I acquired this secured credit card roughly one year ago to help build my credit. All the steps were straight forward and I received my card in the mail. I used the secured credit card occasionally and paid my balance at least one week prior to the due date to ensure my credit worthiness. Recently, I made a payment on the account one week before the due date and for some reason, my bank declined the transaction and the payment was never posted to my account. I had no recollection of this issue and capital One never contacted me by any means until they sent me an email after 12AM on the 15th and the payment is due on the 15th.
When I opened the email around 9am after waking up, I logged into my Capital One account only to find they assessed a late fee and my payment was never posted by the due date, which means a missed payment alert will be posted on my credit report. I’m a reasonable person and I knew the initial issue was with my bank.
So I called Capital one’s customer service in hopes they will waive the late fee due to the unfortunate circumstances and process a payment right over the phone to try and get the issue resolved, but Capital one refused to waive the fee and refused to refrain from posting a late payment alert on my credit report.
This was unfair and unjustifiable and I am very disappointed in Capital One.
They boast about being a solution for people with troubled credit but fail to help preserve it due to a minor discrepancy. Long story short, I canceled my account with Capital one and paid of my balance. The negativity and lack of support this company promotes is atrocious. Sign up at your own risk.