topic Re: Capital One sent me another Account Rvw in Credit Cards

Capital One sent me another Account Rvw

NoMoreE46 — Sun, 12 Jan 2025 23:08:41 GMT

I had feeling this review would be coming around again. This account hasnt been used like it has been.

Since July, spending total was about $3,700 vs $6,000 to $9,000 in the same six month period (we've been using the Gold AMEX for dining...)

This is the OG 4% on dining and entertainment Savor with $0 AF with a $36,000 CL.
I called the number to opt out like I did when I got a notice in July 2022. Back then, I was allowed to keep my CL which was $30,000 at the time.

Re: Capital One sent me another Account Rvw

ElvisCaprice — Sun, 12 Jan 2025 23:43:04 GMT

Makes sense to me, as an issuer. Wonder what they consider a healthy CL for your spend? Just like CLI's wonder if CLD's will become common place across the industry? Rolling annual CL's?

Re: Capital One sent me another Account Rvw

pauldc73 — Sun, 12 Jan 2025 23:50:08 GMT

It will be interesting to find out what the outcome of this review is. Especially as the OP was able to convince the CL to stay as-is the last time a review happened, but their spending was lower than what Capital One seems appropriate for their credit line.

Re: Capital One sent me another Account Rvw

GZG — Sun, 12 Jan 2025 23:53:20 GMT

@pauldc73 wrote:
It will be interesting to find out what the outcome of this review is. Especially as the OP was able to convince the CL to stay as-is the last time a review happened, but their spending was lower than what Capital One seems appropriate for their credit line.

there won't be a review, you call the phone number and hit a button and there's no review at all - lol

they just want to cut CL from people who have no interest in keeping it, win - win

people who care aren't upset from slashed limits

and people who don't care, cap1 gets to slash their limits from the balance sheet

Re: Capital One sent me another Account Rvw

AndySoCal — Mon, 13 Jan 2025 02:57:41 GMT

@NoMoreE46 If it were me I would ask the question does this card still make sense? Your primary reason for using the card has been off loaded to another card. I am I using the other 3% catagories on this card. For me it would no because I use Redstone for Walmart ( discount store) and Custom Cash for grocery store purchases. I do not have any streaming services. Savor would get little no usage if I had the card and do not. It sounds like with Capital One your spending must match the need / Expectations for the credit limit or the credit limit will be adjusted accordingly. I know what my answer would be Bye.Disclaimer I do not like Capital One.

Edited to addI have a similar problem with US Bank Cash + card . My primary usages were fast food and ground transportation due my commute to the office and lunch out 6 days a week. That has ended due to my working from home. My spending on the card does not match my limit. My spending is a transaction every so often. So far US Bank has not complained about it.

Re: Capital One sent me another Account Rvw

Zoostation1 — Mon, 13 Jan 2025 04:13:27 GMT

I wonder what it takes for Capital One to consider spend adequate for a given CL? My 2 highest C1 limits are 20k and 15k, and while I need to diverify because 4 of my 6 cards are with them and likely to be 5 of 6 assuming the Discover deal goes through, I've been a bit leery of moving spend away from them to get a new sub on something else. NFCU Cash Rewards (hopefully the + version with 2%) would be my most likely choice. Over the longer term I'm still on the C1 train and fine with giving them a majority of my spend, as for me it works well for me with Savor (don't have the OG no AF but have the $95 AF version) and VX. My only regular spend change would be if I were to downgrade my BCP to BCE. I'd switch my streaming to Savor to and some (probably not all though) of my grocery spend to it as well. BCE would be mainly a gas card only in that case (no custom cash option for me - burned them bad and pretty sure I'm a permanently blacklisted with citi)

Re: Capital One sent me another Account Rvw

UncleB — Mon, 13 Jan 2025 05:41:30 GMT

@NoMoreE46 wrote:
I had feeling this review would be coming around again. This account hasnt been used like it has been.
Since July, spending total was about $3,700 vs $6,000 to $9,000 in the same six month period (we've been using the Gold AMEX for dining...)

This is the OG 4% on dining and entertainment Savor with $0 AF with a $36,000 CL.
I called the number to opt out like I did when I got a notice in July 2022. Back then, I was allowed to keep my CL which was $30,000 at the time.

Well rats, I was hoping the 'Capital One Haircut' days were behind us.

My own Savor (also grandfathered 4% dining/entertainment with no AF) was reduced from $5500 to $1500 back in the summer of 2020. That was after they took my QS Visa down from $17k to $5k. Both of these reductions were done with no warning or notice (i.e. I didn't get the option to opt-out)... they just did the CLD and told me about it after the fact.

Since then I've reallocated $5k from my QS WEMC to my Savor, bringing the credit line to $6500. I'm really hoping they don't mess with it, but it won't surprise me if they do. It seems whenever I have significant restaurant spend it's the 5% quarter on Freedom or Discover so the Savor doesn't get significant spend often.

