Capital One Informative - Capital One Tries To Be Sneaky - Be Wary Of A Call From Your Credit Card Company Regarding Overdraft Fees

Posted by raven2002 on 2010-02-21:

Great advice, trp!

Posted by tnchuck100 on 2010-02-21:

Absolutely right!

Posted by Soaring Consumer on 2010-02-21:

One of my relatives uses Capital One. He told me that when he attempted to check his balance through their automated phone system, it would automatically connect him to a representative whom would not let him do anything unless he were to listen to their "speech" about this and give consent to it. Obviously nobody is in the mood to waste their time with this bull so he only uses their online service for anything now, he would have closed the card by now if it wasn't for the low interest rate. So from what I've seen, they are literally refusing to provide service over the phone to cardholders unless they agree to this policy, so they can get around the regulation. What sleazebags.

Voted helpful.

Posted by Ponie on 2010-02-21:

Had credit card companies been declining over limit charges in the past, we wouldn't have had all the complaints about 'fees.' Yes, we definitely need our government to protect us from ourselves. None of us know when we're reaching the limit on credit cards, if we have money in a bank account to write checks, use debit cards, withdraw from ATM machines, etc. I've been waiting for someone to hold my hand through life for a long time.
Good informative though because I doubt very many people pay attention to new regs until they get hit--and then complain.

Posted by goduke on 2010-02-22:

I'm not really sure I see this as being sneaky. The law says they have to get your agreement. So they reach out and try to get your agreement. Where's the deception?

Posted by Stew on 2010-02-22:

It does seem a little sneaky to me. Ya know they pose it as a special offer when in reality they are merely trying to conform to the law. Just be honest and straight forward with the customer. Is that asking too much these days?

It's unfortunate that in today's world credit cards are a necessary evil and make no mistake about it they are pure evil. One good rule of thumb when dealing with the dark side is after you get your card never say 'Yes' to or accept any of their subsequent offers of insurance, protection, overlimit fees, sweet interest deals, beanie babies of the month or anything else they offer. It will NEVER be in your best interest to do so.

Great post trp2hevn!

Posted by goduke on 2010-02-22:

Technially, Stew, you think the credit card companies are being sneaky just by being in business, so that any action they take in furtherance of being in business would, by definition, be sneaky.

Posted by trp2hevn on 2010-02-22:

goduke
The reason I thought it was sneaky was because the girl didn't say something like... "Come Feb. 22 when credit card laws change we have to get your permission to allow over limit fees, would you like your purchases to be honored if you are close to your limit?"
At the time, I didn't know about this part of the CARD Act. In fact, I am so far from my limit that this is a non-issue for me. Like Stew said, it's the way they asked. I was hoping to help someone else out to understand what is going on if they get a similar call.

Posted by laklisa on 2010-03-18:

Ponie, I am not sure if you are being sarcastic or not with your comment but I know what my balance is in my checking account and the cards I use. I am very conscious about that sort of thing.

Posted by Ponie on 2010-03-19:

Yes, laklisa, I was being very sarcastic with my response. I, like you, are very aware of how much I can spend, an approximate amount on my credit cards even before I get my monthly statements, etc. But there are very many (mostly the complainers) who charge, withdraw, etc., like its a bottomless pit so evidently they need a nanny government to lead them by the hand through life.