cancel
Showing results for 
Search instead for 
Did you mean: 

Capitol One is not great... IMO

tag
SouthJamaica
Mega Contributor

Re: Capitol One is not great... IMO


@Anonymous wrote:

Leaving the rebuilding argument aside, I want to hear why you think Capital One is so great. I have seen many posts on this forum that hold them in high regard, from what I can tell the rewards are inferior to other products, and they charge annual fees for cards that have the same benefits that other lenders do not charge for. So beyond the rebuilding argument, why is Cap One one of your cards? Is there something I am missing?


Yes there is plenty you are missing. But it would take too long since you've made such a broad sweeping statement, without specific products.

 

On a general level some of the things that are special about them are that (a) they don't take adverse action for extraneous reasons, (b) they have friendly underwriting standards on fair terms for those of us needing to rebuild our credit, (c) they don't have foreign transaction fees and do have many good offerings without annual fees (d) they pioneered the 1.5% cash back across the board, with no redemption barriers, (e) they constantly offer their existing customers choices of no-fee and no-interest balance transfer offers, (f) CLI requests are soft pull and auto CLI's are often given at 6 month intervals (g) it provides easy online account combination.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 21 of 56
UncleB
Credit Mentor

Re: Capitol One is not great... IMO

I'm always hesitant to speak in generalizations when it comes to things such as this, since a product that is fantastic for one person might be lousy for somebody else.

 

With that being said, many of the reasons I personally like Capital One credit card (and plan to keep them as long as they'll keep me) have already been stated.

 

They were with me during the tough times, and while some have said that rebuilder cards can be slow to grow even my rebuilder with them has grown decently (my newer card with them is larger, though, since it started out with a larger SL from the beginning).  Having the ability to combine accounts and the SP increases makes it even better.

 

Also, for me their cards "just work"... they aren't easily spooked by out-of-pattern purchases (for better or worse).  With my cards from other issuers I always hold my breath when making a large purchase (especially out of state) but Capital One isn't bothered by that, at least not with me.

 

Their rewards aren't the absolute best, but 1.5% for everything (with a no-AF QS) isn't bad, either.  This combined with their 'no-drama' way of doing business is what prompted me to choose them for my grandmother when I chose a card to make her an AU on.  Based on my past experience with them, I don't expect her to have any problems at all.

 

Like anything else, though, there will be some who have had a different experience, and their opinions are just as valid as my own.  It's one of those cases where each of us will have to determine what works and what doesn't.  Smiley Wink

Message 22 of 56
Loquat
Moderator Emeritus

Re: Capitol One is not great... IMO


@SouthJamaica wrote:

@Anonymous wrote:

Leaving the rebuilding argument aside, I want to hear why you think Capital One is so great. I have seen many posts on this forum that hold them in high regard, from what I can tell the rewards are inferior to other products, and they charge annual fees for cards that have the same benefits that other lenders do not charge for. So beyond the rebuilding argument, why is Cap One one of your cards? Is there something I am missing?


Yes there is plenty you are missing. But it would take too long since you've made such a broad sweeping statement, without specific products.

 

On a general level some of the things that are special about them are that (a) they don't take adverse action for extraneous reasons, (b) they have friendly underwriting standards on fair terms for those of us needing to rebuild our credit, (c) they don't have foreign transaction fees and do have many good offerings without annual fees (d) they pioneered the 1.5% cash back across the board, with no redemption barriers, (e) they constantly offer their existing customers choices of no-fee and no-interest balance transfer offers, (f) CLI requests are soft pull and auto CLI's are often given at 6 month intervals (g) it provides easy online account combination.


^^ This in a nutshell.   +1

Message 23 of 56
Anonymous
Not applicable

Re: Capitol One is not great... IMO


@driftless wrote:

I don't think that you can eliminate the rebuild from this discussion, for me I have appreciation and loyalty to Cap One. The other reasons are:

 

1.  High CL's.  I think that high CL's from Cap One help you get high CL's from other banks.

 

2.  Their cards are easy, peasy - simple rewards structure.  Not everyone wants to think about how to manipulate their credit cards.

