topic Re: Cut up your Capital One Card NOW in Credit Cards

Cut up your Capital One Card NOW

Cleaningitup2016 — Mon, 04 Mar 2019 22:07:28 GMT

Their customer service is terrible.

Long story short..I've had a secured card with them 3+ years. They have given me a CLI ONCE...of $300. Always paid on time.

My interest rate has climbed from 24.9% to 26.99% since opening the account.

I filed a complaint with the EO and had to wait a week for someone to finally call me back..just to tell me they can't do anything.

They blamed "rising prime rates", but I quickly pointed out none of their other secured cards offered by other banks has as high of APR. They pretty much said "oh well".

26.99% on a major CC is a JOKE. Most STORE cards are only a few % higher APR.

I have called them for over a year, they read the same line every time "just keep checking back if we can lower your APR."

3 years is a heck of a long time.

As soon as I get them down to 0% the CC is getting cut up. I suggest everyone here does the same!

Re: Cut up your Capital One Card NOW

Anonymous — Mon, 04 Mar 2019 22:23:49 GMT

Honestly, the best way out of your situation, with regard to the bucketed Cap1 card, is to just apply for one within Cap1's portfolio that you may like/benifits you. Cap1 is difficult to work with if your card starts with a very low limit or is secured, so many people just apply for a new card, get a much higher CL on the new card and cancel the secured card. I recently just closed my Journey and Plat with them because I though the same thing as you, but I kinda wish that I would have explored their other options for a PC (Savor, Venture). Maybe sometime next year!

Alas, if you really do not like Cap1, then don't deal with them. There are a few peeps here that will not touch Cap1!

Re: Cut up your Capital One Card NOW

tussking — Mon, 04 Mar 2019 22:24:57 GMT

Sorry for your personal negative experience. I love Cap One and they have been very good to me in the last 4 years.

The herd mentality is bad psychology. What's good for me may not be good for you but to tell everyone to cut up their Cap One cards NOW is irresponsible.

Re: Cut up your Capital One Card NOW

wasCB14 — Mon, 04 Mar 2019 22:28:53 GMT

Sounds like you have have Prime + 21.49%, so your rate has risen as the prime rate has risen from 3.5% to 5.5%. It's definitely high, but it is what you agreed to. They're not the only bank that refuses to negotiate APRs. They'd rather extract interest and fees, even if it means losing customers often. There are always new customers who need to rebuild. In their disclosures to shareholders, they say they intentionally take higher-risk, higher-profit CC customers.

I'm bonus chasing a Savor, and just use the card for very basic stuff. I plan to close the card online in a year, never needing to call customer service once.

And, as it's a metal card, I'd probably ruin a pair of good scissors.

Re: Cut up your Capital One Card NOW

Anonymous — Mon, 04 Mar 2019 22:29:37 GMT

I understand your frustrations but it's a secured card which means you're a high risk borrower. I have 760ish scores and 200K in limits and a few of my cards aren't much lower than that. If you can get to a point where you can pay your balance before the statement cuts you essentially have a 0% card. Keep using the card and as you do your credit will improve and that will open new doors for you. It just takes time and patience.. which I know is easier said than done..

Re: Cut up your Capital One Card NOW

Anonymous — Mon, 04 Mar 2019 22:33:37 GMT

I'll keep mine. Thanks.

Re: Cut up your Capital One Card NOW

Anonymous — Mon, 04 Mar 2019 23:28:30 GMT

@tussking wrote:
Sorry for your personal negative experience. I love Cap One and they have been very good to me in the last 4 years.
The herd mentality is bad psychology. What's good for me may not be good for you but to tell everyone to cut up their Cap One cards NOW is irresponsible.

Well, only irresponsible if you really think there is a good chance that people reading it will say "Wow, someone says to cut up the card NOW so here goes". And I doubt if anyone really did that!

Over the top frustration yes, but not irresponsible.

Re: Cut up your Capital One Card NOW

JaseT — Mon, 04 Mar 2019 23:33:07 GMT

The solution is simple: pay in full, don't carry balances. Suddenly that APR doesn't mean anything.

Re: Cut up your Capital One Card NOW

Anonymous — Mon, 04 Mar 2019 23:35:05 GMT

If I cut up a card every time someone on this forum had an issue with a lender then I would have zero cards, lol.

Re: Cut up your Capital One Card NOW

Remedios — Mon, 04 Mar 2019 23:37:42 GMT

@JaseT wrote:
The solution is simple: pay in full, don't carry balances. Suddenly that APR doesn't mean anything.

Some people cannot do that. Suddenly, APR is everything.

