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CapOne Annual Fee Dilemma

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Anonymous
Not applicable

CapOne Annual Fee Dilemma

I have a Cap One Quicksilver One that was upgraded from Platinum Visa but it still has a $60 annual fee that they charge each month at $5. I never use this card. 0 balance. It has a $500 limit.

The problem is that the $5 is charged the day the statement cuts and so $5 is always reported to the bureaus. I can't set up autopay because there's no balance. How can I pay this so $5 doesn't report every month? Paying it the same day doesn't stop $5 from being reported.

This is my oldest cc or I would close it. Anyone find a workaround for this?
Message 1 of 14
13 REPLIES 13
Anonymous
Not applicable

Re: CapOne Annual Fee Dilemma

Honestly, I would close it anyway. 

Message 2 of 14
Anonymous
Not applicable

Re: CapOne Annual Fee Dilemma


@Anonymous wrote:
I have a Cap One Quicksilver One that was upgraded from Platinum Visa but it still has a $60 annual fee that they charge each month at $5. I never use this card. 0 balance. It has a $500 limit.

The problem is that the $5 is charged the day the statement cuts and so $5 is always reported to the bureaus. I can't set up autopay because there's no balance. How can I pay this so $5 doesn't report every month? Paying it the same day doesn't stop $5 from being reported.

This is my oldest cc or I would close it. Anyone find a workaround for this?

Have you tried to reach out to the EO to see if it can be permanently waived?.  I wouldn't advice you closing it since it is your oldest account although it stays on your report for 10 years after it is closed. 

Message 3 of 14
Anonymous
Not applicable

Re: CapOne Annual Fee Dilemma

Thanks. I never get any EO love. Need to figure out how to deal with this $5 monthly fee assuming I can't get it waived. Oy.
Message 4 of 14
gibeon
Established Contributor

Re: CapOne Annual Fee Dilemma

Have you tried over-paying one month by $5 or $10? So that your balance would be negative?

 


@Anonymous wrote:
Thanks. I never get any EO love. Need to figure out how to deal with this $5 monthly fee assuming I can't get it waived. Oy.

 

 

 

23 Open Bank Cards / 7 Open Store Cards / TOO many inquires / Mid/High 600's
Message 5 of 14
jsucool76
Super Contributor

Re: CapOne Annual Fee Dilemma

you can set up your bank account to push the $5 to cap1 a few days before each statement, and then when the 5$ hits, your balance will be 0$
Message 6 of 14
ecxpa
Valued Contributor

Re: CapOne Annual Fee Dilemma

Try changing your payment due date.  This sounds like a card that morphed from HSBC/Orchard bank......hard to get anything changed from my personal experience.  Even though that may rename it a QS1 or something the T&C from the original issuer doesn't change because it often benefits Cap 1.   I don't know of a Cap1 card that has a $60 AF but I had one that was a HSBC/Orchard Bank.  My highest Cap1 CL is 4200 renamed as a Venture One with no AF but the freaking APR is 28.9%........this is higher than the highest limit advertised for the genuine Venture One..........it rests quietly in the SD with an ax looming over it that may fall at anytimeSmiley Frustrated

Message 7 of 14
Anonymous
Not applicable

Re: CapOne Annual Fee Dilemma

So paying $60/y is worth it to you just for the AAoA? Especially since you don't use this card? Sorry but this makes no sense at all. How many (or rather how FEW) cards do you have so that this one actually makes a difference?

Call them up or send them a msg. If they don't eliminate the AF for the card screw them!
Message 8 of 14
Anonymous
Not applicable

Re: CapOne Annual Fee Dilemma

I find CapOne's online chat to be very helpful. After having my Quicksilver One card for 12 months, I chatted with the rep and asked if the annual fee could be waived in year two (I fibbed a bit and told them I just received a pre-qual offer from Chase for Freedom with no AF) and they PC'd me to the regular QS without an AF all through the chat session in about 5 minutes. 

Message 9 of 14
JAmajzan
Valued Member

Re: CapOne Annual Fee Dilemma

60 bucks is a little excessive if you are not using the card and getting no rewards to mitigate that fee. I agree with everyone else. Get on chat and see if they are willing to eliminate the fee or close the account.


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Message 10 of 14
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