There was a good show on PBS a while back that showed how the credit card banks are manipulating their
customers for their own profit. Low interest rates that make the minimum payment take 30 years to pay off the balance. That's
30 years they can charge 20% interest. OR Ooops on vacation and missed a payment? It's right there in that
agreement that you didn't read - in fine print. They can now up that low 15% rate you had straight to 20+% or whatever they want
to charge. And check out the fee they can charge you for that missed payment $30+ for many banks.
The consumers that these banks don't like are the ones that pay their balance off every month. Why?
because they don't make any residual income off of them.
As a side note be very careful doing online payments. You wont get a monthly reminder from Capital One
until your already past due. Or they may claim you get it a month early which is just as useless. It's by design - They know many
will forget and they can hit that customer with a higher interest rate and a nice $30.00 late fee.
Remember $10.00 spent on a credit card can EASILY end up $50.00 or more by the time its paid off. Boy
wish I had that kind of residual income.