|
|
|
Comment |
Sorted by
Date Written |
Re: Re: As for a substantive comment.... (Reply to this comment)
by Arthur.Rubin
Overlimit fees: I have had a few credit cards issue me a cash advance or balance transfer on the initial application, and then hit me for an over-limit fee the first month because the interest on the initial transfer put the balance over the limit.
I've managed to get the fee reversed (so far), but it would technically be valid.
--
Me: You're wrong about the difference between approved and guaranteed, as well. However -- even if you were correct, it's not a substantive difference, as they could issue the card, and cancel (or suspend) it the next day, before you actually receive the card.
You: Yes, it's true when you're dealing with Capital One. And it makes a big difference to those who thought they were guaranteed a card, only to be turned down. With that fact placed on their credit report.
Me (2): Credit card denials don't appear on your credit report. It would appear as an excess inquiry, which would be a little bad -- for two years. However, what I suggest they could do is legal, and will hurt your credit score (average time cards are open) for 7-10 years, depending on the credit bureau in question.
---
You: Capital One does not use a service charge on incomplete applications.
Me: I didn't say that they did. It would be a service charge on a savings account not linked to a credit card. Perfectly legal.
You: ... If they've not heard from you on the matter after a year's time, they send it on to the State's Office of your state.
I can think of only one way this would be legal, and it doesn't agree with what little I know of secured cards. If the amount sent in is considered a deposit against a contract, rather than than a bank deposit, then they can turn it over to the state after one year -- if they first attempt to contact you to return the deposit. It is not legal, in general to use the unclaimed property system to return deposits, without attempting to contact the depositor to let him/her know that there is money available. Of course, if they shred all information on a rejected card application other than name and state, they wouldn't be able to contact the depositor. Hmmm...maybe that's it.
--
Now I hate to give Capital One idea as to how they can scam more money out of high-risk applicants, but what you say they do would be illegal, and what I am saying they could do would be legal, and worse for the applicant.
|
Jul 05 '02
10:13 am PDT
|
|
Re: Hello! (Reply to this comment)
by access-denied
This review seems to be well written, so I really hate to slap it with the Off-Topic, but I do agree that you should change your wording to something like "the issuing bank" instead of Capital One, or at least merely state that you are using Capital One as only an example.
Welcome!
Suzanne
Thank you for the welcome.
As I explained to Rubin, I seriously think you are underestimating the intelligence of the reader if the example explanation is considered necessary.
I wrote an epinion under the title "What you should know about secured cards." My epinion covers Capital One's Secured Card. Specifically the application.
There is no way to cover all aspects of any secured card in one review. I assume this is why multiple reviews can be submitted in this category. The same was not true of the specific Capital One category.
I simply consider an explanation of my review unnecessary. The review fits in the category. Exactly what it is, and what it covers, speaks for itself.
|
Jul 04 '02
9:38 am PDT
|
|
Re: As for a substantive comment.... (Reply to this comment)
by access-denied
I really think you are underestimating the readers by asking me to specifically lay out the fact that Capital One Secured Card is an example of a secured card.
On your next bill you will then receive an over-limit charge, as the LoC to savings ratio is 100% or less. (Sounds like Capital One. I don't know if they really do that, but....)
No they don't. They do place the deposit on the card, as well as the first year's Annual Membership Fee. When you're running with a $200 Credit Limit, placing a $49 deposit along with a $49 AMF without warning can be a shock. As normally the explaination is in grey print on the back of the statement.
No Overlimit Fee is placed on the account unless the charges plus the fees place you over the limit. But I plan to discuss all of this in a future review.
You're wrong about the difference between approved and guaranteed, as well. However -- even if you were correct, it's not a substantive difference, as they could issue the card, and cancel (or suspend) it the next day, before you actually receive the card.
Yes, it's true when you're dealing with Capital One. And it makes a big difference to those who thought they were guaranteed a card, only to be turned down. With that fact placed on their credit report.
This may be more-or-less correct. If so, the State's office of the Secretary of State (not State Dept.) could collect significant damages from the bank (Capital One's bank -- not necessarily the same as Capital One as the credit card issuer). They're not allowed to turn it over to the State without attempting to contact you. They may be allowed (depending on your state's law) to put a significant service charge on the inactive account, allowing your deposit to be eaten up by that charge.
