Tag Archives: Capital One

Capital One – Love & Kisses

Despite credit card reforms – what has changed?  Only those companies are becoming more deceitful in attempts to make a profit at consumer expense. Do they think we’re that stupid? Apparently so and apparently we are, because we still keeping buying into the American dream corporate America is selling us.

My favorite and most endearing target is Capital One most because I personally am stupid enough to carry two Capital One credit cards. But the joke is on Capital One – I don’t use them. For not using my credit card, Capital One feels obliged to charge me $5.00 a month (service fee). So why don’t I cancel my card. Well because in the silly made by corporation world, it is better for me to pay Capital One $5.00 a month for nothing, then to cancel the card. Not holding a balance looks good on my credit report.

So in attempts to win back my favor, Capital One offered me a free transfer with a 5.99% interest rate for 6 months and then after six months, but interest rates “simply” rolls back out to 22.98% interest.  I love it – Capital One will simply continue to screw me. So, here it is – I have six months to pay off another debt to Capital One or else they are sticking me back with a loan-shark interest rate. Sorry Capital One, no deal.

I understand, in economic hardship rich corporations are suffering and cannot offer huge bonuses to its CEO’s. But when you think, that some of those bonuses could buy food for a struggling American family for years – it hardly seems fair and I hardly care about the woes of corporate America.

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“The Man” and Corporate Power

power-to-the-man1

Over the past couple years I have heard many promoting deregulating corporations and privatizing many government industries.  Don’t get involved in their business-Big Business is the answer to all America’s problems.  Many making these arguments make the claim there is too much government-cut government and get them out of the way of the corporations. Let corporations run the country and our lives will be better!

 Fox news rallied many people to protest the government and President Obama for “taxing and spending.” Fox goes for our emotions; challenges our fears until there is nothing left but to raise signs in protest and throw tea bags. CNN dazzled us with dizzying light shows. We watch like a cat watching a string-ooh cool flickering lights.

 I’m going to break this down –

  • Recently many banks have run this economy in the ground and now we, the American people are paying for it.
  • Food companies; self regulated gave themselves good grades for the FDA and many people have gotten sick and died from tainted foods. All of this so food companies can make a greater profit.
  • Our government gave billions of dollars of bail out money at taxpayer expense and then we were appalled by the outrageous bonuses from many of these same companies.  Yesterday, I learned AIG lied about the bonus, they were 4 times then what originally reported.
  • During this recession and high unemployment, Credit Card Companies started jerking with good paying customer’s accounts; raising interests and billing cycles. This was going for a long time, but now people are standing up for their consumer rights.
  • Recently President Obama has taken on many of these corporations (Bank of America) have off shore accounts, offices and evade US taxes; not to mention giving away jobs to foreigners. Just imagine-KBR (A company with a US military contract accused of electrocuting soldiers pays NO taxes, yet the average American plays about %25 of their national income. Think about it-A company killing US soldiers pays NO taxes.
  • We learned that many of these companies spent a lot of money on lining the pockets of our politicians. Visa spent $1.7 million dollars in lobbying last year and not surprising many of these companies pay money to political campaigns. Corporations giving money to politician spells corruption.

We, the American people are paying taxes to our government to get behind corporations who evade taxes. Instead of consumerism, these corporations should just take the money from our pockets.

So here is the question I ask fellow Americans. Are we okay allowing big business and corporations to run our government and run all over us? Do we want to drop our drawers and bend over for these corporations?  It is President Obama and the Democrats standing up for consumer rights. Why protest. Shouldn’t we stand behind those standing up for us?  Remember, it is the republicans standing up for the corporations.

Capital One – Survival Guide

Perhaps it is my deviant mind that finds something a bit wrong with Capital One’s card lab commercial with shipwreck survivals-you know, the one where they one guy logs onto the internet, designs a credit card with a hamburger instead of calling for help for the rest of the survivors.

I’m not quite sure where Capital One was going for with this commercial and I can only imagine they thought it was cute. With a near 9% nationwide unemployment rate and thought to go higher while people are surviving this credit crisis Capital One wants to distract us with meat. Not to mention many are surviving and worrying how to put food on the table for their families. Point taken, Capital One credit cards are more important than people’s survival. To me this says Capital One doesn’t care if we are having difficulty surviving, putting food on the table, as long as we use one of their cards.