I've always suspected that I didn't get the option to opt-out due to my Savor and QS Visa both being 'bucketed', but that's just my speculation. ¯\_(ツ)_/¯

Re: Capital One sent me another Account Rvw

ptatohed — Mon, 13 Jan 2025 07:46:48 GMT

I can relate to the advice that maybe the card isn't needed any longer when there are other cards out there which provide higher rewards. But, if I happened to have the OG no-AF 4%, no longer offered, Savor, there would be a part of me that wouldn't want to lose it!

Re: Capital One sent me another Account Rvw

blossom_rebuilding — Mon, 13 Jan 2025 14:56:01 GMT

I got one of these CL limit reduction notices, too. It's the second time I've received one, and I plan call and opt-out as well. That being said, my Venture One sees very little spend relative to the $15k limit (which was auto CLI'd from $10k to $15k, btw, while the card I actually wanted an increase on, the Quicksilver, remains bucketed). Although I want my Venture One limit to stay put, if Capital One was to reduce it without the benefit of this notice (which I appreciate), I'll just do what I did with the Quicksilver when I got a higher cash back card; move 99% of the spend from Capital One got to a better card. I keep the Venture One because the reward points are useful to offset Uber and Lyft charges, but I can live without that if Capital One decides my spend isn't enough for them.

Re: Capital One sent me another Account Rvw

Gregory1776 — Tue, 14 Jan 2025 03:49:11 GMT

@GZG wrote:
@pauldc73 wrote:
It will be interesting to find out what the outcome of this review is. Especially as the OP was able to convince the CL to stay as-is the last time a review happened, but their spending was lower than what Capital One seems appropriate for their credit line.
there won't be a review, you call the phone number and hit a button and there's no review at all - lol

they just want to cut CL from people who have no interest in keeping it, win - win

people who care aren't upset from slashed limits

and people who don't care, cap1 gets to slash their limits from the balance sheet

This is exactly it. I'm considering the Venture X, I want a high SL and last thing I want is CLD of a limit I use not too much of once or twice a year.

Re: Capital One sent me another Account Rvw

TrapLine — Tue, 14 Jan 2025 10:28:32 GMT

In the event they become Discover Bank too, I wonder if letters such as you received will become the norm?

Use it or lose it?

Re: Capital One sent me another Account Rvw

NoMoreE46 — Wed, 15 Jan 2025 00:05:52 GMT

@TrapLine wrote:
In the event they become Discover Bank too, I wonder if letters such as you received will become the norm?

Use it or lose it?

Yup @TrapLine ,

Looking ahead with the upcoming acquisition of DFS, I suspect my (also lesser used) Disco card could be subject to an COF Acct Rvw.

My combined exposure between these two issuers is > $90,000. This amount is significant as this represents ~ 20% of my TCL.

Re: Capital One sent me another Account Rvw

UncleB — Wed, 15 Jan 2025 00:18:46 GMT

@NoMoreE46 wrote:
@TrapLine wrote:
In the event they become Discover Bank too, I wonder if letters such as you received will become the norm?

Use it or lose it?
Yup @TrapLine ,
Looking ahead with the upcoming acquisition of DFS, I suspect my (also lesser used) Disco card could be subject to an COF Acct Rvw.
My combined exposure between these two issuers is > $90,000. This amount is significant as this represents ~ 20% of my TCL.

Ironically my card with the highest credit line is Discover, at $28k. If Capital One applies the 'review' policy to Discover accounts there's little doubt I'll be CLD'ed at some point, since I very seldom put significant purchases on this card.

On the other hand, if I had a BT offer on my Discover card with terms similar to what Capital One usually offers I might have a use for the higher credit line (I ~~probably~~ still wouldn't need $28k, but it would see more activity than it sees now). It's going to be interesting to see what happens with the two issuers in the coming years.

Re: Capital One sent me another Account Rvw

NoMoreE46 — Mon, 20 Jan 2025 19:55:49 GMT

Having opted out of the AR, I got this email stating that I am good (for now.)

@NoMoreE46 wrote:
I had feeling this review would be coming around again. This account hasnt been used like it has been.
Since July, spending total was about $3,700 vs $6,000 to $9,000 in the same six month period (we've been using the Gold AMEX for dining...)

This is the OG 4% on dining and entertainment Savor with $0 AF with a $36,000 CL.
I called the number to opt out like I did when I got a notice in July 2022. Back then, I was allowed to keep my CL which was $30,000 at the time.

Re: Capital One sent me another Account Rvw

Realist — Fri, 24 Jan 2025 13:59:38 GMT

Boogles my mind how credit providers pick and choose who to pursue, and what to leave alone.

Between P1 and P2, we have a nice line of cards, and never once have we faced a review or credit line reduction. I'm talking cards 24-36 months plus never used, I'm surprised they didn't close out these lines due to inactivity enough. Carry a zero balance on everything, yet cycle much, monthly on the card of the month and then paid down. I'm the ultimate dead beat in their eyes.

I'm wondering what becomes the criteria to start deleveraging, and whom they apply this policy to. So long as the account holder is making their payments, even with some interest, these instituations earn their money. They just aren't getting it from me.

I'd love to have the text book to their inner workings.