[Seola]

My question is in the state of Colorado.

I have been building my credit slowly. I have a small Capital One card, that didn't notify in my statements when my annual member fee was due. I paid $30 while the minimum was $15. The fee was $39 and didn't not post until after I made the payment. This month, when I went to pay again, I was charged an over the limit charge because the account was $10 over the limit based on the membership fee only - there were no new purchases made that month. This month as well, they are only asking a minimum of $15 which to me reiterates the fact they are not charging me enough on my minimum to bring me below my current credit limit.

Can they legally charge me less than what is necessary to collect fees? If so, what can I refer to when I call them. I have no problems making payments, but given the small size of the card, I use it and then pay it down over a couple of months. I just really hate to pay random fees for something that I wasn't notified of, and that they are making no attempt for payment to bring my account current, especially when it posted after my payment date but before my next statement.

Thank you for your time!

[divemedic]

The law does not prohibit this practice, and that is how banks make a large part of the money that they make from these subprime cards- fees. Over the limit fees, late fees, and others are the reason these cards are so profitable. MY suggestion to you is to pay enough to ensure that you go below the limit, even including the fees AND the probability that you are now going to be paying a default interest rate of 30% or so.

[Seola]

Would this be true, though - even if the charge was not listed on the statement for the cycle they charged me for?