Is Having a Capital One Credit Card Worth It?

Over the past few years we have seen increased visibility when it comes to Capital One credit cards. We have become with familiar with Capital One's slogan "What's in your wallet?" I have had Capital One credit cards for over 12 years now. The first card that I got was one that was prepaid. They eventually gave me an opportunity to upgrade to the type of card where I could make regular monthly payments. I was in the process of repairing my credit. It took me a while to learn that Capital One's target customers are those people considered to be credit challenged. I can honestly say that there is nothing spectacular about having a Capital One card. Now prior to the new credit card laws implemented by the Obama administration Capital One seriously took advantage of its customers. Not only does Capital One have extremely high annual percentage rates but also they have no grace periods for bill due dates. This simply means that if you pay your bill a day after it is due you will be charged a late fee as much as $30. Capital One has several different types of cards that they offer customers such as; gold, platinum, rewards, and preferred plus.

The strange thing about Capital One is that most of the time they will not give you a credit limit higher than $500. They prefer to give you three different types of credit cards with a $500 maximum credit limit instead of just one card that has a limit of $1,500. The average person will easily exceed a $500 credit limit. When customers do this they are charged a fee for going over the limit which can sometimes be as much as $40 each time it happens. This generates lots of revenue for not just Capital One but many other credit card companies. I have reduced the number of Capital One credit cards that I had down to only one. I strongly advise anyone that has fallen heavily into debt with Capital One to make a settlement with them. One good thing that I can say about Capital One is that they are very helpful in efforts to get you out of any financial situation you are in with them.