Ah, Capital One. They are infamous for this. I don’t know of a single person who has had a Capital One card who hasn’t gotten screwed by fees and/or faked late payments at some point. Want some real fun? Try cancelling your card.
As a credit card company, they’re really in a class all their own. Namely, a bunch of crooks with a very good ad agency who will eventually be the subject of a massive class action lawsuit.
Heh. I used to have a Capital One card. There was no annual fee on it for years, then all of a sudden they decided to start assessing an annual fee. I was getting other card offers out the ying-yang, all with no annual fee. So I call Capital One and the conversation went around and around in circles. I asked them to waive the fee. They said no. I said cancel the card. They tried to convince me not to. I said I wouldn’t if they’d waive the annual fee. They said no. And around it went. It was utterly ridiculous. They did end up having to take my cancellation, of course, and I’ll never do business with them again.
To get back to crazyjoe, no, it is not a stupid idea, financially - in principal. It’s essentially interest rate arbitrage. Is the hassle worth the gains - only you can answer. Personally, I wouldn’t do it.
I had an interview with a Capitol One subsidiary a few years ago. They threw out the factoid that they alone took up 1% of the entire U.S. mail volume. I am not sure if that is something to be proud of but it is interesting (and telling).