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Frequent Contributor
Posts: 443
Registered: ‎10-23-2010
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Capital One needs a new promo director

[ Edited ]

These guys crack me up. My inbox keeps filling up with a balance transfer offer.

 

The offer is for BT at my current purchase rate....

 

Lets do the math, first "Current Rate" 19%.............Ill have to rush right out and take advantage of this stellar offer.

 

Then there is the whole CL issue. Should one wish to avail oneself of such a marvelous opportunity, you can transfer a whole $1000 bucks.....lol

 

 

Maybe it is just me, but could you make such an offer with a straight face?

 

I would be looking for another job.....

 

What a waste of bandwidth. :smileyvery-happy:

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Posts: 10,860
Registered: ‎12-30-2011
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Re: Capital One needs a new promo director

Well, with the credit strata that Capital One typically deals with, 19% might be low enough to refinance down some higher interest rate debt: in which case, I'd be all over it as a smart financial move. The fact you're not in that situation, might be more to the point that you don't need them anymore... and that's certainly the case looking at your signature line of your other accounts.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 683, EQ 8 690, TU 710, EX 715 (01/01/15)
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Frequent Contributor
Posts: 443
Registered: ‎10-23-2010
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Re: Capital One needs a new promo director

I keep it because it is the oldest card I have, and I can maybe see your point on the rate, but what good does it do for just $1000 bucks?

 

Just kinda seems absurd to me, even when  I was back in the builder days.

Scores: EQ (FICO) - 730 | EX (FICO) - 722 | TU (FICO) - 713 - 06/25/2014



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Moderator Emeritus
Posts: 10,860
Registered: ‎12-30-2011
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Re: Capital One needs a new promo director

[ Edited ]

minimock wrote:

I keep it because it is the oldest card I have, and I can maybe see your point on the rate, but what good does it do for just $1000 bucks?

 

Just kinda seems absurd to me, even when  I was back in the builder days.


Well look at it in the marginal cases: we just had a recent new poster stuck on mimimum payments on a 10K line at 26%.  I'd transfer 1K in a heartbeat in that situation, it'd shave a few years on repaying back the other where the usual mimimum is like 30 years to payoff.

 

It's a junk offer to be sure for anyone in a good credit strata, but until recently 1K was around 25% of my aggregate CL and my limits were higher than many people in my credit strata especially those flying without the secured cards I am; that's a non-trivial amount to work with if I was floating a balance on a higher APR card (assuming unsecured, secured card is a kinda trivial case).

 

We see people taking payday loans at 300+%, and it's even worse elsewhere.  While it's debatable if someone could actually transfer that (or take a cash advance for 1K) there's many tiers of interest rates when it comes to subprime and deep subprime even, and 19% is near completely out of reach for some of them, so it's attractive to some segment of the Capital One customer base I'm guessing.

 

Edit: the 19% APR was lower than my car loan even at 19.35%, I wouldn't have xferred personally but if I had the 25ish percent I've seen some folks have, I'd make as many payments as I could with a 19% credit card assuming the fee structure worked out.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 683, EQ 8 690, TU 710, EX 715 (01/01/15)
Goal Score: 700 on EQ 04 (01/01/16)


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