In a fit of desperation and mind-boggling strangeness, I received an e-mail offer from Capital One the other day to open a debit card with them. This doesn’t sound that unusual, since virtually every bank account in the world nowadays comes with a connected debit card.

The weirdness begins when you start reading the details about the card itself.

No need to change banks or open a new checking account
You can enjoy all the great benefits of the Capital One Debit Card without ever having to change banks or open a new checking account. The Capital One Debit Card links to your existing checking account, similar to electronic payments for your mortgage, car loan, or gym membership. We will automatically deduct your debit card transactions from your existing bank account, wherever you currently bank.

From the Capital One website

So now, I don’t have to open an account with them, I can just get a card that magically pulls money from another bank as if it were connected to that bank.

So Impressed, I’m at a Loss for Words

I’m not quite sure how Capital One actually came up with this, or how they’re able to get away with it. They charge $19.95/month for this ’service’, when the debit card you usually get from your bank is free. You do get points for using this card, but you’d have to rack up quite a few sales to counteract the $239.40 annual cost of this card. *

Also, they offer to track your spending, thus you have to reconcile an extra card against your bank account now too. Yay!

Oh the Wonders of this Device

This card works almost exactly like your existing bank’s debit card. (Well, actually it works EXACTLY like your debit card to be precise, except your bank debit card probably doesn’t come with a fee). It’s recommended that it be attached to a checking account also, as the savings account and/or money market accounts will probably have usage limitations (preventing Capital One from withdrawing money more than a few times per month) .

They also mention that other banks might impose fees for this service from their end. I can’t imagine why?!?? Another bank attaches a debit card to their accounts, charges their customers $19.95/month year for the same service they’re giving away for free and they don’t get a piece of the action!! No problems there.

Competition Must be Fierce

While this is arguably the most interesting offer I’ve seen recently, I can’t for the life of me come up with a decent excuse for actually using this service. If I’m banking with a bank nowadays that doesn’t offer debit cards, I’m probably also limited to live-teller service and hand-stamped bank books at that bank too. Maybe someday my neo-Luddite bank will come into the 21st century, or maybe I could just switch banks to one that actually gives out free debit cards.

Sorry Capital One, no sale here.

Can you figure out a circumstance where this card would be useful? I’d LOVE to hear about it. Leave us a comment today!

* It was pointed out that the $19.95 is an ANNUAL fee, not a monthly fee. Thanks to Mrs. Micah for the correction