topic Re: Capital One Monthly Membership Fee in Credit Cards

Capital One Monthly Membership Fee

Anonymous — Tue, 12 Apr 2016 01:27:28 GMT

Does anyone else have this $5.00 fee and any chance it could be waived? is this the same thing as a annual fee just monthly?

Re: Capital One Monthly Membership Fee

Anonymous — Tue, 12 Apr 2016 01:33:58 GMT

which card do you have?

Re: Capital One Monthly Membership Fee

Loquat — Tue, 12 Apr 2016 01:35:04 GMT

I didn't know CapOne had any card that had a monthly fee...was you card with a previous lender that CapOne acquired?

Re: Capital One Monthly Membership Fee

Anonymous — Tue, 12 Apr 2016 01:39:00 GMT

Yes, it was a HouseHold Bank Card that was converted to a capital one card when they were purchased by capital one. I just spoke to a rep via chat and they stated the following:

Peter

09:34 PM

The monthly membership fee is charged to help offset some of the costs of managing your account.

Peter

09:34 PM

The disclosures provided with the application you submitted stated that there was a Monthly Membership Fee (MMF) as part of the terms of this account. The membership fee is charged to help offset some of the costs of managing your account.

Peter

09:34 PM

One of the reasons Capital One charges a membership fee is to be able to provide a high level of service and benefits. As an example, most of the items that you purchase on the card can have their warranties extended, which can be worth much more than the cost of the total membership fee.

Peter

09:34 PM

Regrettably, I am unable to waive the Annual Membership Fee on your account at this time since the AMF was part of your original terms when the account was opened.

This is lame if you ask me. I may close this card out.

Re: Capital One Monthly Membership Fee

darwin_wins — Tue, 12 Apr 2016 01:44:07 GMT

Can you PC this card to something else?

Re: Capital One Monthly Membership Fee

JamP — Tue, 12 Apr 2016 01:47:36 GMT

Email Capital One EO. I usually don't suggest it to anyone but that monthly fee sucks. I've never heard of a monthly fee from Capital One.

I have heard of one from CreditOne.

Google Capital One EO.

Or you could try to PC it to a Quicksilver....

Good Luck.

Re: Capital One Monthly Membership Fee

Anonymous — Tue, 12 Apr 2016 01:49:33 GMT

Currently I have no offers to switch this account to another, but I will try again within the next 2 months. I really dont want to close out this card as it is my oldest card I have on my credit report.

Re: Capital One Monthly Membership Fee

Anonymous — Tue, 12 Apr 2016 01:51:39 GMT

What is Capital One EO? Sorry, I am somewhat new to the boards and it takes me a little while to figure out the lingo, haha.

Re: Capital One Monthly Membership Fee

Anonymous — Tue, 12 Apr 2016 01:53:35 GMT

@Anonymous wrote:
What is Capital One EO? Sorry, I am somewhat new to the boards and it takes me a little while to figure out the lingo, haha.

EO=Executive Office

Re: Capital One Monthly Membership Fee

Anonymous — Tue, 12 Apr 2016 01:54:04 GMT

i have 4 cap1 cards and have never been hit with a $5 fee. They do charge an annual fee on some of their cards but they are usually

able to wave that upon request.

Re: Capital One Monthly Membership Fee

Anonymous — Tue, 12 Apr 2016 04:32:09 GMT

I didn't think it really mattered if your oldest card was closed/opened? Only in 10 years when it fell off your report would you feel a sting, which, by then, hopefully you have other cards that mitigate the loss somewhat.

.....Atleast i hope thats the case as I 1. Had my first ever card closed on me(I'm stupid). 2. Closed my second oldest card by merging it into my 4th oldest.

Anyone care to share if it matters to close it?

Re: Capital One Monthly Membership Fee

UncleB — Tue, 12 Apr 2016 09:00:47 GMT

@Anonymous wrote:
Currently I have no offers to switch this account to another, but I will try again within the next 2 months. I really dont want to close out this card as it is my oldest card I have on my credit report.

Ugh... I'm sorry they are unable to get rid of that for you.

It seems that some of the 'legacy' cards did (do) have a monthly fee rather than an annual fee. $5/month comes out to a annual fee of $60, and since I was saddled with a $79 fee for several years I know exactly how you feel (ironically, over the years when I would call about my own fee, a couple of times they thought I was talking about changing it to a monthly fee, which also wasn't possible - or desirable to me).

The other thing that makes the monthly fee "extra" lousy is that it's hard to waive - the last two years I had an AF, I was able to get them to waive half of it, effectively making my fee $39.50 instead of $79; it seems that if the fee is monthly there's not as many opportunities for a waiver, at least from what I've read.