Re: Cut up your Capital One Card NOW

AverageJoesCredit — Mon, 04 Mar 2019 23:38:21 GMT

Feel your pain. Just remember, Cap One secured card is just to rebuild or build your credit. Once its served its purpose cut it up by all means. I myself am not a big fan of Cap One. Just too many hoops to jump through for a good limit or cli ,etc, but again thats me. I do know they serve a purpose for many.

Just to put it in perspective, ive fully rebuilt from bk7, have been in the 700's the last couple years and im very responsible with my credit. My last 2 applications, Amex and Discover gave me their highest aprs of 26.99 and 25.99 , lol, so yeah even with good credit the majors can still give high apr. How will over come it, just puf and forget i have an apr lol. Good luck

Re: Cut up your Capital One Card NOW

JaseT — Mon, 04 Mar 2019 23:39:08 GMT

@Remedios wrote:
@JaseT wrote:
The solution is simple: pay in full, don't carry balances. Suddenly that APR doesn't mean anything.

Some people cannot do that. Suddenly, APR is everything.

It's still good advice for future spend.

Re: Cut up your Capital One Card NOW

Remedios — Mon, 04 Mar 2019 23:41:33 GMT

@JaseT wrote:
@Remedios wrote:
@JaseT wrote:
The solution is simple: pay in full, don't carry balances. Suddenly that APR doesn't mean anything.

Some people cannot do that. Suddenly, APR is everything.
It's still good advice for future spend.

Congrats on your current rebuild so far

Re: Cut up your Capital One Card NOW

JaseT — Tue, 05 Mar 2019 00:05:48 GMT

@Remedios wrote:
@JaseT wrote:
@Remedios wrote:
@JaseT wrote:
The solution is simple: pay in full, don't carry balances. Suddenly that APR doesn't mean anything.

Some people cannot do that. Suddenly, APR is everything.
It's still good advice for future spend.
Congrats on your current rebuild so far

Guess it's my turn for you to be snippy at. My advice comes from EXPERIENCE. Thank you.

Re: Cut up your Capital One Card NOW

FinStar — Tue, 05 Mar 2019 00:05:25 GMT

*Ahem* Just dropping in with a reminder to keep comments Friendly, Supportive and Respectful.

Re: Cut up your Capital One Card NOW

Anonymous — Tue, 05 Mar 2019 00:06:24 GMT

@JaseT wrote:
The solution is simple: pay in full, don't carry balances. Suddenly that APR doesn't mean anything.

I have no clue what APR is on any of my cards. Frankly I don't even look at that, I just smash the apply button. On that note, my signature is looking rather empty....more cards!

Re: Cut up your Capital One Card NOW

Anonymous — Tue, 05 Mar 2019 00:07:43 GMT

@FinStar wrote:
*Ahem* Just dropping in with a reminder to keep comments Friendly, Supportive and Respectful.

I gave you a thumb up thing

Re: Cut up your Capital One Card NOW

JaseT — Tue, 05 Mar 2019 00:13:54 GMT

@Anonymous wrote:
@JaseT wrote:
The solution is simple: pay in full, don't carry balances. Suddenly that APR doesn't mean anything.
I have no clue what APR is on any of my cards. Frankly I don't even look at that, I just smash the apply button. On that note, my signature is looking rather empty....more cards!

There does appear to be some room in that signature! Seriously though, I think having the mindset of PIF is one of the best things anybody can do with credit cards. I wish that I had taken that same advice years ago. You don't have to worry about APR or balance chasing/decreased CL! Of course the best thing is no overwhelming debt to deal with!

Re: Cut up your Capital One Card NOW

Shadowfactor — Tue, 05 Mar 2019 00:21:23 GMT

Sorry to hear about your troubles, unfortunately this isn’t a new story when it comes to capital one. Being a lender that takes advatange of ABS and buckets cardholders, it really isn’t in their best interest to let you PC or give you more favorable terms as it would hurt their overall statistics. They need cardmembers they have dramatically improved their credit profiles to skew the numbers in their favor so that the shareholders don’t balk as much when they take very risky clients.

Youve gotten some good advice at the start of the thread. If you credit profile supports it and you are interested in a new card with capital one. A new application would result in more favorable terms. This is just how capital one works.

Far better lenders out there in my opinion though.

Re: Cut up your Capital One Card NOW

Anonymous — Tue, 05 Mar 2019 01:24:50 GMT

I cut mine up after 8 months. Started at 500 dollars and went to 1000 at 6 months. Converted to Quicksilver and then dumped it. Really some cards are just for rebuilding or starting out. Once they served their purpose it is time to move on.