Consumer alert: Look the f#@k out for Capital One credit cards!

[thatcrazycajun]

BusinessWeek Online reports here that Capital One, one of the regional megabanks that has been going around eating smaller local banks across the nation (including one in my hometown of Lafayette, LA) the last few years, has been caught trying to con gullible credit-card applicants out of excessive fees by offering them multiple low-limit cards even with spotty credit histories. Makes me damn glad all of a sudden that I paid off the one and only Cap One card I had last year...and it was bought up by another bank anyhow.

And before anyone posts "What about the irresponsible borrowers?" messages: Yes, I know, nobody held a gun to their heads and made them take out six different cards at once. But dangling temptation in front of known "loanaholics" is no better than hanging out by a crack house selling weed. Cap One bears at least some responsibility for trying to milk its customers with lots of low-limit cards rather than issuing them one high-limit card they might have been better able to handle paying off.

If you are considering accepting an offer of a card these gonifs have mailed you, my advice: don't. Just shred the sucker NOW. If you already have a Cap One account of any sort, be very afraid.

Comments

[msminlr.livejournal.com]

My disabled brother who lives on about $600 per month of SocSec and SocSecDisability (combined!) got a card from CapOne. I don't know how much of a balance he ran up before he had his Big Stroke and his Social Worker became his Payee and told them to take a flying jump, but she and I are in agreement that any entity who issues a credit card to someone in R's circumstances deserves to lose their investment.