"Not A Good Company "
Capital One® Platinum Credit Card Review
Written by: dgalston on 2008-12-11
Overall Satisfaction
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dgalston's review: 
This company is not a good company to have a card with I call them when I lost my job and told them to close the account out and allow me to pay the balance off. I was told it would be closed, guess what it was not closed when my balance was only 200.00, but now that it is over 1500.00 they told me it was that high because of the non-payment fee's and the over the limit fee. It would not have gotten the late fee or over the limit fees if they had closed it when I ask them too. The two things that make it really funny is that one I have collector calling about the balance on the card and I am get letters telling me I could get another card with them with 1500.00 balance and 50.00 extra on the card for each time I make a 50.00 payment on the balances each month. So can someone say NO HASSLE REWARD CARD.
This company is not a good company to have a card with I call them when I lost my job and told them to close the account out and allow me to pay the balance off. I was told it would be closed, guess what it was not closed when my balance was only 200.00, but now that it is over 1500.00 they told me it was that high because of the non-payment fee's and the over the limit fee. It would not have gotten the late fee or over the limit fees if they had closed it when I ask them too. The two things that make it really funny is that one I have collector calling about the balance on the card and I am get letters telling me I could get another card with them with 1500.00 balance and 50.00 extra on the card for each time I make a 50.00 payment on the balances each month. So can someone say NO HASSLE REWARD CARD.
11 Comments
Comment 1 by wildrage2
Firstly 
on 2008-12-11
First of all, I'm sorry you lost your job. It's happened to a lot of my friends, and it sucks.
But... You do realize that if you close a card with a balance on it... You still have to make atleast the minimum payments, right?
Every month you didn't make a payment, they tacked on late charges and interest.
I don't see what they did wrong.
on 2008-12-11 First of all, I'm sorry you lost your job. It's happened to a lot of my friends, and it sucks.But... You do realize that if you close a card with a balance on it... You still have to make atleast the minimum payments, right?
Every month you didn't make a payment, they tacked on late charges and interest.
I don't see what they did wrong.
Comment 2 by arod
I HAVE TO AGREE WITH WILDRAGE2 on 2008-12-11
Once approved for credit you have to read the documents that came with your card. I'm also sorry that you loose your job but you can call them to agree to work with what is owed and by not paying on time or
forgetting to pay will destroy your credit.
I know that is rough but call and explain talk to them.
I hope this help and I hope somebody has an answer in the forum
good luck,
Alex
on 2008-12-11 Once approved for credit you have to read the documents that came with your card. I'm also sorry that you loose your job but you can call them to agree to work with what is owed and by not paying on time or forgetting to pay will destroy your credit.
I know that is rough but call and explain talk to them.
I hope this help and I hope somebody has an answer in the forum
good luck,
Alex
Comment 3 by hjm331
RE: on 2008-12-11
Sorry about your job loss. It's definitely tough to keep up with bills when you're unemployed and it's hard to look for a job when everybody is cutting down instead hiring new employees. Have you tried settling with them?
on 2008-12-11 Sorry about your job loss. It's definitely tough to keep up with bills when you're unemployed and it's hard to look for a job when everybody is cutting down instead hiring new employees. Have you tried settling with them?
Comment 4 by mousepad
Wow on 2008-12-11
Ok you lost your job and you had a bal of 200 on the card and you wanted them to close the card.
tell me this why could you not just paid the min on the card every month till things got better?
come on its could not have been no more than 15 to 22 dollars a month, hell I can bum 22 dollars from friends a month unless theres more to the story.
if I was not a 3 time card holder of cap 1 I would think they are a bad company but I cant see it.
i had 4 months without work with 7 cards at the time and never missed a payment never late on none of them.
if there is more to the story please share.
on 2008-12-11 Ok you lost your job and you had a bal of 200 on the card and you wanted them to close the card.tell me this why could you not just paid the min on the card every month till things got better?
come on its could not have been no more than 15 to 22 dollars a month, hell I can bum 22 dollars from friends a month unless theres more to the story.
if I was not a 3 time card holder of cap 1 I would think they are a bad company but I cant see it.
i had 4 months without work with 7 cards at the time and never missed a payment never late on none of them.
if there is more to the story please share.
Comment 5 by rivasglo
Hmm... on 2008-12-11
Im sorry to hear about the loss of your job, I hope you are doing much better now.
I do have to agree w. The others and while I work w/ a credit card company, I must say that even if the account would of been closed, you still would of gotten the same fees because under the cardmember agreement you are REQUIRED to make a monthly minimum payment when you have a balance. All the the fees and terms STILL APPLY. Just because you wanted to close didn't mean they were gonna stop tacking on fees. Its the same with MOST if not ALL credit card companys.
Im sure CapitalOne offers hardship programs. All you had to do was ask for one, now you might want to settle for less unless its charged off... Then you will have to deal w/ the collection agency.
Also, you said you "told them to close the account out and allow me to pay the balance off", pay the balance off right away, continue to do monthly payments or 6 months later? Looks like you didn't do any.
on 2008-12-11 Im sorry to hear about the loss of your job, I hope you are doing much better now.I do have to agree w. The others and while I work w/ a credit card company, I must say that even if the account would of been closed, you still would of gotten the same fees because under the cardmember agreement you are REQUIRED to make a monthly minimum payment when you have a balance. All the the fees and terms STILL APPLY. Just because you wanted to close didn't mean they were gonna stop tacking on fees. Its the same with MOST if not ALL credit card companys.