 

3. Good US based customer service and website.  

 

4.  They stick by you, you can trust them.  You don't read stories of AA and CLD with Cap One cards like you do with some banks.  

 

There are a lot of good cards out, but I will always have a Cap One card.  

 

 


Not saying its not part of a reason to have them just wanted to know what the other reasons are.

Message 24 of 56
Anonymous
Not applicable

Re: Capitol One is not great... IMO


@redpat wrote:

@Anonymous wrote:

@Anonymous wrote:

@Anonymous wrote:

@Anonymous wrote:

Leaving the rebuilding argument aside, I want to hear why you think Capital One is so great. I have seen many posts on this forum that hold them in high regard, from what I can tell the rewards are inferior to other products, and they charge annual fees for cards that have the same benefits that other lenders do not charge for. So beyond the rebuilding argument, why is Cap One one of your cards? Is there something I am missing?


hey tydawg, since you helped me with the loans I'll chime in on this Smiley Happy

 

this is for me and i'm sure others on this forum:

 

1) rewards structure is straightforward and simple. you earn rewards right when your purchase posts. 

 

2) easy combination of accounts meaning you can turn all your cap one cards into a nice CL in one card

 

3) sign up bonuses are nice too. esp. on venture. got $400

 

4) I personally got really decent limits with cap one.


Fair enough, but they still charge a $59 AF for essentially 2% cash back, that is nice about the rewards posting right away, but beyond that I am still at a loss, especially when there is the Citi DC with no AF, Blispay, and coming soon the USAA limitless with 2.5%. I guess I am viewing credit differently than some, I am consolidating my portfolio to cards that are actually useful rather than just having a ton of high limit cards. 


I think the simplest reason is truly, YMMV.  Cap 1 works for some people, instill a (perhaps undeserved) sense of loyality when they will extend credit when no one else will, and have only a few products, but go across the board from subprime to prime. Even at that, they won't work for everyone.

 

I have $6k on a Plat card that was 1% (and will be going to 1.5% in January)  I hadn't even realised that I had gotten some special deal and that there wasn't cash back on every plat card until I mentioned the change here. (As well as a QS with no AF and 1.5% cash back)

 

Meanwhile, I would love to use my 2% Citi DC,  but I am stuck on $500 after nearly a year. I think I got 15 months at 0% APR,  but that's not very useful with a $500 CL.  Next month, I am due for another CLI on both my Cap 1 cards, and should have a $10k limit after I combine my cards.

 

Can I do better? Probably.  Have I don't better? Arguably. (I haven't paid for a SW flight in the last 18 months, since getting their card). 

 

But with Cap 1 being my oldest CL, and with it costing me nothing to keep it, I see no reason to not hold onto it.

 


In red above, those cards don't give you $400 sign-up bonuses.  In addition, the AF is waived the first year and you can PC to QS with both cards having no FTF.  

 

So even if you keep the Venture card for 2 years paying one AF then switch to QS the $400 sign-up bonus and getting 2% during those two years will still make you ahead of DC, Blispay and others.


Your operating under the assumption that one does does not spend frequently.... if I spend $100k annually the Cap One card loses all value in comparison.

Message 25 of 56
driftless
Valued Contributor

Re: Capitol One is not great... IMO


@Anonymous wrote:

@driftless wrote:

I don't think that you can eliminate the rebuild from this discussion, for me I have appreciation and loyalty to Cap One. The other reasons are:

 

1.  High CL's.  I think that high CL's from Cap One help you get high CL's from other banks.

 

2.  Their cards are easy, peasy - simple rewards structure.  Not everyone wants to think about how to manipulate their credit cards.

 

3. Good US based customer service and website.  

 

4.  They stick by you, you can trust them.  You don't read stories of AA and CLD with Cap One cards like you do with some banks.  

 

There are a lot of good cards out, but I will always have a Cap One card.  

 

 


Not saying its not part of a reason to have them just wanted to know what the other reasons are.


