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Shogun
Posts: 12,952
Registered: ‎04-15-2011
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Re: Why is Capital One looked down upon?

     The DW has a Cap1 card and has never had a problem with them.  She's only gotten 1 CLI, but that's better than none.  As far as customer service and the use of card, it's been a good experience with them.


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IcEWoLF
Posts: 343
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Re: Why is Capital One looked down upon?


mxp114 wrote:

I do think some people unfairly bash them, some openly admit to having zero usage but then are angry that a request to waive the AF was declined or how the reps didn't make a save attempt. If you bring no business, you are not worth saving or waiving a fee for.


100% agree with this statement. 

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enharu
Posts: 7,132
Registered: ‎02-27-2013
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Re: Why is Capital One looked down upon?

Think of it this way.

Cap1's main clientele are credit rebuilders or just people with bad credit overall. They have expanded to prime market, but what they are still mostly known for are the subprime cards.

Think of this analogy. Capitalone is like the equivalent of Toyota cars. You get them not for the fancy shrills, features or horsepower. You get a Toyota simply because its cheap, and it serves its purpose well for what it costs. Prime cards on the other hand are like BMW and Mercedes. You get them for the prestige, the little nice luxuries and horsepower. And in a similar fashion to how cap1 is expanding to the prime market, Toyota has been doing that as well through their Lexus division.

If you compare a Toyota to a Mercedes, or even their own lexus, obviously the Toyota isn't going to look, feel and drive as good.

I'm not saying Toyota are terrible cars, or that capitalone is a terrible bank by any means. They are both good companies with good products. They just serve a different market segment, and that's really just it. There are lots of wealthy people who do not want to spend a lot on cars, just like how there are wealthy people who prefer a no shrill no AF card as well.

I know its not the best analogy out there to be using cars as an example for cards, but its the best I can think of.
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Networth
Posts: 275
Registered: ‎07-11-2013
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Re: Why is Capital One looked down upon?

Alec Baldwin of course....sorry I couldn't help myself.

 

But in reality I thought they were not considered "prime".

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improvingmycredit
Posts: 1,402
Registered: ‎07-12-2011
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Re: Why is Capital One looked down upon?


mxp114 wrote:

I do think some people unfairly bash them, some openly admit to having zero usage but then are angry that a request to waive the AF was declined or how the reps didn't make a save attempt. If you bring no business, you are not worth saving or waiving a fee for.


+2


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Eschaton
Posts: 106
Registered: ‎02-08-2012
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Re: Why is Capital One looked down upon?

I only have one card with Cap1, and I am not really fond of them either. I will probably still keep one card from them though at all times, simply because they offer something which I find rare in other cards - no foreign transaction fee for a card that has no AF.

 

Other than that, I think other cards tend to be more beneficial for my purposes.

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JonStur
Posts: 905
Registered: ‎12-25-2010
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Re: Why is Capital One looked down upon?

I started with an average credit No Hassles card ( with the 2% 2% 1%  rewards) that has graduated to a no fee prime. So anything is possible if your credit profile supports it...


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Open123
Posts: 4,219
Registered: ‎02-23-2011
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Re: Why is Capital One looked down upon?


IcEWoLF wrote:

When I think of Capital One, I really don't see much...

Their credit cards don't offer best in class rewards.


This is true.  

 

However, I do find their new Quicksilver a very good card.  While it's not the *best in class* cashback card, it also lacks the prerequisites of the Fid Amex (2%)/Visa (1.5%), JCB (3%) and PNC (1.75%) cards.  Fidelity requires a brokerage account; JCB's 3% is only offered in CA and HI; and, the PNC has deposit restrictions.  Where I do think the Quicksilver is *best in class* is no redemption threshold.  I'm so sick and tired of the minimum $25 and $50 redemption restriction, which only forces me to spend on the card until hitting the threshold.

 

Being able to redeem $3.48 just because I feel like it makes this card better than the rest, for my purposes.  

 

With this new card, I don't understand why Cap One doesn't remove the Venture One rewards card, since who in his right mind would app for it over the Quicksilver?

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randeman
Posts: 272
Registered: ‎12-13-2012
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Re: Why is Capital One looked down upon?

Let's face it, when someone is struggling to build or rebuild their credit by working dilligently to follow the rules laid down for us, auto CLIs (and even regular CLIs) give you the feeling that you're being rewarded for doing everything right.  When Chase, BOA, Citi, Amex, etc. are willing to help you out in this respect, Capital One often steadfastly refuses.  Or you have to jump through hoops to get what you want.  It's like Oliver Twist with his bowl humbly asking for more. 

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Open123
Posts: 4,219
Registered: ‎02-23-2011
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Re: Why is Capital One looked down upon?


randeman wrote:

Let's face it, when someone is struggling to build or rebuild their credit by working dilligently to follow the rules laid down for us, 


Well, from my perspective, one shouldn't be rewarded for merely following the terms of a contract in which he agreed.


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