It’s Credit One Not Capital One

Well, the world of banking and credit is indeed a scary place.

Somewhere I stumbled across a credit offer—think it came to my business email—for a new credit card. Since I have been cleaning house lately, credit wise, I thought it might be a good opportunity to consolidate some small debt under a new account. Usually new accounts offer a short period to opt for fee-free or reduced fees on balance transfers with a reduced percentage or 0% introductory interest rates.

In this case, I was especially feeling good about my option since I already had credit with Capital One and was understanding this to be an offer to consolidate my two smaller cards into a single account, with room to grow. (Yikes… With better terms and perhaps a second shrubbery, to create a two-level effect.)[1]

Wrong!

This was not my old friends at Capital One. No. This offer, as it turns out, came from Credit One, which is not only a sound alike company, but also a look-a-like company, since their logo (which is what I really had noticed) is damn close to that of my current creditor. Check it out:

Capital One vs Credit One

Well, the new cards arrived (one for me, one for the espousa). I was shocked to find the offer was only for a $1,000 line of credit and carried a truckload of fees. The paperwork enclosed stated that if I did not activate the cards, the account would be terminated. So, I let things rest as-is.

Today I got a statement from Credit One Bank with a balance of $100.95 and $25 minimum due. Yikes again. The fees included an account initiation fee, a second card fee and a fee for choosing the card design I wanted. Now, I don’t have a totally cuddly relationship with Capital One Both my accounts have relatively small yearly fees, but I do know they will allow me to pick a damn card design and a second card for no extra charge.

Anyway, the good news is they actually did allow me to cancel the account prior to activation, and owe nothing. I called Capital One and gave them a heads up on my mistake. They said they are well aware of the common error but its clearly deceptive name and logo are considered different enough to be legal.


[1] In case you don’t get the reference:

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