Helping people rebuild is an important part of their business plan just as rewards, miles, cash back are. It is very effective plan given the comments from many Cap One cardholders on this board. That loyalty trumps minor differences in cash back percentages, etc.
CSR | Amex Platinum | EDP | QS (2)
Amex Blue Business Plus
Message 26 of 56
redpat
Senior Contributor

Re: Capitol One is not great... IMO


@Anonymous wrote:

@redpat wrote:

@Anonymous wrote:

@Anonymous wrote:

@Anonymous wrote:

@Anonymous wrote:

Leaving the rebuilding argument aside, I want to hear why you think Capital One is so great. I have seen many posts on this forum that hold them in high regard, from what I can tell the rewards are inferior to other products, and they charge annual fees for cards that have the same benefits that other lenders do not charge for. So beyond the rebuilding argument, why is Cap One one of your cards? Is there something I am missing?


hey tydawg, since you helped me with the loans I'll chime in on this Smiley Happy

 

this is for me and i'm sure others on this forum:

 

1) rewards structure is straightforward and simple. you earn rewards right when your purchase posts. 

 

2) easy combination of accounts meaning you can turn all your cap one cards into a nice CL in one card

 

3) sign up bonuses are nice too. esp. on venture. got $400

 

4) I personally got really decent limits with cap one.


Fair enough, but they still charge a $59 AF for essentially 2% cash back, that is nice about the rewards posting right away, but beyond that I am still at a loss, especially when there is the Citi DC with no AF, Blispay, and coming soon the USAA limitless with 2.5%. I guess I am viewing credit differently than some, I am consolidating my portfolio to cards that are actually useful rather than just having a ton of high limit cards. 


I think the simplest reason is truly, YMMV.  Cap 1 works for some people, instill a (perhaps undeserved) sense of loyality when they will extend credit when no one else will, and have only a few products, but go across the board from subprime to prime. Even at that, they won't work for everyone.

 

I have $6k on a Plat card that was 1% (and will be going to 1.5% in January)  I hadn't even realised that I had gotten some special deal and that there wasn't cash back on every plat card until I mentioned the change here. (As well as a QS with no AF and 1.5% cash back)

 

Meanwhile, I would love to use my 2% Citi DC,  but I am stuck on $500 after nearly a year. I think I got 15 months at 0% APR,  but that's not very useful with a $500 CL.  Next month, I am due for another CLI on both my Cap 1 cards, and should have a $10k limit after I combine my cards.

 

Can I do better? Probably.  Have I don't better? Arguably. (I haven't paid for a SW flight in the last 18 months, since getting their card). 

 

But with Cap 1 being my oldest CL, and with it costing me nothing to keep it, I see no reason to not hold onto it.

 


In red above, those cards don't give you $400 sign-up bonuses.  In addition, the AF is waived the first year and you can PC to QS with both cards having no FTF.  

 

So even if you keep the Venture card for 2 years paying one AF then switch to QS the $400 sign-up bonus and getting 2% during those two years will still make you ahead of DC, Blispay and others.


Your operating under the assumption that one does does not spend frequently.... if I spend $100k annually the Cap One card loses all value in comparison.


If you have the card for two years you would still be up $341 and if you don't want to PC to QS then close it.  I had the card and closed it and while I had it I really liked it because rewards post right away and their web interface is easy to use.  The usage was with frequent spend also.

Personal Cards: Amex Plat | Amex Delta Res | CSR | Citi AA Exec Business Cards: Ink+ | Amex BGR
Message 27 of 56
galahad15
Valued Contributor

Re: Capitol One is not great... IMO

Cap1 offered 2% cashback cards before 2% cards were fully in vogue -- granted, the full 2% only applies to travel purchases AFAIK, but keep in mind that this was also at a time when most cc issuers were offering only 1% cashback rewards across the board.  In addition to the prime and sub-prime cards Cap1 offers, in the past they have also at times offered a few super-prime card products, such as their 4.99% F card that originally debuted about a decade ago (sadly, no longer offered today though).  I am personally fond of Cap1 b/c I was able to convince them to permanently waive the AF on the Venture-equivalent card that I have with them, that also like Venture offers 2% cashback on travel purchases.


