Indianapolis, Indiana
1.3K views
12 comments

First off I would like to say to the *** that is talking down about capital one, YOU ARE WRONG! I am giving this review from the standpoint of someone who has had credit card trouble in the past, and honestly, I hate credit cards, but capital one is great!

I have had sooo many late fees with them because of MY OWN FAILURE to pay on time, and they have never once, not once, argued with me about removing the late fees, they are so awesome about that! I have also heard so many people complain about the payment protection, and how it costs $29.00 a month. Obviously you are getting other charges, because payment protection is 1% of the total cost of the bill. So $100 bill = $1 a month.

Anyway, last year I lost my job, and payment protection payed $30 a month for a year!! They paid out so much more then I paid in, and today I called payment protection because I couldn't make my card payment this month and they made my payment for me. Not only that, but the gentleman on the line told me that each of my cards could receive a once a year emergency payment, so to make sure that I spend some money on my other card so I could use the emergency payment, lol. Can you believe that, they told me to spend money on my other card so they could make the payment for me!

All I can say is WOW. Capital one is great. I asked the young man on the line why people complain, and he said most people wait like 2 years before they try to activate. I was thinking about activating again for the second time because I am still out of work, and I asked him if I had to be actually employed by a company, or if it would work if my income stopped, he said "all we are concerned about is that you had income and now you dont.

I actually declined the service for right now because they made an emergency payment for this month, but he actually wanted to set it up to pay my bills for me. WOW again. Anyone who says capital one is no good is probably no good themselves, they have always been so great to me. My only complaint, if I have to put one is the fact that most of the time there is an indian on the other line at capital one that I have a hard time understanding, but one way or another, indian or not, they still always take care of me.

They are always like, it was my pleasure to remove your late fee. Thanks capital one!!

Product or Service Mentioned: Capital One Credit Card.

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Anonymous
#954759

I was stranded in a different province and my wallet was stolen but I had my credit card in a different spot and explained and I was told too bad there is nothing they could do to help me get home. Everything was taken id so when I went to the bank they asked for id I had nothing but this I ended up having to beg on street in city's across the country just to get myself and 3 children home. Once home

Anonymous
#564165

Consumer bureau dishes first penalties, hits Capital One for ‘deceptive’ practices

By Peter Schroeder - 07/18/12 10:28 AM ET

The Consumer Financial Protection Bureau (CFPB) is ordering Capital One to pay $165 million for engaging in "deceptive marketing practices" as it marketed credit cards.

The joint enforcement action by the bureau, in conjunction with the Office of the Comptroller of the Currency (OCC), marks the first time the new bureau has flexed its enforcement muscle since opening its doors roughly a year ago.

“Today’s action puts $140 million back in the pockets of 2 million Capital One customers who were pressured or misled into buying credit card products they didn’t understand, didn’t want or, in some cases, couldn’t even use,” said CFPB Director Richard Cordray. “We are putting companies on notice that these deceptive practices are against the law and will not be tolerated.”

Under the penalty, Capital One will pay a $25 million fine, as well as another $140 million to 2 million customers who signed up for credit cards while the lender was engaged in marketing services to customers without fully explaining the terms. The OCC also is demanding that an additional $10 million from Capital One be paid out to consumers harmed by unfair billing practices. The OCC is also assessing an additional $35 million penalty.

The move, which comes just days before the one-year anniversary of the CFPB opening its doors, marks a significant new step for the creation of the Dodd-Frank financial reform law. Previously, the bureau had drafted rules, initiated investigations and collected data on consumer financial products, but Wednesday's move marks the first time the bureau has actually levied penalties for practices it deems harmful to consumers.

In particular, the CFPB is punishing Capital One for marketing add-on products to credit cards, such as payment protection and credit monitoring. The bureau said the company's call centers marketed the products to consumers with low credit scores or limits using "high-pressure tactics."

Company representatives misled consumers about the benefits of the products, did not always depict them as optional or marketed them to customers who were unable to utilize the benefits. Some call-center vendors even enrolled consumers in add-on products without their consent, or led them to believe the products did not carry added costs.

In a statement, Capital One said third-party vendors did not always follow company scripts when marketing cards, and the bank failed to adequately monitor them.

"We are accountable for the actions that vendors take on our behalf," said Ryan Schneider, president of the bank's card lending business. "These marketing calls were inconsistent with the explicit instructions we provided to agents for how these products should be sold. We apologize to those customers who were impacted and we are committed to making it right."

Capital One has agreed to end its marketing practices as part of the penalty, and will submit to an independent audit to ensure its policies are changed as demanded.

Anonymous
#564164

Must be an employee writing this wonderful review of CAPITAL ONE. Customers scam scam fee for protection what a joke. they have been told to pay sanctions for this fee that they have illegally charged customers.

Consumer bureau dishes first penalties, hits Capital One for ‘deceptive’ practices

By Peter Schroeder - 07/18/12 10:28 AM ET

The Consumer Financial Protection Bureau (CFPB) is ordering Capital One to pay $165 million for engaging in "deceptive marketing practices" as it marketed credit cards.

The joint enforcement action by the bureau, in conjunction with the Office of the Comptroller of the Currency (OCC), marks the first time the new bureau has flexed its enforcement muscle since opening its doors roughly a year ago.