Capital One does not use a service charge on incomplete applications. If they've not heard from you on the matter after a year's time, they send it on to the State's Office of your state. Capital One's customer service dept will explain all of this and even provide the phone number for your state.
|
Jul 04 '02
9:27 am PDT
|
|
Hello! (Reply to this comment)
by Mom2TyZick
This review seems to be well written, so I really hate to slap it with the Off-Topic, but I do agree that you should change your wording to something like "the issuing bank" instead of Capital One, or at least merely state that you are using Capital One as only an example.
Welcome!
Suzanne
|
Jul 03 '02
8:18 pm PDT
|
|
As for a substantive comment.... (Reply to this comment)
by Arthur.Rubin
You should change "Capital One" to "the issuing bank" if you don't want your review to be considered as a review of the "Capital One Secured Card", as I indicated. Specific comments:
Your review sections are in italics:
A more recent way is to have Capital One charge the amount of your deposit to the new credit card. This sum of money is placed into a savings account in your name.
On your next bill you will then receive an over-limit charge, as the LoC to savings ratio is 100% or less. (Sounds like Capital One. I don't know if they really do that, but....)
You're wrong about the difference between approved and guaranteed, as well. However -- even if you were correct, it's not a substantive difference, as they could issue the card, and cancel (or suspend) it the next day, before you actually receive the card.
If your name shows up on the hot list - a list of names that are laughed out of the Applications Dept. - you will not receive a card. As a matter of fact, you must submit a request to receive your deposit back. If you do not do so within the next year, the deposit will be turned over to the State Dept of the state listed as your legal residence on the application. You would then have to make that request to the State Dept.
This may be more-or-less correct. If so, the State's office of the Secretary of State (not State Dept.) could collect significant damages from the bank (Capital One's bank -- not necessarily the same as Capital One as the credit card issuer). They're not allowed to turn it over to the State without attempting to contact you. They may be allowed (depending on your state's law) to put a significant service charge on the inactive account, allowing your deposit to be eaten up by that charge.
|
Jul 03 '02
5:25 pm PDT
|
|
Re: Re: I was going to rate this Somewhat Helpful... (Reply to this comment)
by Arthur.Rubin
OK, I see your point. It would be better if you edited the review to indicate that Capital One is an example of a secured card, but....
|
Jul 03 '02
5:10 pm PDT
|
|
Re: I was going to rate this Somewhat Helpful... (Reply to this comment)
by access-denied
Your comment: or skip rating it at all,
You do not consider this review helpful at all, or even worth rating? May I ask what it is lacking? I covered different aspects of applying for a Capital One Secured Card. Surely even one of those aspects might be helpful to someone applying for a Capital One Secured Card. Wouldn't you think?
but then I saw your statement:
Notice that I moved my bold html tags. These tags are no longer emphasizing Capital One, but are around the Secured Card phrase. This movement on the part of the html tags means - Pay Attention.
After noticing that the review was not edited, this means to me that either your review or your account is duplicated somewhere on the system.
Actually yes and no. The moving of the html remark is addressing the fact that the bold in Capital One has been moved to the bold in secured card. I was simply pointing out that when you see a bold comment you might want to pay a bit of attention to that particular comment. Now some might consider this obvious, but I've found you cannot take certain things for granted. Like the ability to recognize the obvious.
And yes, I had orginally placed this review in another cagegory, but found this certain category more descriptively accurate.
The review should be under Capital One Secured Visa at http://www.epinions.com/finc-Credit-Cards-Secured-Capital_One_-_Secured_Visa .
Ah, but that is where I moved it from. And I moved it because I was not discussing the entirety of a Capital One Secured Card (which I will get around to eventually), but simply advising on certain aspects of the application. You may submit multiple reviews in this category, so I will be able to cover the different aspects of this card in the future.
Which will be helpful to those researching a Capital One Secured Card. Yes?
|
Jul 03 '02
2:21 pm PDT
|
|
I was going to rate this Somewhat Helpful... (Reply to this comment)
by Arthur.Rubin
or skip rating it at all, but then I saw your statement:
Notice that I moved my bold html tags. These tags are no longer emphasizing Capital One, but are around the Secured Card phrase. This movement on the part of the html tags means - Pay Attention.
After noticing that the review was not edited, this means to me that either your review or your account is duplicated somewhere on the system.
The review should be under Capital One Secured Visa at http://www.epinions.com/finc-Credit-Cards-Secured-Capital_One_-_Secured_Visa .
|
Jul 03 '02
2:00 pm PDT
|
|
|
|
