Okay, I get that more people probably read this blog than read those lengthy credit card agreements. After all, most of us know that they basically say we will charge exhorbitant interest and will require your first born should you neglect to pay us.
The L.A. Times reports that the new credit card agreement issued to Capital One cardholders says that the company believes “we may contact you in any manner we choose” and that their method of choice may include phone call, text, email or a “personal visit” at your resident or place of work.
Not even the IRS can get away with that. Not legally, at least.
It gets better, or worse.
The agreement also says that “We may modify or suppress caller ID and similar services and identify ourselves on these services in any manner we choose.”
That means if you’ve got caller I.D., they don’t have to identify themselves as Capital One. They can call you up and have the I.D. say just about anything they want.
Company spokesperson Pam Girado told the L.A. Times that the company is “reviewing this language” and seemed to indicate that it wasn’t as bad as one might be led to believe should one actually read the agreement.
Girado said “Capital One does not visit our cardholders, nor do we send debt collectors to their homes or work” but added that “As a last resort, we may go to a customer’s home after appropriate notification if it becomes necessary to repossess the sports vehicle,” such as Jet Skis or a Snowmobile.
Still, why the bogeyman language to begin with? Why couldn’t they just say that up front? I could have edited their agreement for a reasonable fee. Plus 24.5% interest.
Could this be Capital One’s “New Coke” moment?
I suspect we’ll see a revised agreement come from Capital One in the not too distant future.
If not, my wife and I will pay of the small balances on our Capital One cards and politely send them back.