Now perhaps I am being too strong here, but since credit crisis Capital One jacked up interest rates on many consumers. I, with the help of Easy Financial Solutions called to talk to Capital One about my high interest rate. After being passed around for a half an hour they said my interest rate would be lowered on my next bill due to my good payment performance. Guess what, they lied. My interest rate was not lowered. What a surprise. And guess what-I transferred my entire Capital One balance to another card with a zero percent interest rate. Take that for survival Capital One!

Here’s the thing with Capital One. You can’t raise interest rates because your business is suffering, especially when you received a government bailout. You can’t change billing cycles for profit. You can’t claim credit reform will hurt business when you spend so much money on commercials. My credit union charges 9% interest rate and they have no high overhead for a big marketing budget. They pass on their savings to their customers. And you can’t lie to a customer and then have the nerve to put out a commercial say you care. It’s deceptive.

Capital One says – Consumers eat cake! On in this case, eat a hamburger.

Christopher Dodd-My Hero

heroEvery girl needs a knight in shining armor and I have indeed found mine. He is Connecticut Senator Christopher Dodd and the champion of credit card legislation. Now this credit card legislation has been introduced for a while and passed on March 31st, but even today there has been an outbreak of raised interest rate and closing of accounts from Bank of America.  Be sure, these creditors will do everything they can to get more money from consumers before the legislation takes effect. And surprisingly the corporations who are the most guilty are those who received bail out money (Capital One, American Express and Bank of America to name a few.

 

Since my book, Ooh Baby Compound Me was published and I have been following credit card and consumer advocate articles I have found myself alone in this quest for credit card consumer rights. For a long while I was on a lonely road, combating those who suggested controlling “free following” capitalism and protecting consumer rights is socialism. I have found myself marked by condescension for not understanding the definition of consumer or those who shunned me for at times in my life for making poor credit decisions. How dare I question the great gods of the credit corporations in all their power and glory? You egregious little ingrate. I felt for many months, a fool.

               

But now, after wandering this dark, winding road of creditor exploitation, a knight has appeared and behind him an army; the United States Congress and even the President himself. Take that all you naysayers of credit card legislation! Take that to all you who bow to the graces of greedy CEO and corporations! The consumers now have a voice and a champion.

 

Now despite, Christopher Dodd making my book which satirically blasts the exploitation of credit card companies irrelevant I still find it a good thing.  Someone has heard my cries! Someone’s actually doing something, Reg! (A salute to Monty Python’s Life of Brian) Imagine our government actually doing something with a positive effect on average Americans. Click here to see more on Dodd’s legislation.

Still, I grow a little tired reading many articles about credit cards. Just today, there are over twenty around the country, all saying the exact same thing and all of these articles, interviews and books are all giving the exact same advice. Boring! Can we have some original thoughts, please? How many times do we need to hear it? Many are all geared to the responsibility of the consumer; how we need to mind our debt, how we negotiate talking to creditors, how to teach our children, how we should call them sir and wipe their**-all this for corporations who are exploiting the consumer.

 

Now I understand, many people have made money from credit cards and many people work for credit card companies, or have a business solving other people’s credit problems. This becomes detrimental to anyone who has made a living in some way or another in the credit industry. With this legislation passing and credit card companies will not be able to gauge consumers, what will happen to all the people making a living solving people’s debt? What will happen to debt collectors, debt consolidators, counselors, etc, etc.  It will be liberation for all without having to pay a dime. We can pay down our debt, without having to pay out  a cent to another. Imagine that.

 

It all goes to my thought, why continue to find ways to get by in a corrupt system? Why give advice on how to handle corruption instead of fighting against it?  It is kind of like telling slaves how to handle their slave masters in order not to be mistreated. In a sense, this is what we are doing. In a free country like the United States, we should not have to be imprisoned to corporations. We, American citizens should have rights as consumers. We should continue to support and encourage our government who stand up for our rights and our financial freedom.