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If they wouldn't waive the fee, I'd close.
This is one of the subprime Cap One cards that will never grow, evolve, or allow for any kind of upgrade or product change. Next year, you'll have to call all over again requesting the fee waiver.
Given the other cards you have, I'd close this Cap One irrespective of whether or not they waive the fee. At this point, a CL of $750 that will never evolve is completely meaningless; while aaoa is important, it certainly isn't worth paying a fee over. Anyway, the account will reflect for 10 years.
Anyway, opening up a new Amex in a January of your choice will do more for you aaoa in the long run than keeping this account.
I would ask them to waive the AF and send them a fax or letter asking for a CLI. I would also do a few apps to see what you can get. You can try to even do a soft pull from Capone to see if you qualify for a different card. You could try a WFNNB, GE, or Barclay. What is your score? You can check on myFICO to match your score with a card or on FG. Good luck getting the credit limit increased on the Capone card.
I'm in the same situation, I have a Cap1 with first year no AF then a small $19 AF after that, $300 limit ... I figure I'll leave it open until march of next year (my first AF will be April 2013) and then close it, so I have a year long TL with them that will last for 10 years.... all my other cards are No AF so no point in having a tiny card that I do have to pay an AF just to sit in my sock drawer...
Your best bet in a situation like that is to call and ask for a CLI, sometimes when they say "oh you're not elligible for a CLI" they finish the sentence with "But we can go ahead and waive your next annual fee"
@jsucool76 wrote:Your best bet in a situation like that is to call and ask for a CLI, sometimes when they say "oh you're not elligible for a CLI" they finish the sentence with "But we can go ahead and waive your next annual fee"
lol, when I called they finished the sentence with "but you can apply for a new card" ... "no thanks"
Maybe you should have replied;
Is that a 'No Hassle' policy?
No Hassle for them means no matter how you hassle them they will do nothing.
@seigex wrote:
@jsucool76 wrote:Your best bet in a situation like that is to call and ask for a CLI, sometimes when they say "oh you're not elligible for a CLI" they finish the sentence with "But we can go ahead and waive your next annual fee"
lol, when I called they finished the sentence with "but you can apply for a new card" ... "no thanks"
I said sometimes
Have you asked them if there are any offers for the account? They gave me a reduction to my interest for 6 months. I took it even though I don't carry a balance in the hopes that in the future they will offer me more and/or different offers I can use. I could use a CLI! (Imaging winning the lottery, these seem to be the odds for most of us at Capone.) They like to offer for you to apply for multiple cards, this increases their chances for fees. (Over limit, AF, late, and the like.) There is a great story in Business Week about a guy who had something like 7 cards with them and defaulted. I think it is being litigated now, which could help those of us who do maintain our accounts.
If they are forced to change their policies, then they will have to increase credit limits to get money from revenues from the charges. They could have made much more money off me by simply giving me a usable credit limit. I have tried using the card in the past for more than my credit limit. One month I used the card for 3 times it's limit and used it last year for at least 9 times its limit. Most months I don't use the card anymore. I closed one card with them over their policies. They refused to raise the limit after 2 years or waive the fee. They will waive it on the other more useful rewards cards, but won't combine or increase the limit.
If I get the Chase rewards card I applied for, I will be moving on! (Sorta, as I have a Household card that is basically now theirs. I don't know yet if they are using HSBC or Capone policies. I will keep that card, since there is no AF or International Transaction fees.)