Posted on May 4, 2010 at 1:12 am Hi has anyone here heard of the cap one balancescam? What is it? What to watch out for?

Posted on May 4, 2010 at 2:29 am cap one balance scam - Hi, I am not sure if it's right to call it a scam...but I have seen consumer threads talking about it, mainly the interest rate changes, without them being notified, which of course, made them feel "scammed." It was a common creditor practice but I don't think that's not true anymore because of the credit card act in place (since February 2010)

Posted on May 4, 2010 at 4:17 am Cap One Balance - this is from that thread Capital one takes more days that legally allowed to post online payments and then charges late fees. Don't bother call because they use overseas people that have a script and just repeat the same canned answers over and over and don't know how to say anything else.

Posted on May 4, 2010 at 6:14 am Cap One Balance --This is another complaint:::: I filled out a balance transfer form promising me zero percent interest for the life of that transfer. Then I received a letter dated April 14th, 2008 stating due to a system error thebalance transfer form should of stated 5.99%, but because they are so kind they will not attempt to collect any additional finance charges that should have been assessed in the past. Well golly geeCapital one, Thanks a bunch! This is like if I sign up for a fixed rate mortgage at 5% and then a few months later receive a letter stating sorry, it's really 10.99%.

Posted on May 4, 2010 at 6:20 am Speaking of all of those complaints, like 1casio said, I think that the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 has already covered that.-The credit card company can only increase the interest rate if the consumer's payment is 60 days late -Unless the consumer has asked for an over-limit fee, the creditors can't charge the consumer for it. Also, banks may not charge late fees if they were also late in crediting a payment. -Credit card companies may not market to people under the age of 21, without parental permission, or verification of their ability to pay. -Credit card companies must give the consumers 45 days before they can up the interest rates. -The consumer's payment must first be applied to the highest interest rate balance.

Posted on May 4, 2010 at 6:48 am right, and with regards to balance transfer, if ever you are going to do it - don't forget to ask your prospective bank these questions before you move - 1. Until when is the introductory rate or how long does it last? 2. What is the card's annual percentage rate after that introductory rate expires? 3. Does that introductory rate apply to transferred balances or just to new ones, or both? 4. Does that card have an annual fee? 5. Do they charge late fees and over-the-limit fees? 6. Are there balance-transfer fees?

Posted on July 29, 2010 at 6:24 am Its a scam what else you want to know about it.

Posted on August 5, 2010 at 9:47 pm Keep your funds secured to stop scam. Scamming usually happens in leakage of account information like never tell your password to anyone and never show your account information to some one who is stranger to you.

Posted on August 5, 2010 at 11:52 pm I have to agree with Finance Savy on this one. I personally have had bad experience with Cap One, but almost every CC company has the same practice of applying payment to the lowest APR balance. Once you transfer a balance to a 0% card, DO NOT USE IT.