How to Set Up a Payment Plan with Capital One

How to Set Up a Payment Plan with Capital One
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Even the most careful consumer can get behind on credit card, car loan or other payments. Capital One, whose financial products include credit cards, auto loans, mortgages and banking accounts, allows customers who fall behind on payments to set up payment plans to get caught up.

Contact Customer Service

According to its financial education website, Capital One recommends that a customer contact the company directly as soon as he starts having trouble making payments. Depending on what type of account the customer has, he can call or email that customer service department using the numbers found on the contact page. The consumer will need his Capital One account number and Social Security number to verify his account to the customer service representative who's looking up his information.

Understand the Process

The exact payment plan set up will vary depending on the customer, the amount of debt, how far behind she is on payments and the type of account. The customer service rep can also provide other options to help a customer reduce her debt, including removing fees and reducing interest rates. Late fees and interest rates still apply to payment plans and vary depending on the type of account. The Capital One Venture Rewards card, for example, has a $35 late fee for each late payment and a penalty annual percentage rate of 29.4 percent.