Does Capital One ever raise credit limits!?

[one...two...tree 2,762]

Capital One is in my opinion.. a predator, one of the most disgusting forms of capitalism known to man. They will happily raise your limit once if you can't afford it and if you hit the max a few times. Then they'll let you fall over a few more times, hitting you with late fees and interest. After they've sucked your blood for a while they will happily soften you up by stopping the fees and setup a payment plan with new interest rates. In the end you'll end up getting up and going to work to pay Capital One and companies like them for the rest of your days.. unless... You can actually afford to pay off the balance in which case you're not going to get an increase because they won't make as much money from you!

Isn't capitalism a lovely monster?

Oh, their 28 day billing cycle is lovely. Love the late fees, over the limit fees...they could easily charge you over a $100 in fees per month! It's crazy. Banks didn't use to be able to get away with it before...but you can thank deregulation for it.

Here's some hope....

Testifying on Abuses by Credit Card Companies

This morning Senator Ron Wyden and I are testifying before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit at a hearing in support of a "Credit Cardholder's Bill of Rights." As has been previously discussed on this site, credit card abuses are widespread, well-entrenched and unlikely to end without a legislative ban. I commended the Subcommittee this morning for tackling credit card reform and taking the steps needed to ban unfair practices that are causing so much pain and financial damage to hard-working families; I also commend those of you who have written and commented about these complex (and abusive) practices.

Here's an update on where our legislative efforts stand: over a dozen bills are now pending in the House and Senate to correct credit card abuses.

The Maloney-Frank bill that the House Subcommittee was considering today already has 101 cosponsors. In my testimony today, I supported that bill but recommended including additional consumer protections from my legislation, which I introduced with Senator Claire McCaskill, the Stop Unfair Credit Card Practices Act (S. 1395). Our bill now has ten co-sponsors and has been strongly endorsed by consumer groups, labor unions and the National Small Business Association.

The Levin-McCaskill bill would stop credit card companies from piling on excessive fees; charging interest on debt that is paid on time; charging so-called "trailing interest" that is added between the time a bill is sent out and the date the bill is paid; increasing interest rates on cardholders who pay their credit card bills on time (employing so-called "universal default"); and applying higher rates retroactively to pre-existing credit card debt. While there are differences between our legislation and the other bills being offered, there is a shared focus on provisions to halt unfair practices that attempt to squeeze more money out of even the most responsible cardholders.

Our investigation has already resulted in two credit card issuers voluntarily changing objectionable practices. But it is clear that strong legislation is necessary to ensure fairness to Americans who are trying to keep up with their bills and play by the rules . While the remaining legislative days in this Congress are dwindling, there is still time to enact tough credit card reform.

http://tpmcafe.talkingpointsmemo.com/2008/...uses_by_credit/

[Charuhans 0]

Only wish that we don't need credit to finance a house, but, capitalism doesn't work like that. We need to pay interests. Geezes. The bank borrow money from the central bank. The borrowee pays a fee known as the prime to the central bank, then they add additional interest for their own as well to the consumers.

I rather buy the US Treasury Bills, Notes, Bonds at a discount than to use credit. Heck the US Treasury is auctioning the 10,000 bond for $9000 at 6 months maturity. Once it's matured, I would've earned another $1000. Should've gotten that one.

Edit: It's not 9000, it's 9900. But still, it's still alot of money.

$9,900 paid today to get $10,000 in 6 months = 2.0202% p.a. Hardly exciting when 6-month CD rates with any FDIC insured bank as of 04/1/2008 range from 2.47%p.a. to 4.07%p.a. And the minimum required investment ranges from $500 to $10,000.

SOURCE: Bankrate.com

[Imua 0]

The whole credit system is a trap (for some people, especially if you are poor/lower middle class) -A few years ago I got into serious trouble with overspending and vowed to never get into debt again. For 4 years I paid everything with cash, check or a debit card - I even maintained my eBay business with no CC, only my Citi debit card. The problem is, even if you don't drive(no need for a car loan) or don't intend on getting into the mortgage/ home moanership trap and are happy paying for everything else with cash and living within your means, increasingly you need a decent credit score even to rent an apartment or get a job, even if that job doesn't involve money handling. I now have 3 credit cards with a low limit(wish I could get a limit big enough to cover 2 tickets to KTM but I am po') and pay them on time(usually but not always in full each month), but wish I didn't need them - I like to keep my life as simple as possible. So even if you are of modest means and try to keep your life simple it is hard to avoid credit/debt. I wish that it were illegal for landlords and employers to run credit checks - job history, references and salary/income records should be enough evidence - it is for USCIS/NVC .... You shouldn't have to go into debt in order to work and have a simple roof over your head - only in America... .

[mawilson 2,133]

You shouldn't have to go into debt in order to work and have a simple roof over your head - only in America... .

Also in the UK....and Canada and...

[Amby 490]

they raise mine all the time but I don't pay it off completely every month. I pay it off probably 10 out of the 12 months it just depends on how crazy I went with spending. they've raised it 2 times a year for the past 3yrs. I never spend cash. I buy everything on a credit card because I can see everything on on page instead of a lot of different things.

