Capital One Informative - Capital One Tries To Be Sneaky - Be Wary Of A Call From Your Credit Card Company Regarding Overdraft Fees
So I know that the new "CARD Act" goes into effect tomorrow. I got a call from Capital One a couple of weeks ago and now I know why. Part of the new credit card rules:
Consenting to over the limit fees -- The CARD Act prohibits over the limit fees unless consumers consent. In the past, a credit card company would allow you to exceed your credit limit, but then charge you a fee for doing so. Now they have to get your consent to do that, and if they haven't gotten your consent, they must decline the transactions that would put you over the limit. Many consumers don't understand how this works, and are ending up inadvertently "consenting" to being charged an over the limit fee.
Well, when they called me a couple of weeks ago, the girl asks if I would like to participate in a special that would only charge me $29 over limit fee instead of the current (meaning before the new rules kick in) $39 over limit fee. I acted like I didn't know what she was talking about and let her go on and on explaining the whole thing, and then politely told her "No, I would rather my card be declined".
Just a note for everyone... be careful because the credit card banks are going to get a little more creative on ways to fee us to death now. Read anything and everything they send to you.
More Reviews on Capital One: