So, What Is in your wallet?

About a year and a half ago I began receiving bills for my Capital One Visa card. The first bill I received stated that my account was several months past due, my limit had been exceeded, a variety of fees and penalties had been added to my balance, my interest rate had been increased, and that I would soon see my account handed over to a collection agency. There were warnings of dire consequences if I did not pay immediately. I could be sued. My wages could be garnished. I could be sent of to debtors prison (not really, but that isn’t far off from what they suggested).

I found all of this strange, and mildly amusing. You see, I didn’t have a Capital One Visa card. I didn’t have any Capital One credit card. In fact, I did not then, nor do I now have Any credit cards. Years earlier I had several. I was a young, stupid kid and I got way in over my head in debt. It took me years (and a little help from my parents) to pay those cards off. After that I gave up on credit. I became a pay as you go kind of guy. At no time had I ever had a card from Capital One.

I ignored this first bill. I assumed that they had the wrong person. Obviously I shared the same name with someone else, and they would track down the correct person soon enough. Then I received another dire warning. They were suing me, unless I paid immediately.

I called the company and explained that I didn’t have any card from their company. Their representative was rude, snide, and refused to listen to what I had to say. More warnings followed.

My aunt is a banker, and something of an expert in financial matters. I asked her advice. She called the company to no avail. I then went to my parents for advice. My mother contacted Capital One. After being transferred several times, she finally connected with someone who assured her that they could prove I had the card. They would send this proof via mail right away.

Weeks passed. No word. Then, another bill loaded with dire warnings of impending doom) arrived. We contacted the company. We demanded to see their “proof” that I had had this card. They stated that they had the original application, which bore my signature, home address, and various personal information. They would send it via certified mail within six business days.

Two weeks later. No mail from Capital One. Again we contacted the company. This time we were told that there had been a mistake. We should disregard all of the bills received in the past. Everything was cleared up. We should have a nice day.

Less than a week later, a letter notifying me that I was being sued arrived. Again we contacted Capital One. No, no, they assured us. No law suit, No. That was a generic letter. Everybody gets them. I just hadn’t been removed from the database yet. Ignore it.

That was the end of my Capital One saga.

Generally in a review of a credit card I would think that one would wish to discuss interest rates, fees, billing systems, payment methods, credit lines, etc. Since I never had this card, I have no real personal knowledge of those things. But I have done some research. In my research I have found that this card charges high annual fees (around thirty dollars). It also charges an unacceptable interest rate ranging from 24.9% to over 32%. I have seen credit offers from other companies touting interest rates between 9.9% and 21% . These rates seem extortionary when compared to those offered by reputable companies.

I have also learned that this company sells customer information to marketing firms, and bombards its customers with constant sales pitches.

I can speak about the companies representatives: they were rude, callous, and ill-informed as to their own companies policies. This company attempted to scam me. I am sure of that. They chose my name from a list of someone who had experienced past credit problems, and had cleared them up. They assumed that if they threatened me I would mindlessly pay them the extortion money that demanded. I assume that they pull this scam thousands of times a year on many hapless victims.

I wonder how many people have simply paid them off, just to avoid the hassle.

This company has become ubiquitous in recent years. Their brainless advertisements clog the air waves. Apparently they are making a lot of money on the backs of poor working stiffs. I’ve never been a socialist, but this company almost drives one to a total hatred of corporations. They epitomize greed. They seem evil.

I cannot recommend this company. Actually, I don’t recommend the use of credit at all. I believe that if you pay as you go, your life will be much simpler, and happier. But, if you choose to use credit cards find reputable companies, do your research, and above all Avoid Capital One Like The Plague.

As a final note, the epinions site forces me to give this product one star. That makes it seem as if this credit card is at least 20% good. It is not. I long for the day when I can affix negative stars to products.

This company should be driven out of business, and its upper management forced to undergo public whipping.


Recommended: No