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Does anyone really consider Cap1 a Prime Lender?

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NJTurnpike
Established Contributor

Does anyone really consider Cap1 a Prime Lender?

Yes, the Venture card on the surface seems nice. 2miles per dollar is about 2% cash back (on travel). But what other prime cards do they have? Their cash rewards card is 1% and another 0.5% if you stick it out the full year. No 5x categories. like herding cats trying to get any sort of CLI.

 

Their business model seems rather obvious, get the people just out of FirstPremier/CreditOne/Matrix territory, entice them with a CLI in the first few months to a credit limit they should have gotten in the first place, then forget about them until they get frustrated and move on.

 

Frankly, the only way they keep prime customers is those that don't know any better. I had a co-worker who said he loved the venture card because he travels alot. This guy probably has an 800+ score, makes 300k+ a year, travels only business and first class, and yet thinks venture is so great. Don't worry, I set him straight. he's goin the CSP/amex plat/amex spg route now.

 

 

Really unless you're sitting on a 1k limit card of theirs with an 800 score, you're more likely to get struck by lightning inside an igloo than get a CLI from their front line csr's, nevermind ever seeing any auto CLI's outside of their credit steps program.

 

True, Cap1 is no fee gouging FPB/CreditOne/Matrix company looking to take advantage of desparate customers, but they don't get the title of prime lender either.

 

/end rant


DCU ( pulled 3/29/13) EQ04 683 | Amex (pulled 3/28/13) EX 760 | US Bank (pulled 3/28/13) EX 753
CreditKarma (4/19/13) TU-TR 701 | TU Vantage 788 | USAA FAKO (3/31/13) EX 728, EQ 699, TU 737 |
Inquiries (4/18/13) EX 13 | EQ 13 | TU 14
Message 1 of 43
42 REPLIES 42
MazdaSpeed
Contributor

Re: Does anyone really consider Cap1 a Prime Lender?

I do. I have had the cash rewards for a 2 or 3 weeks now, started with 3k limit, emailed EO, asked for 9k CL, didn't get it, but got 3.5k at least

Their rewards are seriously no hassle like the commercial says too, it hasnt even been a month and I already cashed in a 105 statement credit

Sure it might not have revolving categories, but I have other cards for that

Granted I'm not going to use the card for a while now that I have the CSP/freedom combo

But I can honestly say because of the ease of cashing in rewards and the above average 1.5% I consider this card prime. (Plus I put a cool picture on it haha)
fico 747
Message 2 of 43
NJTurnpike
Established Contributor

Re: Does anyone really consider Cap1 a Prime Lender?

ahhh! I forgot! the ability to customize your card is SUPER AWESOME (no joking!). I added one with my dog (cutest dog ever!).

 

You got $105 in rewards with a 3.5k limit? seriously?


DCU ( pulled 3/29/13) EQ04 683 | Amex (pulled 3/28/13) EX 760 | US Bank (pulled 3/28/13) EX 753
CreditKarma (4/19/13) TU-TR 701 | TU Vantage 788 | USAA FAKO (3/31/13) EX 728, EQ 699, TU 737 |
Inquiries (4/18/13) EX 13 | EQ 13 | TU 14
Message 3 of 43
MazdaSpeed
Contributor

Re: Does anyone really consider Cap1 a Prime Lender?

Don't get me wrong Chase is way better, but a select few of cap1 cards are definitely prime
fico 747
Message 4 of 43
MazdaSpeed
Contributor

Re: Does anyone really consider Cap1 a Prime Lender?

100 dollar bonus, posted the day after I hit the 500 dollar spending
fico 747
Message 5 of 43
dodfire
Valued Contributor

Re: Does anyone really consider Cap1 a Prime Lender?

I think they are making some improvements....I do like the picture on the card thing...thats pretty cool..

But, I do not give them "PRIME" status just because they are such a pain in the............to deal with.