“Today’s action puts $140 million back in the pockets of 2 million Capital One customers who were pressured or misled into buying credit card products they didn’t understand, didn’t want or, in some cases, couldn’t even use,” said CFPB Director Richard Cordray. “We are putting companies on notice that these deceptive practices are against the law and will not be tolerated.”

Under the penalty, Capital One will pay a $25 million fine, as well as another $140 million to 2 million customers who signed up for credit cards while the lender was engaged in marketing services to customers without fully explaining the terms. The OCC also is demanding that an additional $10 million from Capital One be paid out to consumers harmed by unfair billing practices. The OCC is also assessing an additional $35 million penalty.

The move, which comes just days before the one-year anniversary of the CFPB opening its doors, marks a significant new step for the creation of the Dodd-Frank financial reform law. Previously, the bureau had drafted rules, initiated investigations and collected data on consumer financial products, but Wednesday's move marks the first time the bureau has actually levied penalties for practices it deems harmful to consumers.

In particular, the CFPB is punishing Capital One for marketing add-on products to credit cards, such as payment protection and credit monitoring. The bureau said the company's call centers marketed the products to consumers with low credit scores or limits using "high-pressure tactics."

Company representatives misled consumers about the benefits of the products, did not always depict them as optional or marketed them to customers who were unable to utilize the benefits. Some call-center vendors even enrolled consumers in add-on products without their consent, or led them to believe the products did not carry added costs.

In a statement, Capital One said third-party vendors did not always follow company scripts when marketing cards, and the bank failed to adequately monitor them.

"We are accountable for the actions that vendors take on our behalf," said Ryan Schneider, president of the bank's card lending business. "These marketing calls were inconsistent with the explicit instructions we provided to agents for how these products should be sold. We apologize to those customers who were impacted and we are committed to making it right."

Capital One has agreed to end its marketing practices as part of the penalty, and will submit to an independent audit to ensure its policies are changed as demanded.

Anonymous
#954797
@mm

I don't work for capital one, I never have. I work for LG home electronics.

Capital one has always been great to me, and their payment protection has always been there for me when I need them. I understand you're frustrated but they have never denied me a payment, in fact they are paying my bills right now.

Anonymous
#968235
@mm

I really hate when uneducated individuals say, "you must be an employee. " most employees don't care about consumer reviews.

They spend enough time out of their day working for the company. Why on earth would they go home, hop on the pc and read/write moronic reviews? Not only that, employees don't own the company, just because you decided to not do business... many others still do.

They will still have a job at the end of the day.

Anonymous
#549569

The payment protection they offer is a scam.I had it on my card, got laid off due to company cut backs,called customer service they said apply for your payment insurance through the insurance co..(they gave me the name and number where to call)...I tried to do that for a year with no satisfaction...kept getting the run around,filed a complaint with BBB,they wouldn't even respond to them....I was paying for that coverage every month and when it was needed it wasn't there......they are a ripoff...

Anonymous
#954795
@BAdam

Not me. They are paying my bill for me as we speak. I have never had an issue.

Anonymous
#532349

I have payment protection on my Capital One Mastercard. I lost my job, and I called to activate my benefits.

I called FOUR times, and each time they told me to call back in 24 hours. Each time I called back, they gave me the runaround.

It seems like they are trying to annoy me into giving up. I'm wondering why I even chose to have this benefit if I can't even use it!

Anonymous
#531805

If it's 1% of your spending, how do you come to the conclusion that someone wouldn't pay $29/mo? That's only $2,900.

I'd watch out, Dbluck, because most of the customers CapitalOne is suing are the ones who made a claim on their payment protection. They decided they didn't actually want to pay out, only charge customers a fee. I'm pissed b/c I didn't realize I had this for 2 years and I was involuntarily signed up for it. I had cc debt that took a while to pay off and the pp fees were always lumped into my interest.

Very sneaky... I always assumed it was an extra fee b/c I was a high risk customer w/ unpaid debt.

Anonymous
#954796
@Ridi***us

I say it's not 29 a month because someone said that was their standard charge no matter what they have on their card. I'm smarter than your average poster on here, I know what one percent of 2900 is.

Point is, they have ways been good to me. Life changing events, lost job, fmla, payment protection has always been there for me.

Anonymous
#480609

I am sure capital one is pretty bad to consumers that fall behind. People spend money on their credit card as if they don't ever have to pay it back, and then they get mad when capital one wants their money back.

If they aren't going to pay the bill who the heck is. I am a firm believer that no one should get something for nothing! If someone uses a credit card and doesn't pay their bill they are a theif, it's as bad as walking in someones house and taking their hard earned stuff. This is the reason I think ahead and pay the small fee for payment protection.

It's called being proactive, not reactive. It's the same as car insurance, or home/renters insurance. Hopefully most will never need it, but have it in the case of an emergency.

Anyone who doesn't insure their credit cards are basically saying, "well, if I lose my job I guess Im just not going to pay the company off." Thats wrong! If I were capital one I would prosecute too, why not, wouldn't you do the same if someone robbed you!

dohn jo
#480574

i'll tell you what dbluck. If you could take a day off from work and sit in civil court just to listen and see how they treat their old customers that fall behind, then you just might change your mind.

I dont use capital one at all, but i do spend alot of time in civil court paying attention to what banks do. you may well be one of those people in front of that judge on day.