Message 28 of 56
Anonymous
Not applicable

Re: Capitol One is not great... IMO


@redpat wrote:

@Anonymous wrote:

@redpat wrote:

@Anonymous wrote:

@Anonymous wrote:

@Anonymous wrote:

@Anonymous wrote:

Leaving the rebuilding argument aside, I want to hear why you think Capital One is so great. I have seen many posts on this forum that hold them in high regard, from what I can tell the rewards are inferior to other products, and they charge annual fees for cards that have the same benefits that other lenders do not charge for. So beyond the rebuilding argument, why is Cap One one of your cards? Is there something I am missing?


hey tydawg, since you helped me with the loans I'll chime in on this Smiley Happy

 

this is for me and i'm sure others on this forum:

 

1) rewards structure is straightforward and simple. you earn rewards right when your purchase posts. 

 

2) easy combination of accounts meaning you can turn all your cap one cards into a nice CL in one card

 

3) sign up bonuses are nice too. esp. on venture. got $400

 

4) I personally got really decent limits with cap one.


Fair enough, but they still charge a $59 AF for essentially 2% cash back, that is nice about the rewards posting right away, but beyond that I am still at a loss, especially when there is the Citi DC with no AF, Blispay, and coming soon the USAA limitless with 2.5%. I guess I am viewing credit differently than some, I am consolidating my portfolio to cards that are actually useful rather than just having a ton of high limit cards. 


I think the simplest reason is truly, YMMV.  Cap 1 works for some people, instill a (perhaps undeserved) sense of loyality when they will extend credit when no one else will, and have only a few products, but go across the board from subprime to prime. Even at that, they won't work for everyone.

 

I have $6k on a Plat card that was 1% (and will be going to 1.5% in January)  I hadn't even realised that I had gotten some special deal and that there wasn't cash back on every plat card until I mentioned the change here. (As well as a QS with no AF and 1.5% cash back)

 

Meanwhile, I would love to use my 2% Citi DC,  but I am stuck on $500 after nearly a year. I think I got 15 months at 0% APR,  but that's not very useful with a $500 CL.  Next month, I am due for another CLI on both my Cap 1 cards, and should have a $10k limit after I combine my cards.

 

Can I do better? Probably.  Have I don't better? Arguably. (I haven't paid for a SW flight in the last 18 months, since getting their card). 

 

But with Cap 1 being my oldest CL, and with it costing me nothing to keep it, I see no reason to not hold onto it.

 


In red above, those cards don't give you $400 sign-up bonuses.  In addition, the AF is waived the first year and you can PC to QS with both cards having no FTF.  

 

So even if you keep the Venture card for 2 years paying one AF then switch to QS the $400 sign-up bonus and getting 2% during those two years will still make you ahead of DC, Blispay and others.


Your operating under the assumption that one does does not spend frequently.... if I spend $100k annually the Cap One card loses all value in comparison.


If you have the card for two years you would still be up $341 and if you don't want to PC to QS then close it.  I had the card and closed it and while I had it I really liked it because rewards post right away and their web interface is easy to use.  The usage was with frequent spend also.


Your math is assuming someone wants to spend it on travel. If you have the USAA limitless I would be down $100 after the first years use.

Message 29 of 56
longtimelurker
Epic Contributor

Re: Capitol One is not great... IMO


@Anonymous wrote:

Your math is assuming someone wants to spend it on travel. If you have the USAA limitless I would be down $100 after the first years use.


Right, but clearly for any card there is a spend where a higher rate will outdo a sign up bonus.  If you have the 3% JCB card (and get enough CL) you would be even more ahead.   But I suspect most people on this forum don't put $100K a year through one card.

 

But in general I agree that CapOne is not currently the leader.  There was a time when the QS was in many ways among the best in class for flat cashback but the DC/Blispay/Fidelity etc 2% cards have changed that for domestic purchases.  And never was a fan of the Venture...

Message 30 of 56
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.