Closed 4 accounts today left with 1.

[Anonymous]

Why do people who hate Capital One do business with them? Alot of you hate them and still have them in your wallet. Just curious don't mean to be rude or anything.

[core]

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@Anonymous wrote:

Why do people who hate Capital One do business with them?

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To take money from them.  I now use them for offshore server fees.  Cap One pays me 1.5% cash back, and since they are also covering the ~1% foreign transaction fee they've gotta be losing money on all of my purchases I run through them.  That puts a smile on my face.

Also some folks don't like to cancel old cards, no matter how crappy they are, as long as it isn't costing money to keep them open. 

[Anonymous]

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@Anonymous wrote:

Why do people who hate Capital One do business with them? Alot of you hate them and still have them in your wallet. Just curious don't mean to be rude or anything.

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I don't have a capital one card, but then again I don't hate them (no relationship with them). They have lackluster rewards cards and their points cards are not really worth it either since better options are available. The sign on bonuses for a couple cards are decent but triple pulls dilute the value of the bonus since I could apply for 3 cards and 3 sign on bonuses instead. 

As for the original post, no reason to criticize you. Each person needs to make a decision that is best for them. Closing those accounts is not best for your long-term credit, but you can do just fine without them. Moreover, if fewer accounts means more peace of mind, that works out great too. Not all of us are the same, and thus the same decision is not right for all of us.

[joedtx]

Op I applaud your efforts. You clearly looked at your finances and what is the best fit for your family, you had a goal and achieved it. Too often many look at labels and marketing rhetoric and envison themselves in a fantasy of jetsetting around the globe vicatriously by simply being a cardmember of a particular product because of how they have been sold on the vision just by having a particular card or cards in their wallet.

btw....I haven't heard a mention that obviously if you had a life change or need that you couldn't simply persue that option if needed at later time. 

All The Best!

[kdong1996]

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@Anonymous wrote:

Why do people who hate Capital One do business with them? Alot of you hate them and still have them in your wallet. Just curious don't mean to be rude or anything.

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Like OP if I had to keep 1 card I would choose Capital One as well. While I understand why a lot of people might dislike them, I've had a pretty good experience with them. Their cards grow with you if you use them heavily and 1.5% cashback on foreign transactions with no FTF is a plus! Most people wouldn't care about 3 HPs anyways. Kudos to OP for choosing a card he likes!

[kdm31091]

I agree that capital one at least the quicksilver is a great card if you had to keep just one. In my experience its been great anyway

[merlinflex]

I have 2 Cap1 cards and the limits are decent, but not outstanding.  I am sorta on the same page as you.  I want as few as cards as I can get with each having high limits.  The less to manage and worry about.

I would have kept the Citi DC over Cap1, but thats just me.

My plan this year is to get my AMEX BCE, $10K CL to $20K CL by EOY.  My Disc , $18K CL to $25K CL, my Barclays BC is $50K CL, so no worries.  My CSP, $12K CL to $25K CL, and get one of my two Cap1's, both around $6K CL now, to $10K CL and then be done.  I of course will keep my AMEX Gold and then that is it.  That is over $100K in CL's, thats enough and the only once I pay an AF on is CSP, $95 and the Amex Gold,

My Cap1 gives me 1.5%, decent rewards with CSP and Amex BCE gives me 3% up to $6K for groceries.  That is enough for me for my Tier 1 credit cards.

Will keep my Paypal and Home Depot and prob my Amazon Store Card, and will toss the WFF Visa, one of the Cap1's and Ashley.  And by "toss" I mean just throw in sock drawer, if they cancel them, so be it, if not, they don't hurt, but no interest in using them going forward.

Got 2 auto loans and a mortgage and that's it.  Think I will be in great shape then once set.

Now of course is some fantastic CC deal comes my way, I will do my due dilligence and look into it, like Barclays BC did in November, but other than that, nope!

[Anonymous]

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@core wrote:

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@Anonymous wrote:

Why do people who hate Capital One do business with them?

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To take money from them.  I now use them for offshore server fees.  Cap One pays me 1.5% cash back, and since they are also covering the ~1% foreign transaction fee they've gotta be losing money on all of my purchases I run through them.  That puts a smile on my face.

Also some folks don't like to cancel old cards, no matter how crappy they are, as long as it isn't costing money to keep them open. 

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This is probably the best reason to have a CapitalOne card.

[baller4life]

WOW!! That took a lot of courage. To each its own. His wife has other cards. So that's a game changer. Would be a VERY unwise choice for a single person to only have one card.

[Anonymous]

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@baller4life wrote:
WOW!! That took a lot of courage. To each its own. His wife has other cards. So that's a game changer. Would be a VERY unwise choice for a single person to only have one card.

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An interesting question here is....Will OP make himself AU on his wife's cards?

BTW, I love your new sig. A great message.