Capital One Credit Card

[cmdmfr]

My wife and I are planning on getting a Capital One Credit card but I found this page and now have my doubts. Can any one tell me if this maybe mad customers that want to bad mouth the company or is this how the company operates

http://www.consumeraffairs.com/credit_cards/capital_one.htm

 

[Icarus]

I have no complaints with them, but I don't miss payments or have a very low limit and I have a good credit score, unlike the paragraphs of people that are complaining on that page.

I only use mine when overseas, because they charge zero markup on foreign purchases. They don't even charge the 1% that Visa or MC imposes on them.

The have a good website, and you can pay online there and their statements will download into quicken. They recently added the capability to chose your payment date. They were a little bit behind the times until they added the pick your payment date feature.

They do send me a ton of junk mail, and about a year or so ago, they did raise their rates across the board. My rate used to be a low 7.9% fixed rate. I think they raised it 11.9%. When I called them, they told me it had nothing to do with my credit or history with them, that they simply decided to up their rates across the board. So it went from a decent card to carry a balance on, to a mediocre card to carry a balance on at that point. So I never carry a balance on it. Since then they have been sending me email to call them to lower my rate or whatever, but I haven't bothered since I have no reason to carry a balance with them.

I don't have any problem with phone calls from them. I probably told them to put me on their do not call list at some point. They all call until you tell them to stop.

As with all issuers, they have many different varieties of cards, so you have to research the t&c of each offer before you accept it.

For accumulating miles and points, you might be better off with a different card. They have several different mileage/point programs, but I don't even pay attention to them anymore at Cap One.

-David

 

[wackymother]

I have a Capital One card and I've had a good experience with them. In fact, I was overcharged at a hotel in summer 2007 and then went through an extended dispute with them through Capital One. I have to say their fraud department was unusually patient and helpful.

 

[Wonka]

What is the charge for foreign transactions? Cruises?

I have no complaints with them, but I don't miss payments or have a very low limit and I have a good credit score, unlike the paragraphs of people that are complaining on that page.

I only use mine when overseas, because they charge zero markup on foreign purchases. They don't even charge the 1% that Visa or MC imposes on them.

The have a good website, and you can pay online there and their statements will download into quicken. They recently added the capability to chose your payment date. They were a little bit behind the times until they added the pick your payment date feature.

They do send me a ton of junk mail, and about a year or so ago, they did raise their rates across the board. My rate used to be a low 7.9% fixed rate. I think they raised it 11.9%. When I called them, they told me it had nothing to do with my credit or history with them, that they simply decided to up their rates across the board. So it went from a decent card to carry a balance on, to a mediocre card to carry a balance on at that point. So I never carry a balance on it. Since then they have been sending me email to call them to lower my rate or whatever, but I haven't bothered since I have no reason to carry a balance with them.

I don't have any problem with phone calls from them. I probably told them to put me on their do not call list at some point. They all call until you tell them to stop.

As with all issuers, they have many different varieties of cards, so you have to research the t&c of each offer before you accept it.

For accumulating miles and points, you might be better off with a different card. They have several different mileage/point programs, but I don't even pay attention to them anymore at Cap One.

-David

What does VISA/MC charge on foreign purchases? We had Capital One cards on the drawer (unused), and it was too late to activate them on our last trip to MX. I didn't notice the additional charge.

We're taking a cruise Jan 20th. I wonder if I can get a Capital One issued that quickly with the current credit card crunch. Our credit score was the highest possible the last time I checked, haven't looked recently. I buy almost everything with a debit card.

My son gets mad a me when he visits saying we're missing out on all kinds of free airline tickets. My wife travels a lot for business, generally US AIR. I use Bank of American for e-bill paying and also their debit card. I talked to them last week, a Bank of America debit card would give us miles on any airline at a faster rate. But, I suppose you'd need more for a ticket, right? I've been reluctant because I do have some vendors set up with my current debit card. Don't really want to use a credit card. I don't want any credit card debt. Dumb, or not I just don't want the hassle of paying the monthly bills and the possibility of missing one in the mail. The only time I've ever been late is when I don't get the darn bills in the mail, and I'm not crazy about the idea of online bills.

Suggestions?

