Dealing with Capital One secured card

Anonymous · ‎04-13-2017

I have a Capital One secured card since 2015. I was recently charged an annual fee and they refuse to refund it. Does anyone think this card has the possibility of converting to unsecured? My FICO 8 scores have recently risen to 780-810 but I don't think they've done an SP recently. Or should I just cut my losses and close the card while I still have a chance to get the annual fee refunding upon closing?

Anonymous · ‎04-13-2017

It's possible yes, but it seems like it is random on who gets it unsecured. My wife and I both have one and I'm going to close them in June and take the $400 refund and temporary hit on our credit score.

Anonymous · ‎04-13-2017

With your scores why do you still have the secured card? If you want a Capital One card unsecured card just go to their prequalify site and I am sure you would get an offer for any of their cards you want.

Anonymous · ‎04-14-2017

The problem is the Capital One is my 2nd oldest open card, and my oldest card is an Amex charge card with a fee and I really don't get my money's worth out of that. I also have several old closed accounts that are falling off my reports soon. If I close the Amex and Cap1 that would leave me with the oldest account opened in 2016.

I've tried to call Capital One executive office and they were clueless. They didn't know their secured card could convert to unsecured much less could they tell me if based on when I opened mine if it would ever be considered. They weren't even willing to refund the fee. I wouldn't even mind paying the fee if I had some assurance they are periodically reviewing it for graduation.

Oh and the only thing I'm prequalifed for anywhere is Discover -- with a terrible 23% APR.

Anonymous · ‎04-14-2017

@Anonymous wrote:
I have a Capital One secured card since 2015. I was recently charged an annual fee and they refuse to refund it. Does anyone think this card has the possibility of converting to unsecured? My FICO 8 scores have recently risen to 780-810 but I don't think they've done an SP recently. Or should I just cut my losses and close the card while I still have a chance to get the annual fee refunding upon closing?

Since you have had your card since 2015, it won't convert to unsecured. Cap 1 changed their secured card product sometime over the past year or so, and newer cards will unsecure, but the older ones will not.

SecretAzure · ‎04-14-2017

@Anonymous wrote:
@Anonymous wrote:
I have a Capital One secured card since 2015. I was recently charged an annual fee and they refuse to refund it. Does anyone think this card has the possibility of converting to unsecured? My FICO 8 scores have recently risen to 780-810 but I don't think they've done an SP recently. Or should I just cut my losses and close the card while I still have a chance to get the annual fee refunding upon closing?
Since you have had your card since 2015, it won't convert to unsecured. Cap 1 changed their secured card product sometime over the past year or so, and newer cards will unsecure, but the older ones will not.

This is false. I've spoken to multiple reps who confirmed it could upgrade. Mine of 6 years still hasn't. The last time I spoke to someone, they said the system (as reps have no power there, it's automated) wanted to see 10 months of activity and I've had none. I'm going to try this but they at no point said mine couldn't be upgraded because it is older than the policy change.

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Anonymous · ‎04-14-2017

Maybe you could try again on getting the fee waived? A new rep may be more sympathetic? Or other users may know- are they known to waive fees on the secured cards? I know they will sometimes on other cards.

Either way, since it ~~will never unsecure~~ (edit after reading same time poster) has a low chance of unsecuring I would either close it now, or set a reminder on your smart phone calendar for 1 month before the fee hits again and close it then. I wouldn't worry about the AoA. FICO counts all accounts, not just open accounts in AAoA. And in 10 years when this falls off, the 1 year difference is not going to be a big deal.

Anonymous · ‎04-14-2017

I've called about 10 times in the last 2-3 weeks. The card was unused but I've put $800 on it since then. I called the executive office 3x yesterday (2nd call dropped) and nobody knew anything about getting the card unsecured, but the last person I spoke with said they changed their policy a few months ago to not refund/waive/credit annual fees.

I'm not sure if I called the "real" execitive office. Is calling their corporate number and asking for the CEO the same as emailing them and getting a call back? I sent the email amore than a ago and never heard back.

joltdude · ‎04-14-2017

Discovers prequalify is a bit of a joke

That said.. would you be willing to app for a secured card from them?

(tend to think theres some interest with the fixed apr offer but its on the edge for an unsecured approval.. but thats just hypothesizing)

Hear me out..

The only sucky part is you cannot negotiate an APR reduction until after the first year. .. otherwise its every 6 months... think its how they interpret the CARD act.

Discover does entertain APR reductions....

And SP CLI increases?

Folks here have been a bit upset that the CLI express train has hit a rough patch and stopped... But it is very likely to grow for you....

It tends to unsecure sometime after the 7th month, rarely earlier, sometimes later...

If you are willing to do this.. direct app for the secured. they dont seem to be offering the secured if your not approved for the regular one automatically lately...

Edit: disregard that... if those are true FICO scores.. not FAKO... Just app for another card and be done with it.. Discover, or someone else...

You have a card thats basically stuck with Cap One and the only way out is app for a new card and close it...

This tends to happen with older accounts or accounts that Cap One has taken over from other banks.....

-J

Anonymous · ‎04-28-2017

Well I did it. Got the annual fee premantly removed from my capital one secured card.

After calling the 800 # 10+ times I realized it's futile dealing with them, so I sent an email to the CEO about a month ago. After not hearing back I tried calling their corporate office and asking for the CEO and they transferd me to the "highest level of customer service" where they gave me the same excuse as the 800 #: "The system doesn't show any offers."

So I filled a CFPB complaint and got a call back saying they've removed the annual fee permantly. They still didn't know anything about cards converting to unsecured and told me to apply for another (sure pal, but not with your bank.)