Low Interest Rate Credit Card From Capital One is a Scam.
Avoid Capital One Secured Credit Card like the plague. Here's their corrupt procedure:
1) Tell you to send in $300 (or greater amount for higher limit).
2) Once they receive your money they send you a snail mail telling you they got your money and that they will be sending out a identity confirmation package. (Why not just send it to save time?)
3) A few weeks drip by, then you receive the snail mail identity package.
4) You have to fill out a form and go to the post office and show id, to confirm identity, then snail mail the form back to them.
5) They then send you out a notification that your identity has been confirmed and you will be receiving your pre-paid card shortly. (Again, why not just send the damn card.)
6) A few weeks later your card arrives.
The whole process takes close to 3 months, during which time they are earning millions in interest using your money combined with tens of thousands of other customers.
Once you spend the deposit amount, you'd think your balance would be $0, but no. They post your balance as (ex: $300) then when you charge say $21, the balance goes to say $321).
You then receive a statement stating your balance of $321, and showing a minimum payment of $21. So you pay the $21 and on your next statement see that they charged you say $5.01 in interest. So even though you made the minimum payment of $21, they charge you an over-limit fee of $29 because the INTEREST charges sent you over-limit. Now remember, this is a pre-paid credit card, so in reality you only actually owe them $5.01 in interest, but they ding you for $29 anyway.
So then you figure out they're a bunch of crooks, so decide to close the account. You make a final payment sufficient to cover all current charges and interest and a few days future interest, for good measure. You even record the conversation using Skype Recorder of their rep telling you that the account is closed and there will be no further charges posted. You assume that with your payment of $ 31.01 ($21 $5.01 for interest $5 for a few days interest, just in case), that your total statement balance of $326.01 will be paid out ($300 of credit coming from the $300 deposit you gave them when you opened the account).
But no. Capital One Pre-Paid Credit Card has more dirty tricks up their sleeve. They then continue to post charges to your account, then charge you the $29 overlimit fee and punch you in the face by telling you they won't close the account until your balance is paid off in full. i.e. Even thought they have $300 of your money, they want you to send them $300 the $5.01 for the unauthorized charge, plus the $29 they illegally charged you on an account their rep. told you was closed when you called in to close it.
So they expect you to pay them $334.01 out of pocket to close the account, and then wait for them to send you back your deposit of $300. Capital One Pre-Paid Mastercard are a bunch of evil bastard who should rot in hell forever for intentionally plotting how to maximize their thefts from people who are struggling to rebuild credit by using a pre-paid mastercard. Avoid Capital One Credit Cards like the plague.
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