WARNING: Capital One will hold on to your money for a long time for no reason
Secured Credit Card - Complaint
I am posting this as a warning to those thinking about Capital One Secured Credit Cards. So far, I have had nothing but a miserable experience with them.
I got my approved for my secured card quickly, while online. I paid the initial deposit online (which was better than I thought with my credit score near 509). Then I was bombarded with several conflicting pieces of information about how much of a deposit was necessary. Needed to contact their customer support just to make sense of it.
About 1 month in, I added to my deposit. BE WARNED, THIS TAKES AT LEAST 10 BUSINESS DAYS, IF NOT MORE. According to them, it to make sure the funds clear your bank. Well, according to my bank, my bank manager, and his boss, they cleared approximately 2 business hour after making the deposit. THE CREDIT WAS NOT AVAILABLE FOR 11 BUSINESS DAYS AFTER THAT.
About month 2, I made a payment (paid off the balance), and nothing changed. My available credit was not there, despite having not balance, no fees, no anything. It took a conference call with 2 Capital One Supervisors and my bank manager (who is now sick of me by the way) to get my own money available to me.
Its now many months past that. So, I'm good with the card. I pay my bills, actually pay off the balance. I paid of my balance Feb 2, 2012. It is not 2-12-12 and I am STILL waiting for my credit to become available. Once again, bank says that not only have the funds cleared (since they were taken out mere minuets after making the payment. According to all 7 people I talked to in my banks infrastructure, funds cleared an hour after being taken out, and NO FURTHER ATTEMPTS TO VERIFY THIS HAVE BEEN MADE BY Capital One.
So, I'm just warning all of you with tight budgets thinking of using this credit card. Use it, but do not rely on it. For example, if you pay it off using half your paycheck, thinking you'll just use the credit to augment what you've now lost from your paycheck, THINK AGAIN! Your money, once it is in their hands, IS NOT AVAILABLE TO YOU until they deem it okay. According to the last supervisor that I talked to at Capital One, I will have to wait till February 14, 2012 for my credit to become available again.
Not saying this won't help rebuild your credit (though I have not noticed any difference thus far), but just be warned that these people don't care about your financial situation, regardless of being a good customer and paying your bills or not. They process things when they damn well please, and if that is a burden to you, oh well.