Seasons greetings from the credit card crooks
December 14, 2001 | Page 4
Dear Socialist Worker,
I got a holiday surprise from Capital One.
They gave me a credit card last year with a $300 limit, which I quickly maxed out paying off last winter's gas and electricity bills. I've been paying off the debt at a 22.9 percent interest rate ever since.
But this month, I was shocked to get a bill for $112! I called up to see if there was some mistake.
They said that I was three days late in paying the monthly installment (of $14), so they were tacking on a $25 fee. In addition, November was the one-year anniversary of my "partnership" with Capital One, so they were throwing in another $59 fee for "annual membership services." To top it all off, since these two fees put my balance over the $300 limit, the friendly folks at Capital One were sticking me with an additional $25 "over limit" fee.
So, when all was said and done, I owe $412 (on a $300 card).
I haven't been to church recently, but isn't there something in the Bible about going to hell for charging interest on interest? Maybe the financial theologians at Capital One think they've found a loophole by calling their racketeering "fees" instead of "usury."
I sure hope the devil is keeping a list and checking it twice.
Todd Chretien, Oakland, Calif.