Duggeek's Journal: What's (not) in your wallet?

This story from Businessweek shows that "protection" is a subjective term:

When Brad Kehn received his first credit card from Capital One Financial in 2004, it took him only three months to exceed its $300 credit limit and get socked with a $35 over-limit fee. But what surprised the Plankinton, S.D., resident more was that Cap One then offered him another card, even though he was over the limit -- and then another and another.

According to a Cap One spokesperson, it's rare, but it happens:

In a written response to questions, Cap One acknowledges that it offers multiple cards. "Our goal is to offer products that meet our customers' needs and appropriately reflect their ability to pay," it says. The company also stated: "Within our current U.S. portfolio, the vast majority of Capital One customers have only one Capital One credit card with a very small percentage choosing to have three or more cards."

The article goes on to reveal that, along with offering multiple cards, Cap One allows customers to "rob Peter to pay Paul," or use one card to pay another at the inflated cash-advance rate, driving up their debt even more.