Capital One - beware

[Pittenger5]

Just a heads up especially in the holiday season, if you have a Capital One "no Hassle" card, and carry a balance, they might charge you interest based on your daily average balance, and not the balance you carried over. I carried over $200 bucks last night, and they tried to charge interest on $1350. Its about a 10 dollar difference, but its the principle of the matter. Guess Ill go find me an Amex card or something not Capital One.
Anyway, just figured Id give people a heads up, cause I didnt see that coming.


(And yes, you can hold your "use a debit card, get away from credit cards blah blah blah) this was the first time I carried a balance in YEARS, and only did it cause I didnt feel like transferring money from my savings account).

[NobodySpecific]

This is the way it is with a lot of cards actually. Discover used to use the ADB over a 2 month period, not sure if they still do.

[R1]

Wirelessly posted (Mozilla/5.0 (iPhone; U; CPU iPhone OS 4_2_1 like Mac OS X; en-us) AppleWebKit/533.17.9 (KHTML, like Gecko) Version/5.0.2 Mobile/8C148 Safari/6533.18.5)

Amex has been great to me. Never anything I wasn't aware of and the points system is awesome.

[NobodySpecific]

From my Amex bill:

HowWe CalculateYour Balance: We use the Average Daily Balance (ADB) method (including new transactions) to calculate the balance on which we
charge interest on your Account. Call the Customer Service number listed below for more information about this balance computation method and
how resulting interest charges are determined. The method we use to figure the ADB and interest results in daily compounding of interest

[Pittenger5]

Well regardless, I find that to be a bullshit method

[Jim]

what's in your wallet

[R1]

Its funny that the commercials are a bunch of vikings robbing and pillaging and still no one has made the connection....

:facepalm:

[csmutty]

I just got a capital one card.

[R1]

I just got a capital one card.

yeah dont be so happy about that one...

Capitol One is known for lending to the young in hopes you default...

they got me at 18 and after all was said and done it cost me over twice what the purchase cost to get out of that account....

[csmutty]

yeah dont be so happy about that one...

Capitol One is known for lending to the young in hopes you default...

they got me at 18 and after all was said and done it cost me over twice what the purchase cost to get out of that account....

Nah it will be fine. I am going to pay it off in full every month.

[KawiSmurf]

Nah it will be fine. I am going to pay it off in full every month.

Yeah. That's how it always starts.

[R1]

Yeah. That's how it always starts.

^^^ this

just wait til they mysteriously drop your credit limit to within a couple dollars of your balance and all the charges and penalties kick in...

Capitol One is known for doing this also, but with the new credit laws you might get a couple day notice before it happens...

[The Snowman]

I've have a Cap One card for 10 years and haven't experienced this crap. If anything, they have raised my limit in order to get me to spend more, but I usually pay the balance off or close to off each month. The only issue I had was when credit laws changed, they raised my interest rate from a lipper indexed 7.99% to over 15%.

I do like their rewards. I've accumulated about $1000 in rewards over the 2 years I've been in the rewards program. (I used to use it for business travel until I got a company card.)

[Rossco]

Its funny that the commercials are a bunch of vikings robbing and pillaging and still no one has made the connection....

:facepalm:

That's because it's cheaper for them to use the office staff for the commercials than to hire actors.

[csmutty]

Yeah. That's how it always starts.

No...it really will.

[R1]

No...it really will.

if that is truly the case you would have been much better off with an amex, that way you have no choice....

trust me when i say the first time you carry over that balance for that sweet bike part you wanted you will regret it...

in any case if you are smart with it you should do fine, but being 19 mistakes are bound to happen, no one is perfect but you have less leeway with a company like capital one....

[csmutty]

if that is truly the case you would have been much better off with an amex, that way you have no choice....

trust me when i say the first time you carry over that balance for that sweet bike part you wanted you will regret it...

in any case if you are smart with it you should do fine, but being 19 mistakes are bound to happen, no one is perfect but you have less leeway with a company like capital one....

I had tried every kind of card. I had gotten denied every time because I have no credit before I tried Capital One. I'll use it until I have enough credit built to get a different one. And I am only going to be using it for gas and food.

[TheIglu]

I had tried every kind of card. I had gotten denied every time because I have no credit before I tried Capital One. I'll use it until I have enough credit built to get a different one. And I am only going to be using it for gas and food.

Just wait till you move out.

[obsolete]

Just wait till you move out.

Wait till he gets laid.

[NobodySpecific]

Just wait till you move out.

I got a Discover card at 18 and I used it all through college. I carried a balance once, and it was because I couldn't afford to pay off the last $200 from buying books. It IS possible to be responsible.

[Talus]

I had tried every kind of card. I had gotten denied every time because I have no credit before I tried Capital One. I'll use it until I have enough credit built to get a different one. And I am only going to be using it for gas and food.

Capital one was my first card at 18 too. I use Chase now, for about 7 years and they've been good to me. Doesn't amex charge monthly / annual fees just for having the card?

[wylee]

Capital One - Beware...those cocksuckers will charge you interest just like the cardmember agreement states. Fuckin' assholes!

[TheIglu]

I got a Discover card at 18 and I used it all through college. I carried a balance once, and it was because I couldn't afford to pay off the last $200 from buying books. It IS possible to be responsible.

Same here. The bitch comes when you get out of college, move into your own place, have to pay rent, car payment, insurance, utilities, food, etc on your "just out of college" shitty paying job with a ass-load of just kicking in student loans.

Oh the good old days!

[NobodySpecific]

Capital one was my first card at 18 too. I use Chase now, for about 7 years and they've been good to me. Doesn't amex charge monthly / annual fees just for having the card?

Some of them do, some don't. I have a Costco Amex which is a regular credit card with no annual fee. Some Amex cards are charge cards (not credit cards) that have to be paid off monthly and usually have an annual fee. I believe the Amex blue card doesn't have an annual fee either.

Same here. The bitch comes when you get out of college, move into your own place, have to pay rent, car payment, insurance, utilities, food, etc on your "just out of college" shitty paying job with a ass-load of just kicking in student loans.

Oh the good old days!

It is still possible to be responsible and not rack up unnecessary debt. I recently bought a house, and instead of splurging and putting all sorts of shit on my card, I'm living with bare walls, no coffee table, no dining room table and an ancient little thing with drawers for my clothes. Don't have the money? Don't buy it. Shitty job? Get a cheap car. Can't afford rent? Get a roommate. There are situations in life that sneak up on you (medical bills, family emergency, etc) where relying on credit might be necessary. If you are living life normally and can't afford your lifestyle without credit cards then you are living beyond your means and the only real solution is to cut back.

[ChrisNoF4i]

I don't understand why Americans are always complaining about paying interest and exorbitant fees to credit card companies. You should feel privileged to funnel all your money to the likes of Capital One. It is as patriotic as huckleberry pie. Shame on you all.