Credit Cards

[Open123]

The Green one for "excellent" credit?

At 1.5% with no annual fee and no forex fee, I'd say it's one of the better kinds of cards in it's category.  Aside from a very few exceptions, there aren't any cards that will give you 2% cash rewards with no annual fee.

If cash rewards is your thing, you can do much worse than this card, in my view.

Regarding customer service, how often do you really call them?  For me, I do everything through online banking.  With all my cards, I think I call the CSRs about once every two years; and, this is only when I'm missing some rewards, and even then I find email to be infinitely more effective.

[pipeguy]

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Open123 wrote:

The Green one for "excellent" credit?

At 1.5% with no annual fee and no forex fee, I'd say it's one of the better kinds of cards in it's category.  Aside from a very few exceptions, there aren't any cards that will give you 2% cash rewards with no annual fee.

If cash rewards is your thing, you can do much worse than this card, in my view.

Regarding customer service, how often do you really call them?  For me, I do everything through online banking.  With all my cards, I think I call the CSRs about once every two years; and, this is only when I'm missing some rewards, and even then I find email to be infinitely more effective.

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+1 exactly

[Coldness]

I didn't even know the Citi Divdend offered 5% categories... if it played along nicely with my Discover that'd be awesome! Can anyone tell me what the categories are for this year?

What kind of CL do they give typically, and do they have an automated soft pull increase request (ie anything similar to GE)? 

To answer a couple of questions, I'd be looking at the "excellent credit" new-ish cash rewards card from Cap1 that they just came out with a year or so ago. I do not want nor need a rebuilder card - I'd probably be in the 780s if I hadn't financed a car a few months ago. 

[quote]

I have several rewards cards from Capital One and others. I'd actually rather have an 8% APR Visa over any of the rewards cards and I usually PIF every month. Note that most "rewards" cards are higher APR which pay for those rewards, but then again  I like things simple. I do tend to take advantage of 00% promotions for major purchases.

[/quote]

Yeah, I -LOVE- my CU Visa. It was my first card and will always remain in my wallet. It's just a small local CU though, so the limit is bad and they need a hard pull to increase it. I'm not willing to try it since I have no idea how high they'd even take it. The "points" rewards are only like 0.5% with gift cards, though... it takes me a few years to even be able to redeem. But the 8% APR has gotten me out of a couple of nasty unexpected car repairs a couple of years ago, so for that I absolutely love it. 

[MGTR420]

I'm not sure if citi posts there categories ahead of time. I know the next 3 months are like home improvement. As for credit lines, they seem to be generous from my view. And CLI, you just call and ask to do a increase, you give them your info, and it'll be a soft pull or they'll tell you if they need more information. It's a great card and it will definitely grow with you.

[shane82388]

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pipeguy wrote:

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Coldness wrote:

I've heard nothing but horror stories about Capitol One. 

But, alas, I'm in the market for a new MC or Visa. I'd prefer a lender that isn't shaky about giving high limits. Right now my "go to" cards are Zync and Discover More. My only Visa is a local credit union one with crap rewards but 8% APR. My highest limits are my store cards that barely see any use, and I'd like to fix that. 

So far from what I can find the Capitol One Cash card is supposedly the best "simple" cash back card for Visa/MC with average-ish credit (~720ish as of January, and nothing's changed since then except lower util, never had any lates or anything in my life, etc). 

Who has this card, and what do you think of it? How does its CL compare to other cards you have, and does Capitol One grant CLI's very easily? What about the APR? If Capitol One is just crap all around, what other alternatives should I look at? Citi's sent me a few pre-approvals in the mail, but I don't know much about their rewards system. 

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I have several rewards cards from Capital One and others. I'd actually rather have an 8% APR Visa over any of the rewards cards and I usually PIF every month. Note that most "rewards" cards are higher APR which pay for those rewards, but then again  I like things simple. I do tend to take advantage of 00% promotions for major purchases.

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i totally agree. The 0% financing or lower APR's are much more attractive and rewarding to me than any rewards that take months or years to get anoything significant out of...

[Gollum]

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Wolf3 wrote:

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Coldness wrote:

I've heard nothing but horror stories about Capitol One. 

But, alas, I'm in the market for a new MC or Visa. I'd prefer a lender that isn't shaky about giving high limits. Right now my "go to" cards are Zync and Discover More. My only Visa is a local credit union one with crap rewards but 8% APR. My highest limits are my store cards that barely see any use, and I'd like to fix that. 

So far from what I can find the Capitol One Cash card is supposedly the best "simple" cash back card for Visa/MC with average-ish credit (~720ish as of January, and nothing's changed since then except lower util, never had any lates or anything in my life, etc). 