 

[Icarus]

Wonka,

Visa USA and the MC association handles all the forex transactions. They charge their member banks 1% of the total amout, but they use wholesale exchange rates. Most banks and credit unions pass on that 1% charge to their customers. It will show up as a separate line item on your bill. A few, like Cap One, don't charge any additional fees and don't even pass through the 1% charge. Passing on the 1% charge is fair. Not passing it on is a bargain.

Several issuers, like Chase for example, add additional junk fees to forex transactions, which can be as much as an additional 3% fee. You should avoid using those cards overseas. But even if you can't, 3% over the wholesale exchange rate is not a bad exchange rate. It's just that you're paying a little extra when you don't have to. Amex typically charges 2% forex fees (total), but it's hard to figure their exchange rates. Still a good deal though compared to changing money overseas for most of us mortals except Carolinian who lives in Eastern Europe and knows this stuff like the back of his hand.

Apply online, you should be able to get a card before you leave. It might not matter for charges made on board. They might just show up as dollar denominated US charges. It will matter for charges you make at the ports of call, but it doesn't really matter all that much in the grand scheme of things.

For the rest of it, you're just going to have to do your own research to see which rewards cards work best for you. bankrate.com is a good place to start. It really depends on your spending patterns, where you have miles/points, which programs you are or want to be invested in, etc, etc.

-David

 

[Icarus]

Last night I came across an article by browsing Yahoo Finance that said that Amex was going to raise their Forex fees in December. (Sorry, I didn't save the link. It didn't say what the new fee structure would be.)

FYI, since I mentioned what I believe is their current 2% Forex fee in the previous post.

Banks, in general, are all looking for ways to juice their income in the current environment, so you really have to keep an eye on all those change notices you get in the mail.

I got a renewal notice on my 2nd UA MP Signature Visa from Chase ($140 annual fee, waived for 1K members usually on the first card only), and I called to cancel that one. In the past, the first agent you talked to would normally redirect you to a retention specialist, but this time they didn't even bother. I don't know if that means anything, since I have 3 other cards with them (2 Marriott Visas, and one other UA MP Sig. Visa.) I just thought it was interesting. I almost never used that card, and just got it for the bonuses that were offered at time of sign up.

-David

 

[Charlie D.]

I’d take the complaints of a few people which had made late payments (of course never being their own fault) with a grain of salt. I am in the process of paying off and getting a title cleared with HSBC auto finance. I goggled that company and a handful of individuals were making it look like the worst finance company in the world. Upon further inspection, every single one of them had missed a payment or trying to work a deal on their payments or something like that.

Charlie D.

 

[UWSurfer]

My wife and I are planning on getting a Capital One Credit card but I found this page and now have my doubts. Can any one tell me if this maybe mad customers that want to bad mouth the company or is this how the company operates

http://www.consumeraffairs.com/credit_cards/capital_one.htm

I must say it didn't appear that all of complainers were dead beats or had payment issues. In some cases they attempted to close their account and Capital One didn't do it. Others were getting socked by over limit fee's. I've never understood overlimit fee's. If you are at your limit, the issuer should DECLINE the charge. They don't. They approve the charge and then sock it to you with the fee.

Many, many years ago we got into trouble and end up going to consumer credit counseling to get ourselves out of the mess. We had certainly put ourselves in the situtation, but the credit companies do tend to make a bad situation worse with all the additional fee's and jacked up interest rates it's nearly impossible to pull yourself out unless you can instantly double your income or get legitmate, professional help which the card issuers recognize. I don't feel sorry for those who feel a sense of entitlement or scammers you see in daytime TV court shows, but I do feel a bit for those who make a mistake and then find themselves significantly underwater financially.

We did get out, and it taught us some important lessons. ITs still far too easy to get into that financial hole.

 

[Wonka]

I’d take the complaints of a few people which had made late payments (of course never being their own fault) with a grain of salt. I am in the process of paying off and getting a title cleared with HSBC auto finance. I goggled that company and a handful of individuals were making it look like the worst finance company in the world. Upon further inspection, every single one of them had missed a payment or trying to work a deal on their payments or something like that.

Charlie D.

How did you learn the credit history of customer's (those complaining) of HSBC?

 

[Timeshare Von]

I have my personal business account with them and have been very happy with their service and how things work with them . . . no complaints. We also pay our balance in full and have enjoyed the no add-on fees for us when out of the USA.