The suggestion to check with the EO is an excellent one... they might be able to help you without any hoops or too much extra effort on your behalf. If they are unable to do anything for you, you could consider getting a new Capital One account and combining the credit line from this account into the new one after six months. However, while that would retain your credit line you would lose the history from the older card since it would be closed. Like you, I really wanted to keep my 'old' card alive if there was any way possible. (Note that there's a caveat that for some unknown reason, some folks are not able to use the combine feature yet... supposedly it's being rolled out in phases, so there's a chance it won't work for you right away even once you're eligible.)

To get to the Capital One EO, you simply send an email to the CEO of Capital One (no joke) and someone will get back to you - you can't call them directly. Unfortunately, we're not allowed to post personal email information here, but you can find it easily by searching google.

I hope it works out; let us know how it goes!

Re: Capital One Monthly Membership Fee

UncleB — Tue, 12 Apr 2016 09:16:57 GMT

@Anonymous wrote:
I didn't think it really mattered if your oldest card was closed/opened? Only in 10 years when it fell off your report would you feel a sting, which, by then, hopefully you have other cards that mitigate the loss somewhat.

.....Atleast i hope thats the case as I 1. Had my first ever card closed on me(I'm stupid). 2. Closed my second oldest card by merging it into my 4th oldest.

Anyone care to share if it matters to close it?

It just depends on the profile; the 'short' answer is that for most people (especially people on here) it doesn't matter too much, since it's generally expected that you'll have other 'aged' cards on your reports by the time the closed account stops reporting.

However, there are a couple of caveats... a closed account generally reports for up to 10 years, but it's not required to. I've had several stop reporting well before 10 years. Also, folks like myself who tend not to churn or 'collect' cards can get a AAoA 'ding' when old cards drop off - I've experienced this myself recently.

I have three cards that are 8+ years older than the rest of my accounts, so to keep from having my AAoA dip in 10 years (or earlier) I keep them around. Granted, it likely wouldn't make a great deal of difference in my own case, but as long as I'm not paying an AF to keep them around I feel it's worth it.

Some folks pay before a statement cuts to keep from reporting a balance to give themselves an 'edge', I choose to keep my oldest cards around if at all possible. That being said, the AF on my QS1 was going to be a deal breaker... thankfully they were able to PC it to a QS before the next AF came due.

Re: Capital One Monthly Membership Fee

pipeguy — Tue, 12 Apr 2016 10:30:10 GMT

Peter

09:34 PM

The monthly membership fee is charged to help offset some of the costs of managing your account.

Peter

09:34 PM

Peter

09:34 PM

Peter

09:34 PM

Regrettably, I am unable to waive the Annual Membership Fee on your account at this time since the AMF was part of your original terms when the account was opened.

******************

This is the exact same script (line of BS) I was told two weeks ago when I noticed the DW's 4 year old QS-1 was being charged a $39/yr AF. I went on "chat" as her (she was sitting right next to me, but doesn't like going on chat, etc) and asked why the account was being charged and AF - the same line of BS was read back to me - I said can you waive it because otherwise please cancel the card. Seems there was "an offer" available to waive and credit back the $39 which they did otherwise I would have "regrettably, closed the account due to Cap-1's regrettably being unable to be less greedy on a proven account".

Edit/Add: It is interesting that Cap-1 buys up credit assets such as Household and HSBC accounts and then treats them as "lower grade" accounts charging AF's and limiting CLI's etc - this I don't understand because if the accounts/assets are so sub-prime per se, why buy/merge in the first place?

Re: Capital One Monthly Membership Fee

joltdude — Tue, 12 Apr 2016 14:16:14 GMT

Has Cap 1 preapproved you for another card? <------------- if YES than really consider opening another card.

Perhaps one with no fee, or even with a fee.....(youll have an easier time getting it waived ..might even be able to on open after you get the card due to the (grandfathered) card)

If your CR can take the HP, open a new card... Then go about merging limits... once you can merge, cancel the card with the fee.. Voila!

Some of these acquired/grandfathered cards have no mobility... they want to be RID of that account....

If your a bit more daring... Close the card entirely, wait a week to a month, than reapply for another Cap 1 product.. Odds are good youll get a better offer, and pretty sure a higher starter CL... (as long as your scores are still decent)

The age will stay on there for at least a few years, up to 10 years...

-j

Re: Capital One Monthly Membership Fee

grillandwinemaster — Tue, 12 Apr 2016 16:35:09 GMT

Wow, a Cap 1 monthly fee?? I seem to recall a monthly fee from them from years back. Like during the Reagan administration when the were strictly sub-prime?? Lol