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So I have a Capital One credit card, it only has a limit of $500, it was the first credit card I got when I was rebuilding my score after having to file bankruptcy years ago. I was in a "credit cards are evil" phase for a while, and while I still believe they are evil I realized I needed to get one to build my credit up to respectable levels.
So while I have since got other cards with higher limits (and zero balances, no repeats of history here thank you) but I kept the Capital One card since they were the first ones to give me a break plus it looks good on your FICO score to have an account in good standing open for a long time.
I get the bill the other day, and instead of the expected $0 balance I see it says $39. I immediately go into "WTF" mode, but still have the presence of mind to succeed where SCs who call me fail and actually READ MY BILL to see what this charge is about. I find the offending line, which states "CAPTIAL ONE MEMBER FEE - $39.99"
I didn't sign up for any memberships that I recall, so I'm starting to semi-freak that I got signed up for something without my permission. While waiting for a rep to come on the line. I notice the fine print on the back page (another thing SCs miss) that in the terms and conditions it mentions a yearly membership fee that is waived if you elect to cancel the card. So I figure F it, if they're gonna charge me for the privilege of keeping their low-ass limit card then they can go screw.
The first rep I got immediately started on an obviously prepared speech about how it was in my terms and conditions that this fee would be charged when I accepted and activated my card. I felt kind of bad since it was obviously in response to getting screamed at by SCs on daily basis, but I did mention about the previously mentioned cancellation clause on the back of my statement. I guess that was the magic word since I immediately got transfered to a higher level customer service which seemed to be a retention type of department. The guy had a real used car salesman air to him, the total "what's it going to take to get you to keep this card" approach. I mention the $39 fee on my card and how if that's going to be a regular thing then they can just keep it. He said he would waive the fee and I wouldn't have to cancel the account. I asked what about when it happens again next year, and he said just call in again and have them waive it then.
That really struck me since it's basically admitting that the fee is bullshit and those that use their card often probably wouldn't even notice it tucked in with their other charges. It wasn't even a "we'll waive it if you call in and scream" thing, they literally tell you to just keep calling in every year. I know credit card companies are notorious for the sketchy fees they charge, but I never had one straight up pull a "We'll charge you only if you don't notice it" fee.
So while I have since got other cards with higher limits (and zero balances, no repeats of history here thank you) but I kept the Capital One card since they were the first ones to give me a break plus it looks good on your FICO score to have an account in good standing open for a long time.
I get the bill the other day, and instead of the expected $0 balance I see it says $39. I immediately go into "WTF" mode, but still have the presence of mind to succeed where SCs who call me fail and actually READ MY BILL to see what this charge is about. I find the offending line, which states "CAPTIAL ONE MEMBER FEE - $39.99"
I didn't sign up for any memberships that I recall, so I'm starting to semi-freak that I got signed up for something without my permission. While waiting for a rep to come on the line. I notice the fine print on the back page (another thing SCs miss) that in the terms and conditions it mentions a yearly membership fee that is waived if you elect to cancel the card. So I figure F it, if they're gonna charge me for the privilege of keeping their low-ass limit card then they can go screw.
The first rep I got immediately started on an obviously prepared speech about how it was in my terms and conditions that this fee would be charged when I accepted and activated my card. I felt kind of bad since it was obviously in response to getting screamed at by SCs on daily basis, but I did mention about the previously mentioned cancellation clause on the back of my statement. I guess that was the magic word since I immediately got transfered to a higher level customer service which seemed to be a retention type of department. The guy had a real used car salesman air to him, the total "what's it going to take to get you to keep this card" approach. I mention the $39 fee on my card and how if that's going to be a regular thing then they can just keep it. He said he would waive the fee and I wouldn't have to cancel the account. I asked what about when it happens again next year, and he said just call in again and have them waive it then.
That really struck me since it's basically admitting that the fee is bullshit and those that use their card often probably wouldn't even notice it tucked in with their other charges. It wasn't even a "we'll waive it if you call in and scream" thing, they literally tell you to just keep calling in every year. I know credit card companies are notorious for the sketchy fees they charge, but I never had one straight up pull a "We'll charge you only if you don't notice it" fee.
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