[aidan80 9]

Isn't capitalism a lovely monster?

While the remaining legislative days in this Congress are dwindling, there is still time to enact tough credit card reform.

http://tpmcafe.talkingpointsmemo.com/2008/...uses_by_credit/

There isn't time as long as the guys at the top of the food chain stay in bed with the big CC companies and the credit agencies who sponsor large parts of their campaigns. One such fine example of never escaping the credit monster is the Bankruptcy Bill. With this in place that guarantee's the bottom feeders in the credit chain (collections) never have to stop or give up calling, harassing, threating.. etc They can take the very roof over your head the shirt off your back, shoes off your feet and the fillings out of your teeth and still demand interest on the fee's they've hit you with.

I agree with whats been said here, credit is meant for the poor, as a means of keeping the majority of the population of low and middle classes in their place. Paying the minority, the rich... bank managers and bankers and investors and those on the high or top end of the so called ladder. Times may change, living standards rise but the law of the jungle remains the very same today as it was 100 or 200 years ago.

[Heracles 417]

Capitalism is not the problem. The problem is the ill informed notion that the free market means let any company do as they please. This is not the case. The market needs to be regulated. Regulation is the equivalence of defining the rules of the game. It is not about restriction. Punishing someone for being late with a 30% interest rate is a joke and grossly unfair. It also goes against capitalism as this person will have hand over all of their money to a CC company rather than spend it in the economy.

Edited April 24, 2008 by Boo-Yah!

[aidan80 9]

Capitalism is not the problem. The problem is the ill informed notion that the free market means let any company do as they please. This is not the case. The market needs to be regulated. Regulation is the equivalence of defining the rules of the game. It is not about restriction. Punishing someone for being late with a 30% interest rate is a joke and grossly unfair. It also goes against capitalism as this person will have hand over all of their money to a CC company rather than spend it in the economy.

I thought that was the general idea behind the so called free market and capitalism. It's free, every man for him/herself! I agree that if there where more regulation and more government intervention on behalf of the people not the money then it wouldn't be as it is but... the guy's in office and at the top know who their daddies are

[Heracles 417]

I thought that was the general idea behind the so called free market and capitalism. It's free, every man for him/herself! I agree that if there where more regulation and more government intervention on behalf of the people not the money then it wouldn't be as it is but... the guy's in office and at the top know who their daddies are

It's economics 101. The invisible hand. The government is here to promote the free market as well as balance the interests of its people. The major CC companies are manipulating the market to their advantage, at the expense of the American economy. Almost like a pyramid scheme.

Edited April 24, 2008 by Boo-Yah!

[Fandango 1,439]

The whole credit system is a trap (for some people, especially if you are poor/lower middle class) -A few years ago I got into serious trouble with overspending and vowed to never get into debt again. For 4 years I paid everything with cash, check or a debit card - I even maintained my eBay business with no CC, only my Citi debit card. The problem is, even if you don't drive(no need for a car loan) or don't intend on getting into the mortgage/ home moanership trap and are happy paying for everything else with cash and living within your means, increasingly you need a decent credit score even to rent an apartment or get a job, even if that job doesn't involve money handling. I now have 3 credit cards with a low limit(wish I could get a limit big enough to cover 2 tickets to KTM but I am po') and pay them on time(usually but not always in full each month), but wish I didn't need them - I like to keep my life as simple as possible. So even if you are of modest means and try to keep your life simple it is hard to avoid credit/debt. I wish that it were illegal for landlords and employers to run credit checks - job history, references and salary/income records should be enough evidence - it is for USCIS/NVC .... You shouldn't have to go into debt in order to work and have a simple roof over your head - only in America... .

what do you think a mtg is? There have always been mtgs, and always will be....

[aidan80 9]

I thought that was the general idea behind the so called free market and capitalism. It's free, every man for him/herself! I agree that if there where more regulation and more government intervention on behalf of the people not the money then it wouldn't be as it is but... the guy's in office and at the top know who their daddies are

It's economics 101. The invisible hand. The government is here to promote the free market as well as balance the interests of its people. The major CC companies are manipulating the market to their advantage, at the expense of the American economy. Almost like a pyramid scheme.

I believe the current government is balancing their own interests and those of the profit makers ahead of the people. Those big CC companies and some of the guys at the top are in effect one in the same or at least playing on the same team and that team certainly isn't promoting the interests of the average person on the street. Just look at the profits made from and the current costs of fuel also look at banks and other credit companies, thats the start of the chain or the pyramid... their not going hungry, there profits are not going down as the economy sinks further into the drain. It's the guys at the bottom of the pyramid that put in and have more taken from them.. there not getting anything out are they?.. Unless you count the so called "economic stimulus" thats been offered.. great a few hundred more to hold off those interest payments a while longer or hold off that bank for another month, maybe keep in.. in the bank of course for a rainy day... there just isn't any point in beating a dead horse.

[Imua 0]

Did Cap 1 buy up some other bank, WaMu maybe? It seems just within the last month or so I am seeing Cap 1 banks on every corner in NYC.