Question about my Cap 1 card

[Anonymous]

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@MarineVietVet wrote:

I don't get into the nuances of CC's very much because at age 63 I have all the cards I believe I'll ever need and the youngest is almost eight.

My question(s). My Cap 1 card is a Platinum Visa. Is that considered low end? A rebuilder? An "ok" card? Not worth the plastic it's made of? I'm just curious.

I got this account 17 years ago in the middle of my BK and I've never forgotten that Cap 1 took a chance on me.

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You probably picked that card up when interest was still reasonable for folks with poor credit. ~14%?

[MarineVietVet]

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@Marcos8 wrote:

I know you said you didn't want to PC but that could be a good option. From the outside looking in the Platinum Cap 1 isn't considered a primo tier product. I also obtained one when my file was not so hot a few years ago and I appreciated Cap1 hanging in there with me. In looking at a credit report I don't think anyone or another lender could tell the difference if it was a low tier card or a top tier card. In my experience with my card though it maxed out its growth potential fairly quickly and my CLI denials from Cap 1 started to state that "this type of account isn't eligible for an increase...etc." About a year ago or so through the EO I did a PC to a Quicksilver card. That allowed me to keep the card open and to retain the account age etc... but it also somehow allowed the account to not be so handicapped and CLI's started to happen on the account again. So I think somehow in their internal system Cap 1 looks differently at the Platinum card as maybe being a low teir card/rebuilder type card which at some point makes it somewhat self limiting. My issue with the Platinum wasn't how other people viewed it, it was more how Cap 1 viewed it.

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I appreciate the comments.

If I did PC I'd never use it for anything else than a monthly autopay so why the hassle?

My other cards give me all I am interested in and I'm no longer concerned with CL's.

My credit life is very good.

[SunriseEarth]

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@MarineVietVet wrote:

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@Marcos8 wrote:

I know you said you didn't want to PC but that could be a good option. From the outside looking in the Platinum Cap 1 isn't considered a primo tier product. I also obtained one when my file was not so hot a few years ago and I appreciated Cap1 hanging in there with me. In looking at a credit report I don't think anyone or another lender could tell the difference if it was a low tier card or a top tier card. In my experience with my card though it maxed out its growth potential fairly quickly and my CLI denials from Cap 1 started to state that "this type of account isn't eligible for an increase...etc." About a year ago or so through the EO I did a PC to a Quicksilver card. That allowed me to keep the card open and to retain the account age etc... but it also somehow allowed the account to not be so handicapped and CLI's started to happen on the account again. So I think somehow in their internal system Cap 1 looks differently at the Platinum card as maybe being a low teir card/rebuilder type card which at some point makes it somewhat self limiting. My issue with the Platinum wasn't how other people viewed it, it was more how Cap 1 viewed it.

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I appreciate the comments.

If I did PC I'd never use it for anything else than a monthly autopay so why the hassle?

My other cards give me all I am interested in and I'm no longer concerned with CL's.

My credit life is very good.

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It actually isn't a hassle at all.   When I PCed my Platinum Cap One to a QS1, my account number stayed the same.  I got a new piece of plastic, possible a new exp date, but nothing else changed.

As for the original question, I consider their base Platinum a rebuilder, simply because that was what mine was.   Mine used to be a Household Bank rebuilder with a $300 CL.   

[MarineVietVet]

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@joltdude wrote:

I'd call the Cap 1 platinum of today a subprime rebuilder card. (this is not likely what your card is)  Does yours have rewards or an AF?  What's the APR?  I'm guessing yours grew into a better card over the years..  Only thing I'd consider is a CLI,  esp if the APR is in the single digit land.  Youve earned it..  And waive the AF if there is one..

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No rewards and an AF of $20. That AF makes me think it's "looked down upon" 

I have gotten them to waive the AF a few times but it's no big deal. I'm not going to fight over about 5 cents a day.

I had to look up the APR. It's 17.9% but I can't recall the last time I paid any interest on this account.

[MarineVietVet]

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@Anonymous wrote:

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@MarineVietVet wrote:

I don't get into the nuances of CC's very much because at age 63 I have all the cards I believe I'll ever need and the youngest is almost eight.

My question(s). My Cap 1 card is a Platinum Visa. Is that considered low end? A rebuilder? An "ok" card? Not worth the plastic it's made of? I'm just curious.

I got this account 17 years ago in the middle of my BK and I've never forgotten that Cap 1 took a chance on me.

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You probably picked that card up when interest was still reasonable for folks with poor credit. ~14%?

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I have no idea what the rate was.

[MarineVietVet]

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@SunriseEarth wrote:

I appreciate the comments.

If I did PC I'd never use it for anything else than a monthly autopay so why the hassle?

My other cards give me all I am interested in and I'm no longer concerned with CL's.

My credit life is very good.

---

It actually isn't a hassle at all.   When I PCed my Platinum Cap One to a QS1, my account number stayed the same.  I got a new piece of plastic, possible a new exp date, but nothing else changed.

As for the original question, I consider their base Platinum a rebuilder, simply because that was what mine was.   Mine used to be a Household Bank rebuilder with a $300 CL.   

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Unless I can do it telepathically then yes it is a hassle for me.  LOL

Again though I much appreciate the feedback.

[enharu]

It's not one of the "premium" cards out there, but honesty I don't think it matters. If you are in a profession where image is important, then this isn't the best card to portray your credit worthiness or a "premium" or "well off" image. If this doesn't matter to you, or that people depend on your business more than you depend on others, then ignore this. There are plenty of wealthy people that stick to using their debit cards as a credit card, or some basic tier credit card.

From my experience people whom are truly well off care more about the level of service they get than the rewards and image the card gives. Can't say cap1 has the best customer service but if they aren't horrible to you then there's no issues either.

If you don't use the card much, then the AF isn't worthwhile, but at the same time it's just $20.

[MarineVietVet]

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@enharu wrote:
It's not one of the "premium" cards out there, but honesty I don't think it matters. If you are in a profession where image is important, then this isn't the best card to portray your credit worthiness or a "premium" or "well off" image. If this doesn't matter to you, or that people depend on your business more than you depend on others, then ignore this. There are plenty of wealthy people that stick to using their debit cards as a credit card, or some basic tier credit card.

From my experience people whom are truly well off care more about the level of service they get than the rewards and image the card gives. Can't say cap1 has the best customer service but if they aren't horrible to you then there's no issues either.

If you don't use the card much, then the AF isn't worthwhile, but at the same time it's just $20.

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Thanks for the feedback.

I agree with your comment and it hasn't mattered to me for 17 years.

[Anonymous]

if you use it to auto pay bills, why not convert it to quicksilver and get cash back rewards on it? then it might actually cover the annual fee

[MarineVietVet]

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@Anonymous wrote:

if you use it to auto pay bills, why not convert it to quicksilver and get cash back rewards on it? then it might actually cover the annual fee

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Hi,

I already have three reward cards. That's enough.

I am at peace with my credit profile. How many people can say that?