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January 24, 2008
CapitalOne: what's not in my wallet
I've had a CapitalOne credit card for a few years, but I got rid of it this afternoon after they asked me to fall for the okey doke.
Last summer, they increased my credit limit. I didn't ask them to do so, but I appreciated it and continued to use my card. After Christmas, I paid down my remaining balance to zero.
This afternoon, I received a paper statement indicating I owed a few dollars in finance charges. I paid these last week, so I logged into capitalone.com to make sure it was received.
My online account info indicated that my available credit had been reduced -- my paper statement reflected no such change. I called the customer service line. A customer service rep told me that my credit balance had been increased "as a result of a clerical error."
I asked for a supervisor, and after 12 minutes on hold, I was transferred. I explained the situation to her and she repeated that they'd never really intended for me to have that extra credit. I asked her to cancel my card, effective immediately.
I'm not currently carrying a balance on any of my cards, and I've been making prompt payments for more than a year. I have to wonder if there are other CapitalOne cardholders in the same boat this month.
Sure, this could be a clerical error. Or, it could be the sketchy lenders at CapOne doing a retroactive spin job to minimize liability during a credit crunch.
Eff CapitalOne. I'll continue to use my other cards judiciously, and my next credit instrument will be tied to a rewards program for miles, groceries or hotel points.
Posted by Your Protagonist at 01:51 PM | Comments (0)