Im sure CapitalOne offers hardship programs. All you had to do was ask for one, now you might want to settle for less unless its charged off... Then you will have to deal w/ the collection agency.
Also, you said you "told them to close the account out and allow me to pay the balance off", pay the balance off right away, continue to do monthly payments or 6 months later? Looks like you didn't do any.
Comment 6 by colonative
Disagree on 2008-12-11
If you owe a balance and do not pay it, yeah, you will get fees and a higher APR-closed or not.
It sucks that you were laid off, but you can't really put blame on Capital One for collecting on a debt. Banks are not Not-For-Profit institutions and cannot survive if people do not make good on their debts.
It seems that you are angry with your unfortunate situation and not really with the bank.
Good luck and I hope things work out for you.
on 2008-12-11 If you owe a balance and do not pay it, yeah, you will get fees and a higher APR-closed or not.It sucks that you were laid off, but you can't really put blame on Capital One for collecting on a debt. Banks are not Not-For-Profit institutions and cannot survive if people do not make good on their debts.
It seems that you are angry with your unfortunate situation and not really with the bank.
Good luck and I hope things work out for you.
Comment 7 by rsty99
Cap One on 2008-12-12
If you close any cc with a balance it can sometimes go to the max interest rate also until you pay it off. As the others have said you don't close cc with a balance.
on 2008-12-12 If you close any cc with a balance it can sometimes go to the max interest rate also until you pay it off. As the others have said you don't close cc with a balance.
Comment 8 by wildrage2
Capital 1 Is A Great Company on 2008-12-12
I have a $230 balance and my minimum payment is $7... Which means yours must have been about the same. If you miss that $7 payment, you owe like a $38 late fee.
I used to do crap like that back in college, so I feel for you... But it was just a bad decision on your part.
on 2008-12-12 I have a $230 balance and my minimum payment is $7... Which means yours must have been about the same. If you miss that $7 payment, you owe like a $38 late fee.I used to do crap like that back in college, so I feel for you... But it was just a bad decision on your part.
Comment 9 by charonh
Re: Rsty99 on 2008-12-12
Your apr may be increased on any card at anytime. All the card issuer has to do is send you information stating the same, at which time you usually will have the option to opt out and keep your current rate. Closing an account and a rate hike or two separate issues, however one may affect the other. Irregardless, if you close an account and it has a balance, you still must make the minimum payment, failure to do so is a violation of your agreement with the company. In the end the only person that will truly suffer is you. I suggest you to contact all of your creditors and see what alternatives are avilable for someone in your situation. Good luck.
on 2008-12-12 Your apr may be increased on any card at anytime. All the card issuer has to do is send you information stating the same, at which time you usually will have the option to opt out and keep your current rate. Closing an account and a rate hike or two separate issues, however one may affect the other. Irregardless, if you close an account and it has a balance, you still must make the minimum payment, failure to do so is a violation of your agreement with the company. In the end the only person that will truly suffer is you. I suggest you to contact all of your creditors and see what alternatives are avilable for someone in your situation. Good luck.
Comment 10 by beanciapoo
Sorry About The Situation. on 2008-12-12
I am so sorry to hear about your job loss situation. I hope things get better for you over time. I know if you donot have a job you cannot pay the bills. Things happen and they are unforseen sometimes. You can't pay when the money is not flowing in. I believe you will be ok, but I do wish you the best.
on 2008-12-12 I am so sorry to hear about your job loss situation. I hope things get better for you over time. I know if you donot have a job you cannot pay the bills. Things happen and they are unforseen sometimes. You can't pay when the money is not flowing in. I believe you will be ok, but I do wish you the best.
Comment 11 by lindalu
How Did The Balance Get That High? on 2008-12-13
If your balance was $200 and is now $1500... Overlimit fees and late fees are like $39 with capitol one. That is about $78 and add on interest to it so it seems you didn't pay for over 7 months by my calculation... You should have immediately asked for payment arrangements of some sort to avoid possibly these fees or something... You are lucky they didn't send you to a collection agency..
once you get back on your feet call them and see what can be done to get rid of some of the fees. Were you calling them over the course of this time explaining you couldn't make payments? They probably have made an adverse effect on your credit report... You may want to pull it..
I hope things get better for you... I have been in that position and it is frustrating and can really bring you down but keep contact with your creditors and you will be suprised that some will actually be understanding.
good luck to you
on 2008-12-13 If your balance was $200 and is now $1500... Overlimit fees and late fees are like $39 with capitol one. That is about $78 and add on interest to it so it seems you didn't pay for over 7 months by my calculation... You should have immediately asked for payment arrangements of some sort to avoid possibly these fees or something... You are lucky they didn't send you to a collection agency..once you get back on your feet call them and see what can be done to get rid of some of the fees. Were you calling them over the course of this time explaining you couldn't make payments? They probably have made an adverse effect on your credit report... You may want to pull it..
I hope things get better for you... I have been in that position and it is frustrating and can really bring you down but keep contact with your creditors and you will be suprised that some will actually be understanding.
good luck to you
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Disclaimer: This content is not provided by Capital One. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Capital One. Review content is powered by Finance Globe.
