New cap one GM card is a world elite

[wHiTeSoL]

I shouldn't of done it, but I applied for one as well, 8k limit WEMC. 1 pull on EQ. What bothers me though is the fact that Cap1 says I cant link the online log in with the rest of my cap 1 cards. 

[iwazl71]

@sandman, did you ever try to recon the original limit on the GM card?  I am wanting to apply but I don't want to get lowballed.

[sandman2435]

@Iwazl71.Yes I did to to recon the credit limit and was told do to the amount of avalable credit I have..I would have to wait 6 months..On my other cap 1 accounts they are very high limits..I have about 370K in credit limits which I use less than 1% .Im gonna be cuttting it down very soon

[CreditMagic7]

Really not given to raising up old threads but am walking a dividing line right now. I appd for this GM Cap1 in Oct. and although it is, or supposedly is the Elite MasterCard of sorts, how does MasterCard justify Cap1 degrading it to a retail catalog limit?

There's obviously no potential for either lender or cardholder with at such an endemic level.

So it begs for me to question. What's in it for Capital One? Better yet what's in it for MasterCard? It's my understanding world elite start limits were 5k.

Take away all the gory First Premier fees and even leaving their rabid high APR, and they offer better starting limits, and chance for credit limit increases?

[enharu]

@creditmagic, its hard to say without knowing the contract details between GM, capital one and MasterCard.

Maybe GM offered the other 2 parties really good terms for the deal to happen?

[CreditMagic7]

I would tend to agree and do, but yet the thing that concerns me the most is where it goes from here. I emailed the GM EO on this today in addition to calling first.

As a new entrant into this sometimes topsee turvy credit world, i would hate to experience regret later on down the road for having added RISK, YES RISK, to my credit portfolio in the form of this subpar capital one only to miss out better lender opportunity that don't presently spread such a low limit track record or little to no cli's.

You see, i'm of the mind that RISK is a two-way street here, and not just reserved only to the lender's side of the equation.

Does this make any sense?

[indiolatino61]

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@sandman2435 wrote:

Just to let anyone who has apped for the new GM Card from Cap1 ,its a world elite I got mine in the mail today,But only a $600.00 limit are you kidding me lol

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For Pete's sake...a WE with a $600 limit? That doesn't even make sense...maybe they left a zero off or something...!

[CreditMagic7]

+1

Thank You

[CreditMagic7]

Odd occurance tonight. My phone call to the EO the other day fell on deaf ears. I had no energy to press a matter to a predetermined mind.

Frustrated greatly i followed up by email with a rather biting indictment of capital one's lackluster rollout product, the GM World Elite MasterCard approved and accepted by me last year with a worse then First Premier subpar toy limit of 600. Ugh.Talk about sick. It's been grieving me to no end.

To make a long story short i get a call about an hour ago now. I sent the email exactly 2 days ago, carefully wording it in a manner as to draw attention to the losing potential of this newest Cap1 credit product and not so much my personal interest in a credit limit increase. After all, i have to sit it out now for a few more months until i'm prepared (if at all) for a possible triple hit to my reports that they're so famous for. Ugh.

The lady was very nice as is the customary procedure as well as suggest they would like to relieve my immediate disgust but would cost a HP!
Of course i was firm in my repeated declining any current HP relating to making up for such a agonizing useless start limit that they pushed off to begin with for this renown World Elite MasterCard.

We had a very nice exchange of concerns, during which i continued to press (ever the more politely of course) that this particular card could better serve Capital One if regarded in the same manner as any customer wishing to maximize it's rewards potential as well as enhance the lender's margin thru continuous heavy useage and not wish to see it quickly reduced to a just another subprime credit builder product. After all, this card is supposed to share or show some spotlight with New GM Vehicles at today's market rate?

Finally, and after all that bellyaching, i think my ambitious concerns took some root. and perhaps broke thru whatever stalemate they may have first envisioned when they called.

No one is infallible, no matter what standing in life.

She overwhelmingly reassured me that the CEO has suggested some new changes in regard to the issues on at least this product, hopefully others too, and she said to expect some positive new changes in 2014 and that when i am comfortable enough to allow permission for them to re-review my account, they would take serious the concerns i brought out to them in the email.

So it seems the key is don't call them, email them first, and wait until they call you, then get everything off your chest firmly but very welcoming at the same time.

Saga Continues for now but was my first indication that there may be hope yet.

[CreditScholar]

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@CreditMagic7 wrote:
I would tend to agree and do, but yet the thing that concerns me the most is where it goes from here. I emailed the GM EO on this today in addition to calling first.

As a new entrant into this sometimes topsee turvy credit world, i would hate to experience regret later on down the road for having added RISK, YES RISK, to my credit portfolio in the form of this subpar capital one only to miss out better lender opportunity that don't presently spread such a low limit track record or little to no cli's.

You see, i'm of the mind that RISK is a two-way street here, and not just reserved only to the lender's side of the equation.

Does this make any sense?

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I think you're over-dramatizing this and are making a mountain out of a mole hill. In the grand scheme of things, possessing one specific card (or not possessing it) won't change that much. If you still disagree, it sounds like you need to meet my friend Chicken Little...