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Senior Contributor
Walt_K
Posts: 3,065
Registered: ‎11-02-2009

Re: Capital One buys ING Direct. Seeks HSBC credit card portfolios (Orchard, Best Buy, GM Card, etc.


ReVeLaTeD wrote:

Walt_K wrote:

I'm glad I don't use any of those products.  I just got around to cancelling my Chevy Chase Checking account to get away from Capital One after they bought Chevy Chase.  I'll be none too pleased if they go and buy something else that I use.


Give Capital One some credit (no pun intended).  Of all of the banks, they are one of the very selective few who seem to be willing to buck the "lend to the flawless only" trend that everyone else (i.e. Juniper, Amex, Chase, Citi, the worst offenders) has fallen into.  Their credit limits aren't great at all - AT ALL - but at least they give people a chance. 

 

They don't pull elitist crap over single inquiries (Juniper/Barclays).

They don't pull faulty bureaus to find excuses NOT to give cards (Amex).

They don't demand pristine credit reports (Citi).

They don't auto deny over 6 year + 11 month old BKs (Chase).

 

It's why they've gotten large enough to even consider this acquisition.  If they do ING -AND- HSBC I'll be shocked and impressed at the same time.  I would rather GE Money Bank take over the HSBC accounts though to even things out.


I agree that a lot of the abuse Cap One takes is unwarranted.  My dispute with them is related to specific treatment of one of my accounts.  In 2008 when I lost my job and fell behind on payments Cap One closed my card down and raised my interest rate to 29.99.  That was completely warranted because I simply stopped paying everyone after I ran through my savings.  But I have since paid them and everyone else back every last cent.  They gave me no breaks.  They didn't waive any late fees, and they didn't reduce the interest rate until the account was nearly paid off.  That was their right per the terms of the agreeement, but my point is they certainly didn't lose any money on my account. 

 

So when I had paid them off, I thought they should let me redeem the miles on the account.  If I had just thought to redeem them before I missed my first payment, I could have redeemed them back in 2008.  But having lost my job, I was looking for other work and redeeming miles was the last thing on my mind.  They won't budge.  Again, that is their right.  The terms of the agreement said the miles would be forfeited if the account didn't remain in good standing.  I don't think they are doing anything wrong by sticking to the terms.  But I'm not going to continue to give them any of my business.  I think I'm asking for a reasonable concession, which they are unwilling to give, so we have parted ways.

 

Well, nearly parted ways.  I still have a $2500 CL, $39 AF Cap One Platinum Mastercard.  I'd cancel it now except it is my only non-Amex card.  If I cancelled it I'd have to replace it and I don't want to app for anything else until I get a new mortgage next year.  I don't like Cap One, but I don't want to cut off my nose to spite my face.  In any event, it gets almost no use.  If a place doesn't take Amex, I usually use my debit card over the Cap One.  After next year, I will rid myself of that card as well.  But at this rate, they're going to buy something else I use.  I can't run from them forever.   


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Frequent Contributor
slarano
Posts: 279
Registered: ‎04-30-2008

Re: Capital One buys ING Direct. Seeks HSBC credit card portfolios (Orchard, Best Buy, GM Card, etc.

I won't use my debit card anywhere other than at an ATM/bank. The possibilities of improper charges/credit theft on a debit card are more than enough of a reason never to use it for any normal purchases. Although my Ally Bank has some new Ally Perks at some places which might get me to reconsider using their debit card for some purchases. But I'd only ever consider debit if it gives me some great rewards, as Ally Perks would.


myFICO Starting Scores: TU 643 03.10.09 EX 676 01.09.09 EQ 638 05.24.09
Current Score: (WalMart FICO) TU 792 04.03.13 (Mortgage Lender - HP) EX 745 02.06.13 (Mortgage Lender - HP) EQ 771 02.06.13
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Senior Contributor
Open123
Posts: 3,849
Registered: ‎02-23-2011

Re: Capital One buys ING Direct. Seeks HSBC credit card portfolios (Orchard, Best Buy, GM Card, etc.


Walt_K wrote:

 

So when I had paid them off, I thought they should let me redeem the miles on the account.  If I had just thought to redeem them before I missed my first payment, I could have redeemed them back in 2008.  But having lost my job, I was looking for other work and redeeming miles was the last thing on my mind.  They won't budge.  Again, that is their right.  The terms of the agreement said the miles would be forfeited if the account didn't remain in good standing.  I don't think they are doing anything wrong by sticking to the terms.  But I'm not going to continue to give them any of my business.  I think I'm asking for a reasonable concession, which they are unwilling to give, so we have parted ways.

 


I can certainly appreciate this, and I've done the same too.

 

When it came to choose a Visa/Mastercard for our firm, I summarily rejected Citi in favor of B of A mainly because I felt Citi treated me unfairly in the mid 90s.  They could have worked with me, but chose to stick to the letter of the agreement, which is of course their right.

 

Equally, it is now my right to dismiss them arbitrarily as an afterthought when it comes to my and my business's banking and investment needs.

Contributor
Gray
Posts: 99
Registered: ‎08-11-2007

Re: Capital One buys ING Direct. Seeks HSBC credit card portfolios (Orchard, Best Buy, GM Card, etc.

Valued Contributor
mjbfan79
Posts: 1,998
Registered: ‎03-31-2008

Re: Capital One buys ING Direct. Seeks HSBC credit card portfolios (Orchard, Best Buy, GM Card, etc.

O lord there goes my Best Buy store card if this happens. I don't do crapital one.


Starting Score 3-31-08: EQ 582 TU 577 EX 625
Current Score 3-19-10: EQ 703 TU 712 EX No Clue
Goal Score: 800 By January Of 2012


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Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008

Re: Capital One buys ING Direct. Seeks HSBC credit card portfolios (Orchard, Best Buy, GM Card, etc.

 


mjbfan79 wrote:

O lord there goes my Best Buy store card if this happens. I don't do crapital one.


LOL. I'm glad they might get paired up.  It makes it easy for me to avoid apping for Capital One and HSBC cards.  I wished they can add GE cards too. 

Valued Contributor
mjbfan79
Posts: 1,998
Registered: ‎03-31-2008

Re: Capital One buys ING Direct. Seeks HSBC credit card portfolios (Orchard, Best Buy, GM Card, etc.


DI wrote:

 I wished they can add GE cards too. 


GE has been good to me no complaints

 


Starting Score 3-31-08: EQ 582 TU 577 EX 625
Current Score 3-19-10: EQ 703 TU 712 EX No Clue
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Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008

Re: Capital One buys ING Direct. Seeks HSBC credit card portfolios (Orchard, Best Buy, GM Card, etc.

 


mjbfan79 wrote:

DI wrote:

 I wished they can add GE cards too. 


GE has been good to me no complaints

 


I had a problem with them due to a situation with a JC Penney account many years ago.  Since I complained against Penney, GE got  involved since  GEMB backs the card. 

Frequent Contributor
slarano
Posts: 279
Registered: ‎04-30-2008

Re: Capital One buys ING Direct. Seeks HSBC credit card portfolios (Orchard, Best Buy, GM Card, etc.

Same here. I ♥ GEMB, they're perfect for what they're good for. And they don't step on anyone's toes pretending to be what they're not.


myFICO Starting Scores: TU 643 03.10.09 EX 676 01.09.09 EQ 638 05.24.09
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