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Is it true Capital One loves it when people carries a balance?

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Royalbacon
Frequent Contributor

Is it true Capital One loves it when people carries a balance?

Is it true Capital One loves it when people carries a balance? I guess I don't mean "loves", but are they the type that prefers people to carry a balance? Because I know Amex is the exact opposite, and I know just how sacrilegious it is to carry a balance with American Express and how they'll blacklist you and close your cards and what not.

Chapter 7 Bankruptcy Filed-September 2020 Discharged-December 2020
Kohl's Credit Card $3000 Limit (Opened October 2016) Survived Bankruptcy for whatever reason
Closed Capital One Venture One $3000 Limit (Opened December 2020, Closed by me September 2022 since I wanted the SavorOne and couldn't product change to it)
Capital One Auto Loan (Opened March 2021)
Capital One Cabela's $5000 Limit (Opened December 2021)
America First Credit Union Visa $1000 Limit (Opened December 2021)
Capital One SavorOne $5000 Limit (Opened September 2022)
Sam's Club Mastercard Synchrony Bank $2500 Limit (Opened March 30 2023) (Burned Synchrony in my CH7 BK, One card with a $745 balance)
Idaho Central Credit Union ICCU Visa $10,000 Limit (Opened April 2023)
Message 1 of 32
31 REPLIES 31
Anonymous
Not applicable

Re: Is it true Capital One loves it when people carries a balance?

I'm carrying a balance on both Venture's right now.  Won't pay them off for another 2 months.  No problems at all with them.  Good peeps.  Smiley Wink  Just hoping I can raise my score higher a little faster.  Not sure if this will work.  

Message 2 of 32
yfan
Valued Contributor

Re: Is it true Capital One loves it when people carries a balance?

The red flag, for all lenders, is when you carry a large balance and pay only the minimum. Amex does like people who PIF, after all they originally were charge cards only. But that isn't to say Amex will shut down a responsible borrower who chose to carry a balance now and then. And I don't think Capital One "prefers", per se, for you to carry a balance.

 

Anyway, why are you looking to carry a balance? Do you have the funds to pay your debt? Are you looking to simply take advantage of a 0% offer?

Message 3 of 32
KneelBeforeZod
Frequent Contributor

Re: Is it true Capital One loves it when people carries a balance?

I think in general, most credit card companies like seeing balances carried as they make money from interest. I think what scares them is high utilization across the board on many cards.

While its true that there is a large group that believes Amex frowns upon carrying a balance, they offer zero percent to lure people in to carry a balance. I don't think it's absolutely true that they'll blacklist you and close you off unless you present a significant threat to their ability to recover what they have extended to you. I think as long as you pay well over the minimum payment required they will leave you alone
Current Scores (Dec 20, 2015) - EQ=719 EX=739 TU=740
Message 4 of 32
KneelBeforeZod
Frequent Contributor

Re: Is it true Capital One loves it when people carries a balance?

Plus what yfan says.
Current Scores (Dec 20, 2015) - EQ=719 EX=739 TU=740
Message 5 of 32
taxi818
Super Contributor

Re: Is it true Capital One loves it when people carries a balance?


@Royalbacon wrote:

Is it true Capital One loves it when people carries a balance? I guess I don't mean "loves", but are they the type that prefers people to carry a balance? Because I know Amex is the exact opposite, and I know just how sacrilegious it is to carry a balance with American Express and how they'll blacklist you and close your cards and what not.


All of them love it when you carry a balance. They just hate when you carry balance and pay minimum payments only. Including Amex. Just another general statement that people take to heart. Entire time of having amex up until last month. Always had balance and always got my Credit limit increases. no problems. When you are an interest paying customer They Do. Love you. As you stated.

Message 6 of 32
Anonymous
Not applicable

Re: Is it true Capital One loves it when people carries a balance?

It's strange how people consider Amex almost like this attractive, but heavily-conditional and demanding partner who will readily leave (and take all of your property) at the slightest disagreement. They're more like... a pretty generous partner who is simply firm about not taking any abuse and will not negotiate in that matter. Nothing wrong with that.

Message 7 of 32
Repairman
Established Contributor

Re: Is it true Capital One loves it when people carries a balance?

They, like most companies, love when you carry a balance...however, they do want you to make frequent,


@Royalbacon wrote:

Is it true Capital One loves it when people carries a balance? I guess I don't mean "loves", but are they the type that prefers people to carry a balance? Because I know Amex is the exact opposite, and I know just how sacrilegious it is to carry a balance with American Express and how they'll blacklist you and close your cards and what not.



monthly, on time payments ABOVE the minimum.

Message 8 of 32
kdm31091
Super Contributor

Re: Is it true Capital One loves it when people carries a balance?

I think the amex hates balances mantra is over repeated. Dont max out your card and pay minimums and youll likely be fine.

As for cap one, they like usage, not necessarily carrying a balance. Any creditor wants you to use their card a lot. But carrying a balance and paying interest isnt necessary for them to "like" you.
Message 9 of 32
Anonymous
Not applicable

Re: Is it true Capital One loves it when people carries a balance?


@Anonymous wrote:

It's strange how people consider Amex almost like this attractive, but heavily-conditional and demanding partner who will readily leave (and take all of your property) at the slightest disagreement. They're more like... a pretty generous partner who is simply firm about not taking any abuse and will not negotiate in that matter. Nothing wrong with that.


Haha!  Agree!  They're just a smart cc company!  Smiley Very Happy

Message 10 of 32
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