I spent about 45 minutes on the phone with Capital One (
Link, I mean
link) today. I was trying to find out why I had a finance charge on my account for two months in a row. The first month I figured it was my bad so I just paid it. But no way I make the same mistake two months in a row so I called to investigate.
I turns out that Captial One had shortened the amount of time that my revolving credit is allowed to float finance free from 30 days to 25 days. They said a notice was sent to this effect and I believe them. I am one of the few people who do read those notices, but I don't remember this one, and I know for a fact it did not say, "Hey by the way, unless you give us this amount of money by this date we are gonna charge you ass!"
But that is exactly what happened.
Because of the change in dates of the float they changed the dates that the monthly billing cycle closed, which is important because this also changed the dates that the bill is printed, received by me, and subsequently paid. But, what they neglected to tell me is that while they where changing the date that they were sending me a bill they were not changing the date I needed to get them money in order to avoid a fine.
Long story short; It was not explicitly clear that I needed to send them a certain amount of money by a certain date to avoid a fine. (I consider a finance charge a fine because I always pay my bill in full every month. I just like the frequent flier miles of a credit card.)
What is clear is that Capital One was clearly trying to make more money for themselves. A point, by the way, that I am all for. Where Capital One and I disagree is that I want them to make more money by offering solutions that consumers will willingly pay for versus tricking them out of more money.
Capital One is the antithesis of innovation. When you sink to the point of relying on confusing letters to prove in a court of law that you aren't screwing consumers you you've already sold you soul.
To often companies get caught up in making more money for the sake of more money, and start to flirt with dishonesty as a result. What they don't get is that making more money is a reward for providing new an novel solutions to the consumer.
To Capital One's credit, everyone I talked with was very helpful and agreed that the charges should be refunded. But, I had to spend 45 minutes on a Saturday getting my money back so it's too late.
Innovation is about helping people with problems that they don't even know they have. When you start to view the customer as a mark rather than a client you have left the realm of Innovation and entered a space of organized crime.