06-11-2010 03:33 PM
Since 12/07, I had a Capital One Platinum Visa card with "no hassle" cash rewards. I found my Capital One experience to be little more than a hassle, however. Here are the reasons:
1. Cap1 did not used to report credit limits correctly, rather they reported your limit as your highest balance in history, thereby screwing up your credit score by increasing your utilization %. This has since been changed, but was not a good first impression. Capital One seems to be the first to make consumer hostile changes and the last to make consumer friendly changes.
2. When I first opened the account, my score was around 600 - not very good. Now, my scores are around 790-805 - excellent. I've never been late. They responded by increasing my APR by 4% up to about 17% after they passed the dubious credit reform bill. None of my other cards did so.
3. Although my credit is excellent, I've been repeatedly refused credit limit increases, thereby limiting the utilization I am willing to use without affecting my score (9%). My limit stayed at about $3,000, although Amex gives me $25,000, and new cards with Chase and Discover $6,000 and $5,000 to start with, respectively. Since the balance was so low (the $270 I was willing to use), I only used the card to pay rental on a storage bin.
4. Setting up AutoPay is a NIGHTMARE. With Chase, Amex, and Discover, the setup was done online in under 5 minutes (probably about 2-3). With Capital One, I first had to call and request a form to be mailed to me. A week and a half later, I received it, paid postage, and mailed it out. I then waited a few more weeks and received a letter back from them. It stated that it did not process correctly because the name on my checking account did not match my credit account. Of course, it is impossible, and I think illegal to open an account in somebody else's name, and the names matched exactly. They refused to review the records again. Also, THEY CANCELED MY EXISTING AUTOPAY WITHOUT PERMISSION! This then caused my payment to not go through, triggering a late payment fee on my account and interest charges on the late payment fee. I called them up, and had them revert back to my old autopayment (I tried to switch), and I don't think they did that right, at least not on time. I demanded the fees be reversed and they were, then I canceled my account.
I highly recommend that anyone that has a Capital One card upgrade to a Chase, Discover, or Amex, or maybe Citibank or someone else. It's only a matter of time before they stab you in the back, change terms, screw up paperwork, and raise your APR even though you've been both loyal and have perfect credit.In summary, Capital One is nothing but hassle, and it's definitely not in my wallet.
06-12-2010 08:07 AM
I concur. Will never do business with them again.
1. My wife had card for 2 years no annual fee. Just recently they socked her with a $49 membership fee. She called and asked to have fee removed. Of course they said no. We immediately closed the account.
2. I had business card since 2003. Just recently received email that my new card was returned because it was sent to wrong address. I verified address on file and card was resent. The very same thing happened 3 times. I closed account and asked them to go away for incompetence.
Credit unions are much better.
06-12-2010 10:33 AM
I'll be stuck with Cap1 for a while. It's my oldest account and I don't want any more inquiry or new accounts right now, after getting AMEX recently. Maybe in 1 year, I will close Cap1 and switch to some other card company. I don't like the $35 annual fee.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.