Capital One account closing story

[Mailak]

Called Capital One customer service this morning and asked if there were any offers to change to a different card. I've had my Capital One for 5 years, $300 CL at $59 AF. I was told that they would change my 14% APR to 10.xx% temporarily and then it would come back to 14%. Lady told me about looking into other cards. I said I didn't want new cards - if I could preserve the relationship with Capital One, I would. She said that's all they had for me (temporary interest rate reduction). I said then I would choose to cancel.  She said it was a wise choice for me to cancel right before the annnual fee hit in early December. Didn't offer to waive the annual fee. Canceled card immediately without transferring to retention or any other department. Thanked me for being a customer for 5 years. We said our good byes and went our separate ways!

[sphinx313]

Sounds like a typical sub-prime relationship story to me. They won't make any money off of you with a "real" credit card. I have zero hope of ever being converted with them, but my AF is lower than $59 and interest rate doesn't matter as I don't keep a balance. I plan on building my relationship with Chase and having a pocketful of their cards as well as some Citi's and a GE in the long road ahead. Right now, they can make some interest on my $300.

[RonDawg]

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@Mailak wrote:

Called Capital One customer service this morning and asked if there were any offers to change to a different card. I've had my Capital One for 5 years, $300 CL at $59 AF. I was told that they would change my 14% APR to 10.xx% temporarily and then it would come back to 14%. Lady told me about looking into other cards. I said I didn't want new cards - if I could preserve the relationship with Capital One, I would. She said that's all they had for me (temporary interest rate reduction). I said then I would choose to cancel.  She said it was a wise choice for me to cancel right before the annnual fee hit in early December. Didn't offer to waive the annual fee. Canceled card immediately without transferring to retention or any other department. Thanked me for being a customer for 5 years. We said our good byes and went our separate ways!

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Yeah sounds like my former relationship with Cap1 they didn't even care when I went to Cancel must be a normal thing for them "didn't even care" part that is.

[Razeus]

That's how they did me.  I knew I was going to cancel my "platinum" card since I recently got better ones with better benefits, but out of curiosity, I called them, saying I would like to cancel.  She said ok, read me some disclosures, and said goodbye.  5 minute call, done.  I was shocked.  No attempt to keep me as a customer.  No offer to waive my annual fee.  No transfer to a retention department.  No offer to another card they have.  I guess that's how it goes. I won't be doing business them ever. I closed and transferred my ING Orange accounts to Charles Schwab as well. If that's how they want to play after several years, then that's the game we'll play.

[bs6054]

Not unique to Cap One.  I just cancelled the Chase British Airways card (and had earlier cancelled their JP Morgan card) and they just do it without any attempt to retain.  Citi did the same with a AA M/C.

Basically, each individual customer usually isn't all that valuable, so it doesn't make business sense to spend a whole lot of time trying to retain them, at least for the front line employees.  If you contact the Exec Office or equivalent, they put more effort into it.

Now try cancelling Score Watch on MyFico!  There is a contrast!

[ptkdude]

This reminds me of when I cancelled my Cap1 Secured card earlier this year.  The VRU didn't even transfer me to a person!  "Cancel my account" was one of the options it gave me, and when I pressed whatever key was for that it immediately advised me that my account was now closed and that my security deposit would be refunded in a few weeks.  As it turned out, I had the refund check in less than a week (the account had a zero balance).

[navigatethis12]

If you spend quite a bit of money on the card, they will be more inclined to offer you something to get you to stay. If you only spend like, $1000 a month, they will probably not offer anything.