I Feel BAMBOOZLED of course by CAP1

[shane82388]

ahh yeah...im ripping up a pre-approved offer from them as i type. lol

[pipeguy]

---

@shane82388 wrote:

---

I don't think Cap1 does monthly fees, at least I haven't heard of it.

---

Well, you have now. lol

(image snip)

---

This is NOT the same thing as a "monthly membership fee" sans First Premier. My DW and I have several accounts with Capital One (Credit Cards), one account has a $39 annual fee which is paid (billed) in full once a year, the other has a $36 annual fee that is paid/billed at $3 a month.

The $3 a month AF (36/12) is actually a better deal because you only pay one month at a time and should you cancel the card you are up to date with the AF month by month. For me it actually works out better because they bill the new $3 every month after the payment date and then the new statement cuts with the $3 so that account always reports a "balance monthly" as $3 to the CRAs.

Feel free to slam Capital One for what they actually do, but let's not make up stuff....

[shane82388]

---

@pipeguy wrote:

---

@shane82388 wrote:

---

I don't think Cap1 does monthly fees, at least I haven't heard of it.

---

Well, you have now. lol

(image snip)

---

This is NOT the same thing as a "monthly membership fee" sans First Premier. My DW and I have several accounts with Capital One (Credit Cards), one account has a $39 annual fee which is paid (billed) in full once a year, the other has a $36 annual fee that is paid/billed at $3 a month.

The $3 a month AF (36/12) is actually a better deal because you only pay one month at a time and should you cancel the card you are up to date with the AF month by month. For me it actually works out better because they bill the new $3 every month after the payment date and when the new statement cuts so that account always reports a "balance monthly" as $3 to the CRAs.

Feel free to slam Capital One for what they actually do, but let's not make up stuff....

---

Make it up? I posted a screen shot of my account and it literally says "MONTHLY MEMBERSHIP FEE" right on it...What am i making up? How much more proof can i possibly provied?

Whats the difference between a monthly membership fee and annual fee at the end of the day anyways? Its money you have to pay them for just having their card. I have had the card since 2007 and never had to pay any sort of fees until recently, when my credit is wayyy better than it ever was back then, making it extra annoying.

[pipeguy]

---

@shane82388 wrote:

---

Make it up? I posted a screen shot of my account and it literally says "MONTHLY MEMBERSHIP FEE" right on it...What am i making up? How much more proof can i possibly provied?

Whats the difference between a monthly membership fee and annual fee at the end of the day anyways? Its money you have to pay them for just having their card. I have had the card since 2007 and never had to pay any sort of fees until recently, when my credit is wayyy better than it ever was back then, making it extra annoying.

---

This is the difference: https://www.premiercardoffer.net/CardDetailsZeta/CV5HEU9J1%200594OMI

Note too that First Premier used to have a 79.5% APR with an opening CL of $300 reduced to $25 after up front fees and membership (CARD ACT changed this rape of their members).

An annual fee paid month by month is different from an annual fee plus monthly service charge.  Capital One is offering a $36 annual fee paid $3 a month, I don't care if they call it a "membership fee" on the statement. Since its once a month (AF/12) rather than once a year I think a lot of  people would complain if it said "Annual Fee" and charged you every month. At least with the terms and Reg Z listings when I signed up for my card it said AF = $36 year, billed at $3 a month. American Express has a "annual fee" of $95 to $450 on their charge cards, membership has its privileges, it's not billed monthly either but it's also clearly listed in advance.

To suggest that Capital One is somehow adding an "extra membership charge" every month rather than their stated annual fee of $36 is disingenuous.  If you've had a card that has never had an AF and all of a sudden they've added an AF without giving you a chance to opt out, then the issuer has violated all kinds of federal regulations.

[shane82388]

I dont believe i said i was getting charged two fees a month? (partial annual fee / other monthly fee)

I just said that i was being charged a "monthly membership fee" which equals $60 annually. So whatever way you cut it, its $60 a year...

Whatever name you want to give it...Capital One themselves give it the name "Monthly Membership Fee"...thats not my wording.

[pipeguy]

I'm having a hard time following the back ground information provided:

Frst you said:  have a saved transcript of a CSR chat telling me they will wave my monthly fee. Of course it wasnt waived, but no one seems to care. They credited my account 30 bucks after writing to the CEO...Whoop-de-doo.

Then: Well half of it. It's $60 a year so only refunded half. I didn't have to pay anything before that.

Then:  I have had the card since 2007 and never had to pay any sort of fees until recently

Then: I just said that i was being charged a "monthly membership fee" which equals $60 annually. So whatever way you cut it, its $60 a year...

---

If your account started in 2007 with no annual fee and then Capital One added a $60 annual fee recently without giving you a chance to opt out for changing the terms, they have violated Regulation Z rules (truth in lending) and CARD Act rules to name just two. Those are both serious violations and I suspect you have a very strong legal position for relief and perhaps damages.

My objection to the progression of the thread was that an annual fee paid month by month is no big deal and to paint it as "First Premier" style terms is disingenuous.

Note too that my comments are addressing the subject matter of this tread, they should in no way be interrupted to be personal. 

[shane82388]

I didnt mention First Premier, but at least with that card you are knowing what your signing up for and agreeing to it...as bad as the fee might be. Mine was imposed out of nowhere, years after opening the account. Its not the end of the world....just annoying.

But i see how they are having the fee paid monthly instead of once a year in a lump sum as a way of minimizing the overall "cost" in the mind of the customer and to avoid them being put in a position where a person can threaten to cancel the account unless they waive the entire thing. Charging monthly keeps the percieved cost down and the customer less likely to call them each month to argue with them about waiving a $3 or $5 fee.

They did have to give the option to close the account or accept their new fee....which really isnt an option. Its akin to saying to someone coming up to you at a red light and saying  "So either give me your car, or im going to shoot you." Im not closing my oldest trade line so im basically forced in to accepting the fee, which is frustrating, but not much you can do until i can afford to eliminate that card.