Who has this card, and what do you think of it? How does its CL compare to other cards you have, and does Capitol One grant CLI's very easily? What about the APR? If Capitol One is just crap all around, what other alternatives should I look at? Citi's sent me a few pre-approvals in the mail, but I don't know much about their rewards system. 

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I have the one for average credit, and I like it very well  $3000CL to start, +$500 at six months.  Started out with their secured card. 

I assume you would qualify for the excellent credit one.  I would consider it one of their prime cards.  I still haven't figured out why people don't like Capital One.

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I don't like Capital One (even though it is my first and oldest Visa card) because:

In 2009, I had to start carrying a balance on my Capital One Visa Platinum No Hassle Rewards card (that card is no longer offered to new customers).  At the time, my interest rate was 12.9%.

During a one year or so period, I carried a larger balance each month while making the minimum payment.  Toward the end of that period, I had to open a CareCredit account to pay for a root canal because of pain from that tooth.  Capital One did soft pulls on me every month, so they had a very clear picture of my financial circumstances at that time.

When my credit card was almost maxed out, Capital One informed me that my interest rate would be raised to 17.9% beginning seven months from the notification.  The timing was just before the Credit Card Act of 2009 went into effect, so they have that excuse, but I see it as predatory behavior... taking advantage of me at a time of need.

My financial situation changed.  I was able to pay my Capital One balance down to a balance I chose before the interest rate increase went into effect.  My interest rate was changed to 15.65%, not 17.9%.  I don't know why, and I don't care.  That card is sockdrawered now.  It pays a monthly-recurring bill ($26.95) for me, the minimum monthly payment is $25, and I carry a $240 balance so Capital One gets at least $37.56 per year in interest so they don't lose money on the account.

I told a customer service representative what my plan was after they notified me of my interest rate increase, but Capital One didn't care.  I know they were playing the odds, and I was/am very fortunate, but I still feel like Capital One tried to "stick it to" me in my time of need.

Capital One tried hard for a while to get me to switch to a Venture card (NPSL), but I am too wary.

[I edited my post to correct the reference to the Credit Card Act of 1999.  It should have been 2009.]

[Gollum]

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Coldness wrote:

I've heard nothing but horror stories about Capitol One. 

But, alas, I'm in the market for a new MC or Visa. I'd prefer a lender that isn't shaky about giving high limits. Right now my "go to" cards are Zync and Discover More. My only Visa is a local credit union one with crap rewards but 8% APR. My highest limits are my store cards that barely see any use, and I'd like to fix that. 

So far from what I can find the Capitol One Cash card is supposedly the best "simple" cash back card for Visa/MC with average-ish credit (~720ish as of January, and nothing's changed since then except lower util, never had any lates or anything in my life, etc). 

Who has this card, and what do you think of it? How does its CL compare to other cards you have, and does Capitol One grant CLI's very easily? What about the APR? If Capitol One is just crap all around, what other alternatives should I look at? Citi's sent me a few pre-approvals in the mail, but I don't know much about their rewards system. 

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You may be able to get a high-interest-rate rewards card from Capital One, but it will almost certainly have a lower credit limit than your current credit union Visa card.

Credit unions offer higher credit limts and lower interest rates to their members compared to what major banks offer.

Your 8.0% interest rate is 1.25% lower than the Simmons First Visa Platinum Rewards card that is only offered to customers with excellent credit, and Simmons First is not known for generous credit limits.

My advice is to "garden" (use your credit union Visa card, and pay off the balance every month).  Talk to a customer service representative (CSR) at your credit union occasionally (maybe every six months) to find out if your credit union might be willing to give you a credit limit increase.  In the future, if chances seem good that your credit union will increase your credit limit, and you still want a major bank Visa/MasterCard, that would be the time to apply, not now.

[Adame254]

Best thing to do is cancel the card. You don't know the hexx that this company will do to you. Just first, pay the thing off, write a letter stating you do not want the card anymore, cut it in half, and send it with your letter. Let them know you appreciate their stinky business (well don't say stinky) and please send a letter saying the card has been cancelled. Do not get another card for at least 8 months. Pay cash. So what if it lowers your FICO for a few months.

Capital One is the nastiest thing on the planet. Please do not feel like a fool. I had 3 of 'em and they were a living hexx. The money you pay for cash rewards, or any protection is a joke if you are in the hospital. Not only does the card not get paid if you do pay into all those programs, it just won't work. Believe me, you are better off getting ANY other card but Capital One. And Lord help you if you try to pay early. Just doesn't work. Hope this helped. You will sleep better once that thing is cancelled. Edited

Not sure who you referenced, and while I'll agree politically if that's your intent, politics are one of the five things that can't be discussed on these forums. - llecs, myFICO moderator