New CapitalOne, no interest rate, etc

[aggieguy]

I just received a new CapitalOne "Platinum" MasterCard. Nowhere in any of the documentation that accompanies the card is information regarding the interest rate. In the disclosures when I applied, there were several different listed rates (depending on credit worthiness) and also an optional annual fee. No mention of any annual fee in the documentation I received.

I am already planning on calling them before activitating to see if I can squeeze a higher CL out of them. This will be my second card with a $300 limit. I'm thinking of playing the "I would like CapitalOne to be the number one card in my wallet." I figure it can't hurt. If that doesn't work, I'm going to hit them up between the second and third statement before Credit Steps kicks in.

I don't necessarily need the higher limit, but it's a real hassle to be able to run through the credit limit 2–3 times per cycle on groceries and gas.

But I digress; is it normal (legal, etc.) to receive a card without any disclosure about interest rate and/or annual fee? I don't want to be surprised with some crazy terms.

[Anonymous]

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@aggieguy wrote:

I just received a new CapitalOne "Platinum" MasterCard. Nowhere in any of the documentation that accompanies the card is information regarding the interest rate. In the disclosures when I applied, there were several different listed rates (depending on credit worthiness) and also an optional annual fee. No mention of any annual fee in the documentation I received.

I am already planning on calling them before activitating to see if I can squeeze a higher CL out of them. This will be my second card with a $300 limit. I'm thinking of playing the "I would like CapitalOne to be the number one card in my wallet." I figure it can't hurt. If that doesn't work, I'm going to hit them up between the second and third statement before Credit Steps kicks in.

I don't necessarily need the higher limit, but it's a real hassle to be able to run through the credit limit 2–3 times per cycle on groceries and gas.

But I digress; is it normal (legal, etc.) to receive a card without any disclosure about interest rate and/or annual fee? I don't want to be surprised with some crazy terms.

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I would sign up online for their account services and I am sure it will show all the information about your card. As far as asking for a higher CL. I am not sure thats a great idea, since you just received the card. Obviously you are using it for "rebuilding" or "establishing" and they may look at your request and wonder if it is worth their time.

Just my thoughts.

[DI]

Cap 1 is very stingy with its limit.  You will have that $300 CL for many many years.  Don't ever waste your time requesting a CL increase.  I have a Cap 1 Platimun Master Card with No Hassle  Rewards.  I got the card in 2001.  My credit limit is only $750.  Started with $300 CL. I like Cap 1.  They never gave me any problems.

I used the Cap 1 card as my monthly spending budget. I pay it off evey month.  that could be another reason why I don't get CL increases. They don't make any money off me.  But if you keep your credit good with them, they will offer you other type of products like loans.   

Message Edited by DI on 07-13-2009 04:30 PM

Message Edited by DI on 07-13-2009 04:36 PM

[aggieguy]

Thanks for the advice.

When I called to activate, I inquired about the account terms. 0% until December 09 then Prime + ~9%. Better than anything else in my wallet.

Since I'm enrolled in Credit Steps they claim I should automatically get a CLI around my 4th statement. I'm ok with that, I think.

The rep was baffled that the "welcome packet" did not mention the amount of fees, rates, etc. I am as well.

[aggieguy]

@DI: I don't think of requesting a CLI as a waste of time. Assuming it's a soft pull, what's the harm? I can either spend a few minutes talking to a rep on the backdoor number or I can spend the same amount of time paying the balance throughout the month. Either way it costs me time.

Out of curiosity, you said that you started with $300 and are now at $750. Did you get (an) auto increase(s), or did you request CLIs to get there?

[DI]

I never received an auto increase.    I called and ask for the CLI.  I told them I have been a customer with them for several years, and I never received a CLI.   My other cards have high CL.  I got the card when I was a freshman in college.

Message Edited by DI on 07-13-2009 05:51 PM

[DI]

I have received a $10k loan from Cap 1 before.  They sent me an invitation.  I put the money in a savings account, and paid each month for a year to help my FICO score.  After one year, I paid the remaining balance off.

[Anonymous]

Different era I know but I've been a Cap 1 customer for 9 yrs. Initial limit of 5k was auto doubled to 10k in just 4 mos. L8r requested a CLI but as usual was told my acct wasn't eligible for a customer initiated CLI. But not long after they auto increased it to 13k. Been that way now for a cpl yrs. Everytime I've requested a CLI by automated phone, get the same recording... not eligible for a customer initiated increase. Will say over the yrs they have more than once lowered my APR when I asked. Had it down to as low as 6.9F. Stayed there several yrs until this yr when they increased it 15.9V effective next yr due to the econ.

[creditwherecreditisdue]

Cap1 has many different card products. Each of these cards has a credit ceiling which the card will never exceed. Once you reach that maximum limit you are done. Some of these thresholds are quite low, while others are quite high. I used to have access to some information regarding the type of Cap1 card and what this limit was. I think it was in a thread here if anyone cares to look for it. Maybe one of the mod's can remember where it is.

[aggieguy]

Very informative. In case anyone else stumbles upon this thread, the thread referenced by creditwherecreditisdue is http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&message.id=69378&query.id=181265...