Warning: Capital One credit card charges £20 annual fee after the first year

Mr_K

lisyloo wrote: »

I have an older world mastercard where the fee is £18 but there is an annual bonus for £10.

I have an even older version than that, that has no annual fee pays the £10 bonus a year, plus 1% cashback. Very fond of it too.

adindas

cse wrote: »

I had one of their older Aspire cards with the annual fee, and even then it was only £18. I don't think they've ever charged £20 annual fee (and they definitely wouldn't have waived it for the first year!)

Whatever you've been charged, I don't think it's an annual fee

My Annual fee is: Nil and I get this benefit :
• 0.5% cashback on all your purchases
• Earn a £10 annual reward for paying on time each month**
• Pay no fees on purchases in foreign currencies

IMHO this is actually one of the best card that I have ever got as I get all the benefits that are normally spread among other creditcards in just one credit card.

Although the credit limit is very low. e.g Min £200 and Max. £1500 but it is still ok. I am just quite lucky to get £1500 credit limit.

What additional benefit do you get from annual fee of £18
If No, just close it and reapply again. That is what I normally do to get the best deal.

okay79

Bump! I just got charged £18 by Capital One, so I asked them why, and can share their reply with you:

Me: What's the annual membership fee in my statement? Transaction Date 14-10-2013, Transaction Type Membership fee, Amount £18.00

Is this for the capital one credit card?

Capital One: Thank you for your message.

I understand your concern and will be glad to help you.

When you applied for an account, we explained that there would be an annual fee for you to pay each year. By signing and returning your credit card agreement, you were agreeing to us charging this fee.

The annual fee covers the cost and management of your account and many benefits such as the ones listed below.

24 hour 7 days a week service
Low monthly repayments of 1%
Worldwide acceptance at over 13million outlets and 270,000 cash machines
Up to 56 days interest free credit on your purchases if you pay your bill in full each month
No Fraud Liability (unless you consent to your card being used or you are grossly negligent)

I hope that I've clearly explained this. If not or if you have any other queries, please send us a further secure message.

I don't remember a fee when I signed up (from MSE), and I don't remember MSE ever listing one.

I'm going to ask them to clarify which card I'm on.

Edit - here's what I've sent them:

Thanks for your reply about the membership fee. I am confused as when I joined there was no fee on the card, and I understand that you have a card with 1% cashback and no fee which is available now to new members. I am also confused as looking at internet forums I see there are several Capital One cards with 1% cashback, and it is hard to tell which I have.

I would like to open a new card with you with no fee and 1% cashback, can you do this for me or advise how I can do this?

Could you also tell me the full name of the card I currently have. Is it a Classic Extra, Aspire World, or something else?

Thanks

okay79

And here's their reply. I definitely signed up to a no fee card from MSE.

Beware!

Thank you for your message.

I appreciate your concern about the annual fee of £18. On reviewing your credit card agreement, I can see that this is also mentioned on the agreement under ‘Total charge for credit’.

I can confirm that you have the Capital One World Aspire card.

If you are referring to transferring your current card to the new Capital One World Aspire card, unfortunately, we’re unable to do this. This is because the agreement you originally signed is specific to your existing card.

To change the card you currently have to another cashback card, you’d have to close your existing account and make a new application. However, if you did decide to do this, we can’t guarantee that we’d accept your application because each of our cards has different lending criteria. I’m sorry I’m unable to tell you more about the criteria we use, as this has to remain confidential to be effective.

As you have a cashback account we would like to inform you that any cashback earned cannot be credited onto a closed account and the cashback will be forfeited.

Atidi

okay79 wrote: »

They charged me £20 after my first year. I asked why they were charging for a free card, and they claimed that the small print shows they will charge fees after the first year.

Martin please update your guide!

http://www.moneysavingexpert.com/credit-cards/cashback-credit-cards#caponeclassic

okay79 wrote: »

Bump! I just got charged £18 by Capital One, ...

So they've reduced the annual charge for you in a month??? :huh:

How should Martin revise the guide to make it inaccurate?
(Beacuse it currrently is accurate for new applicants)
Should he make bogus warnings of a £20 annual charge, or just £18 ??? :rotfl:

okay79

I had my facts mixed up. I have posted my email and their response so everyone can see the facts and understand for themselves.

I can see you have written many posts and have much more experience than me here so I am disappointed at your reply @Atidi. If I have made a mistake well that happens sometimes.

If you think I should change my original post or add something to make it clearer then ask politely and I would be happy to do that. I am trying to share my experience for others and see who else has had this happen to them.

But by mocking me you make me uncomfortable to contribute and put other people off as well, that devalues MSE for everyone. People need this forum to understand what companies are doing and how to respond, they don't make it easy. So let's treat it and the people here with respect.

flyingtoga

Hi okay79,

I have had the Aspire World Card for quite a few years now, never had an annual charge and also get the 1% cashback as well as a £10 credit each year.

If you still have it, go through your acceptance paperwork / T&C's and if there isn't any mention of annual fees, keep pushing at Capital One - I would think you need to get in touch, somehow, with British based based customer service.

Best of luck

Atidi

okay79 wrote: »

I had my facts mixed up. I have posted my email and their response so everyone can see the facts and understand for themselves.

I can see you have written many posts and have much more experience than me here so I am disappointed at your reply @Atidi. If I have made a mistake well that happens sometimes.

If you think I should change my original post or add something to make it clearer then ask politely and I would be happy to do that. I am trying to share my experience for others and see who else has had this happen to them.

But by mocking me you make me uncomfortable to contribute and put other people off as well, that devalues MSE for everyone. People need this forum to understand what companies are doing and how to respond, they don't make it easy. So let's treat it and the people here with respect.

I'm not mocking you.

I am simply pointing out the inconsistencies and errors in your posts so that other MSE'ers can draw their own conclusions

Yours respectfully,

Atidi