I received a call today from Capital One. The representative told me that they wanted to lower my over limit fee from $39 to $29. Great I thought, sure. So then the rep reads the disclosure. Effectively, the disclosure said that I was authorizing Capital One to approve charges that would put me over my credit limit in order to lower my overlimit fee to $29. However, if I don't authorize purchases over my limit, then it doesn't really matter what the fee is.
Has anyone else received this kind of call from Cap One? I assume that it has to do with the new Fed regulations. Rather sneaky on their part.
gosocks said: the disclosure said that I was authorizing Capital One to approve charges that would put me over my credit limit in order to lower my overlimit fee to $29I think the new regulations are almost eliminating the OverLimit fee on CCs?
You are friggin right ! And "Subprime CC issuer" is what Capital One has been traditionally known for. If the shoe fits.
"When enacted, the CARD Act will require issuers to “opt in” to the feature of being able to exceed their credit limit, and be subject to a fee. That involves a lot of maintenance to cardholders’ accounts, so AMEX and Discover decided it wasn’t worth the hassle. I’d expect other issuers to follow suit, except the subprime credit card issuers who would tack on a fee for being charged a fee if they could."
Even Merrick Bank (normally considered pretty subprime) is eliminating the over the limit fee on its Hooters Card because of the new law. Unfortunately, for many, it is instituting an annual fee of $48, so I am closing mine ASAP.....
DTASFAB
Senior Member
posted: Nov. 19, 2009 @ 8:59p
Oh wow there's a Hooters credit card? I have to get one!
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