Seriously??? Capital One is trying to pull the Bad Economy Card on me.

This is a huge departure from what I normally write about on this blog, but this is just so outrageous, I can not possibly let it go unnoticed.

Guess what credit card company is blaming the economy for their fleecing of it's customers?

So, today I had a "live-chat" with Capital One's customer service (I will post the entire chat at the end of this post).  It wasn't for anything earth-shattering, I didn't have my identity stolen or anything.  I simply wanted to have the $29 membership fee taken off of my credit card bill.  And this is the response that I got from Capital One...

Capital One:  I wish I had an option to help you with waiving the membership fee for you.

Me:  So Capital One is fine with losing me as a customer rather than waiving a fee?

Capital One:  While we’ve had the flexibility to waive this fee in the past, we no longer have that flexibility.  Due to changes in the economy, waiving this fee is no longer an option for us.

Me:  Seriously??? Capital One is pulling the bad economy card?

Capital One:  I apologize for any inconvenience this may have caused.  Currently we do not have the offer on the account to waive the membership fee.  I wish I had an option to wavier the membership fee for you.

Me:  How can I get a copy of this chat?

Me:  twitter and facebook are going to love this.

Can you guess what they said next???

Capital One:  Please allow me a moment.

A few moments go by...

Capital One:  Since our supervisors are available through this chat service. Let me transfer this chat to our supervisor to check if there is any offer to help you with this.

Then I am chatting with a "supervisor" from Capital One.  It's a whole song and dance, before they finally agree to take the $29 off my bill.  Here are a few nuggets from the conversation...

Supervisor:  Hi Catherine, great to have you on chat! I can definitely understand your concern regarding the annual membership fee on your account. I'd be happy to look into this with you right away.

While we've had the flexibility to waive this fee in the past, we no longer have that flexibility due to changes in the economy and waiving this fee is no longer an option.

Yes, you heard right -- Capital One claims they can not refund my $29 due to the ECONOMY.  Okay, this is where I have to have a little rant (I apologize in advance to all the readers who hate rants, as I am generally one of you).

SERIOUSLY, are you trying to tell me you have been hurt some how by this poor economy?  Are you saying that in any way this economy has hurt you more than it has hurt the 4 of every 5 people in our country facing poverty every day?

Let's look at the facts...

Headline:  Bank Profits Hit Record $42.2 Billion in Second Quarter.

The Federal Deposit Insurance Corp. says the banking industry earned $42.2 billion in the second quarter, up 23 percent from the second quarter of 2012.

That's $42.2 BILLION (with a B) in profits.  I wish the economy was hurting me as bad as it's hurting the banking industry...I'd be rich.

In the end, I did get my money back...

Supervisor:  Not to worry, we appreciate your business and Capital One does care for their customers and hence, we will not let you down. We do not want our customers to be upset or inconvenience. We always strive for positive customer experience. Customer service is the top priority in Capital one, keeping this in mind let me check if I can credit $29.00 on your account.

I am going outside of our policy to offer this gesture. I sincerely apologize if it is not sufficient. I have successfully credited your account with $29.00.

Don't get me wrong, I'm happy that I am getting my $29 refunded, I just don't want to hear about how bad the banking industry has it.  Most of us are (and have been for years now) struggling in this poor economy...and last time I checked, no one is bailing us out.  So, if in the future you want to continue your fleecing of credit card customers with unnecessary fees...I suggest you (at the very least) come up with a better reason than the economy.

End of rant.  Full transcrip here.

Catherine Morgan

Also at Catherine-Morgan.com

*pic from http://www.newdirt.org/tag/credit-score/

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