*8/10/13
Message 6 of 43
bs6054
Valued Contributor

Re: Does anyone really consider Cap1 a Prime Lender?

A few of us, for whatever reason, got large CLs from Capital One at the beginning.  Yes, no auto CLIs, but I don't get them from Chase or Citi either.  For me, at the time, they occupied a useful niche, no FTF on their cards at a time this was very unusual (and still is somewhat unusual for no AF cards).  So I still use them internationally (and the PerkCentral mall has good offers as well).

 

So are they prime?  Well, clearly not for the majority of their customers.   But for sub-prime, they seem to give decent cards to those who can't get good cards elsewhere, and, at the time, that is much more important than prime/subprime labels! 

 

As with any issuer, subprime, prime or whatever, once they no longer meet your needs, SD/cancel and look elsewhere.   Lots and lots of posts here about Cap One not giving CLI after X years.   Yes, try EO, but if that doesn't work, try another issuer.  And if THEY don't give you what you want, why should Cap One!

Message 7 of 43
OptimasPrime
Frequent Contributor

Re: Does anyone really consider Cap1 a Prime Lender?

I think they are trying to get better, but are still predominantly a subprime lender. Their reputation on the forums could easily be improved but loosening up the cli policy on their supposed 'excellent' cards ( their phrase not mine- mainly refers to venture and cash rewards cards) and doing only 1 hp rather than 3 on new apps for the aforementioned cards.
EQ 778 | TU 776
Barclay US Airways WMC 7.5k | BCE 5.8k | BofA Travel Rewards 9.1k | Chase Marriott Premier 13k | Citi TYP WMC 6.5k | Freedom Visa Sig 8k| Discover it 10k
Message 8 of 43
NJTurnpike
Established Contributor

Re: Does anyone really consider Cap1 a Prime Lender?


@bs6054 wrote:

A few of us, for whatever reason, got large CLs from Capital One at the beginning.  Yes, no auto CLIs, but I don't get them from Chase or Citi either.  For me, at the time, they occupied a useful niche, no FTF on their cards at a time this was very unusual (and still is somewhat unusual for no AF cards).  So I still use them internationally (and the PerkCentral mall has good offers as well).

 

So are they prime?  Well, clearly not for the majority of their customers.   But for sub-prime, they seem to give decent cards to those who can't get good cards elsewhere, and, at the time, that is much more important than prime/subprime labels! 

 

As with any issuer, subprime, prime or whatever, once they no longer meet your needs, SD/cancel and look elsewhere.   Lots and lots of posts here about Cap One not giving CLI after X years.   Yes, try EO, but if that doesn't work, try another issuer.  And if THEY don't give you what you want, why should Cap One!


That's a well thought out opinion. I do agree. No FTF is a good bonus. It's actually the only reason I keep mine around. I forgot about that unusual perk. I guess customizing the card and no FTF earns them a nice place in my SD and not my shredder.


DCU ( pulled 3/29/13) EQ04 683 | Amex (pulled 3/28/13) EX 760 | US Bank (pulled 3/28/13) EX 753
CreditKarma (4/19/13) TU-TR 701 | TU Vantage 788 | USAA FAKO (3/31/13) EX 728, EQ 699, TU 737 |
Inquiries (4/18/13) EX 13 | EQ 13 | TU 14
Message 9 of 43
asteroidblues86
Regular Contributor

Re: Does anyone really consider Cap1 a Prime Lender?

If I knew nothing about its reputation on the forums Capital One would of had me really believing they are a Prime Lender. Instant approval online. Fast and easy account management online and with iphone app. Automatic card activation on the phone without having to talk to a person. Pretty good fraud detection department shutting my card down temporarily after two back to back $500 in store charges and notifying me immediately for verification. And finally, domestic CSR redeemed my No Hassle Miles on the telephone. Capital One has a place in my wallet. I pay no annual fee or foreign transaction fee. Plus my super shiny card is attractive. Smiley Happy

Message 10 of 43
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