Spark Business Cash too low, won't budge on intial increase

[Anonymous]

Ahh ok. Does it give you the option to refuse the increase? If they offer a silly amount like $500 it's not worth having to wait another 6 months

It's beyond me why they do this. Before our business even OPENED Ink gave us 20k. Nuts.

[Anonymous]

Update 4/4

Did the second online increase request (first a little while back denied for not enough usage when I was charging/paying off over and over every month and there were hundreds of charges...) And..

Approved ---- for a ridiculous $200 increase!!!!!!!!! Are they serious?

Denied it of course...will be at 6 months in about 5 weeks. Should I call in for another manual review? They woudl not budge the first 2 times I spoke to them so not much faith, but after 6 months of payment after payment and by then thousands of charges there literally is NOTHING more I could have done with what they gave me

Very happy with the 2% and all else works, but this is beyond crazy

$200...lololololllllllllllll

[CreditUnionFan]

If the payee allows partial payments, send the full amount as a payment to Capital One. Your Spark CL will still be $2k, and your available credit will still be $2k, but once the first purchase clears, you repeat the process. (sending the payment in advance removes the delay while waiting for the payment to clear)

[Anonymous]

Unfortunately, 95% of the time I can't ask vendors to do that (embarassing and unprofessional in our situation) but I'm confused - thought they only allow 110% of what you owe as payment? I've tried to overpay before and that's all they accept.

I guess the only thing I can do is wait until the full 6 months has passed and call to plead my case again. I am just amazed that any algorithm thinks $200 is remotely reasonable.

Wish there was another 2% card!

[CreditUnionFan]

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@Anonymous wrote:

Unfortunately, 95% of the time I can't ask vendors to do that (embarassing and unprofessional in our situation) but I'm confused - thought they only allow 110% of what you owe as payment? I've tried to overpay before and that's all they accept. 

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Yes, most issuers will only allow from the issuer's own web site for you to pay the current balance, or perhaps 110%.

If you want to make multiple purchases, you can use ANOTHER bank's bill pay system to pay above the current balance. Capital One won't allow more than your credit line to be charged, but once the purchase clears, if you had paid in advance from an outside bank, the credit line will be useable without waiting another day or two for another payment to clean.

[Anonymous]

Ahh, good to know - so sort of like a secured card almost with another step.

Worth it to try the button again at the 6 month mark, or should I just call in ES directly?

Also, is there a history of how many times you hit the button - and does it affect anything?

Thanks1

[CreditUnionFan]

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@Anonymous wrote:

Ahh, good to know - so sort of like a secured card almost with another step.

Worth it to try the button again at the 6 month mark, or should I just call in ES directly?

Also, is there a history of how many times you hit the button - and does it affect anything?

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It doesn't hurt to hit the button, from what I could tell. the screen, which i tried yesterday, says that there is no impact to your credit score. Capital One appears to review an existing or make a new SP. I have a "pathetic" card that started at $500, then went to $1500, and is now at $3500. Funny thing is I have two other Spark cards, one started at at $10k and is now $13k; the other one has been at $20k since the account was opened.

The one time I hit the button too soon, I received a letter that it was too soon, but there was no HP.

[Anonymous]

Another update:

6 month point passed. Tried the LB again - and ANOTHER $200 OFFER!! Seriously?

Both our scores are even higher now - 825ish - with lots and lots of spend, many payments early, ridiculously perfect behaivor and other factors

If the best they can come up with is $200 after all of this, I seriously may be done with them. It should NOT be this difficult to get permission to use and pay on their card. How can this possibly be a good or reasonable business decision?

Going to make anoter call to the EO but if the last 2 failed conversations are any incidation, this might be the end of CO for us.

2% is great, but really not worth all this drama.

[driftless]

OP, sorry for your Cap One problems.  It does seem to me that it is time to move on, perhaps the new Amex Blue Business Plus or Business SimplyCash cards?

[Anonymous]

Unfortunately, Amex wont work as they're not accepted much in our industry.

Our backup is Chase Ink, who gave us a pretty good limit on day 1 of our business but that's only 1%. Main reason we added the Spark was the 2%, for our larger vendor charges. So we have a backup, but would rather just put everything on the 2% card.

Going to call in again since we're at around the 7 month point, but not hopeful.