overlimit-fees
—>Here's the straight scoop on what's up with the story in that "Capital One: Waive Your Rights, Get $10 Off Your Next Overlimit Fee!" post. More »
—>Everett says Capital One called him up and made him an offer. If he opted out of at least one of the consumer credit protections enacted by the CARD act, Capital One would drop the overlimit fees from $39 to $29! Woo! More »
—>American Express and Discover will no longer bill customers who exceed their credit limits, according to company spokespeople. The creditors aren't eliminating the fees because they care about their customers. No, they're providing what American Banker calls "the first concrete examples of how a new law will restrict issuers' abilities to turn a profit." The new CARD Act that Congress passed in May requires consumers to opt-in before they can exceed their credit limits. Since overlimit fees, which can reach $39, aren't very profitable for creditors, they decided to ditch the fees altogether. More »
—>Corbin had a very confusing experience with his Chase credit card. Because of a unexplained returned payment by his bank, his $30 automatic minimum payment led to $156 in late fees, overlimit fees, returned payment fees, and a fee charged, as far as I can tell, for being charged fees. More »
Since 1994, credit card late and overlimit fees have more than doubled. We're no economist, but that doesn't seem to keep pace with inflation. More »
Way back when we were 19 years old and getting our first credit card, Capital One sent us a pre-approved card with a $500 limit. Yippie! We soon found out that no matter how early we sent our payment in, we always got a late fee. Every. Single. Month. After writing letters and causing a fuss, we cancelled the card. Imagine our suprise when, so many years later, reader Tim sends us a Business Week article explaining how and why Capital One uses various tactics to increase fees. In this case, it's over limit fees, but the whole deal sounds very similiar to the problems we had with Capital One back in '99. More »
