that score more and more in this economic crisis.
Oh yes i will confirm that Capital One is vengeful. I myself made the mistake of writing them a very polite letter and asking them to please alter the terms of my credit or i was going to go with another credit company. It was after that i began to get some very nasty and altered statements from them which made no sense at all. I tried to seek legal advice but because the advice was free and this was against a major credit corporation i only got so far. I ended up with a major headache and had to pay out money i never owed just to close the account. It is completely wrong and disgusting that a creditor is able to have this kind of power when all you wish to do is cancel an account and your credit is in fine standing. One more reason the American economy has fallen apart. I hope Capital One loses everything and that no one comes to their rescue.
I would recomend that both of you call Capital One to get clarification on your Change in Terms. It seems neither of you are very clear on why your interest rates are being increased and how opting out works.
I just received my rate increase letter from Capital One today. They are raising my interest rate to 9.9 to 17.94. Trying to decide if I'm going to officially opt out and close the card or just cut it up and pay off the balance at the old rate. My fear with just cutting it up rather than opting out is that when they charge the annual fee it will trigger the higher interest rate on the entire balance. The letter doesn't make that very clear. And quite frankly, and even if it is meant to apply to new purchases only I don't trust them to do what they say.
I have had problems with CapitalOne in the past. You need to contact the Federal Reserve and the VASCC. I wrote an essay on this with all of the addresses included at http://www.ehow.com/how_4591127_problems-capitalone-credit-card-account.html
File complaints with the Office Of Thrift Supervision
This is a violation of the Fair Credit Billing Act. They are required to resolve the dispute and provide documentation on these charges when requested.