topic Anyone ever convert one card for another? in Credit Cards

Anyone ever convert one card for another?

ztnjpv — Sun, 18 Mar 2012 18:29:26 GMT

Any experiences? Which company? What exactly did you convert from and to?

I'm looking into trying this with Capital One and I am not sure what their policies are on this. I'd prefer to convert my boring and pointless Cap One Platinum to a rewards card like the Spark than simply apply for the Spark. One obvious advantage is that I don't change the "age" average of my open accounts. Beyond that, with a Cap One spark in hand (along with my other rewards card), I'll never use the Platinum again and will pay an annual fee for a card I don't use.

Re: Anyone ever convert one card for another?

Anonymous — Sun, 18 Mar 2012 18:34:33 GMT

my experiance with CAP one PC is none....they always tell me to reapply .....maybe some others have had luck but not myself coming from a CAP one platinum card...great payment history for 6 yrs......

I guess that why that is a rebuilder card....

Re: Anyone ever convert one card for another?

LS2982 — Sun, 18 Mar 2012 18:35:44 GMT

@ztnjpv wrote:
Any experiences? Which company? What exactly did you convert from and to?

I'm looking into trying this with Capital One and I am not sure what their policies are on this. I'd prefer to convert my boring and pointless Cap One Platinum to a rewards card like the Spark than simply apply for the Spark. One obvious advantage is that I don't change the "age" average of my open accounts. Beyond that, with a Cap One spark in hand (along with my other rewards card), I'll never use the Platinum again and will pay an annual fee for a card I don't use.

Slim to none you'll get a PC out of Cap1. They very rarely do it. Also your going from an average or rebuilder credit product to a excellent credit product and I haven't heard anyone getting that before.

Re: Anyone ever convert one card for another?

lithium78 — Sun, 18 Mar 2012 18:37:38 GMT

I converted my BoA Cash Rewards card from a flat 1% rewards card to a 123 Cash Rewards card after six months of use. BoA had no problem with that, since I had put a lot of money through that card and PIF. Capital One, on the other hand, has refused to PC my Platinum card or even give me a CLI in over two years.

Re: Anyone ever convert one card for another?

ztnjpv — Sun, 18 Mar 2012 18:58:01 GMT

I converted my BoA Cash Rewards card from a flat 1% rewards card to a 123 Cash Rewards card after six months of use. BoA had no problem with that, since I had put a lot of money through that card and PIF. Capital One, on the other hand, has refused to PC my Platinum card or even give me a CLI in over two years.

--------------------------------------------------------------------------------------------------

Well, that's pretty discouraging. I've had the card for almost 6 months. I figured the 6 month mark was a good time to inquire. I've used the card a lot and always pay it in full every month. My scores are all in the lower 700s now and I was hoping those factors along with wanting a better card with a higher fee and better income potential (for them) would make them more amicable to the idea. I guess not

Re: Anyone ever convert one card for another?

ztnjpv — Sun, 18 Mar 2012 19:02:44 GMT

Slim to none you'll get a PC out of Cap1. They very rarely do it. Also your going from an average or rebuilder credit product to a excellent credit product and I haven't heard anyone getting that before.

--------------------------------------------------------------------

Not that I don't believe you but I have a hard time understanding what Cap One stands to gain by NOT allowing the conversion from a starter/builder card to a prime card. If the customer's scores show they are now eligible, what's the benefit in forcing them to keep (or simply close) a low end card that doesn't suit them anymore? What do they get out of it?

Well, OTOH, I suppose that since the card is only 6 months old, there isn't much for me to lose in closing it. It may be my oldest card but it's still not that old.

Re: Anyone ever convert one card for another?

pizzadude — Sun, 18 Mar 2012 19:04:29 GMT

There's really no way to understand the nuances of how Cap1 makes these decisions. But it is very likely that you won't be able to do a PC as many have posted, they would just rather have you apply for another card.

Re: Anyone ever convert one card for another?

LS2982 — Sun, 18 Mar 2012 19:27:28 GMT

@pizzadude I agree there's no way to tell what criteria or what cards eligible for PC. It seems like their prime cards are the only PC available ones.

Re: Anyone ever convert one card for another?

Anonymous — Sun, 18 Mar 2012 19:30:04 GMT

This is an oldie but a goodie...A must read for anyone doing business with Cap One (purely to educate yourself so you don't become duped by their low credit limit trap):

http://www.businessweek.com/magazine/content/06_45/b4008048.htm

Kind of confirms why they want you to apply instead of doing a PC.

Re: Anyone ever convert one card for another?

emptypockets — Sun, 18 Mar 2012 19:31:46 GMT

I have a Cap 1 Platinum Visa open since 2006, CL is 3k. I tried recently ( within last 2 weeks) to get it converted to another product (green cash rewards) or any other rewards card, and ey said my account was not eligible for this, but they said I could reapply. Also tried to combine this card with my No hassle cash rewards card (opened last time they told me to reapply (9/10)... And I got a lousy credit step 500 limit, which is now 750. They said they do not combine cards. Needless to say, the No Hassle cash rewards will be history before AF hits, and the Platinum will likey be history as well as soon as the balance is zeroed out.

Re: Anyone ever convert one card for another?

LS2982 — Sun, 18 Mar 2012 19:40:04 GMT

Good article dyv!!

I have to say I place the blame more on the customers than the company. You knew what you were getting into getting multiple cards, and all the fees were outlined in the T&C.

Re: Anyone ever convert one card for another?

ztnjpv — Sun, 18 Mar 2012 22:38:37 GMT

I have to say I place the blame more on the customers than the company. You knew what you were getting into getting multiple cards, and all the fees were outlined in the T&C.

-----------------------------------------------------------------------

I have to agree there. People need to be smarter about taking on credit. Credit cards are not free money. A little maturity goes a long way.

Re: Anyone ever convert one card for another?

cashnocredit — Sun, 18 Mar 2012 23:17:57 GMT

@Anonymous wrote:
This is an oldie but a goodie...A must read for anyone doing business with Cap One (purely to educate yourself so you don't become duped by their low credit limit trap):

http://www.businessweek.com/magazine/content/06_45/b4008048.htm

Kind of confirms why they want you to apply instead of doing a PC.

The article is rather out of date. Cardholders now have to opt in for over limit charges. Their biz model might have been valid in 2006 but it's 2012. Anyone that opts in can't complain if they get OL fees.

Re: Anyone ever convert one card for another?

LS2982 — Sun, 18 Mar 2012 23:51:14 GMT

@cashnocredit wrote:
@Anonymous wrote:
This is an oldie but a goodie...A must read for anyone doing business with Cap One (purely to educate yourself so you don't become duped by their low credit limit trap):

http://www.businessweek.com/magazine/content/06_45/b4008048.htm

Kind of confirms why they want you to apply instead of doing a PC.

The article is rather out of date. Cardholders now have to opt in for over limit charges. Their biz model might have been valid in 2006 but it's 2012. Anyone that opts in can't complain if they get OL fees.

Re: Anyone ever convert one card for another?

Anonymous — Mon, 19 Mar 2012 00:20:16 GMT

@cashnocredit wrote:
@Anonymous wrote:
This is an oldie but a goodie...A must read for anyone doing business with Cap One (purely to educate yourself so you don't become duped by their low credit limit trap):

http://www.businessweek.com/magazine/content/06_45/b4008048.htm

Kind of confirms why they want you to apply instead of doing a PC.

The article is rather out of date. Cardholders now have to opt in for over limit charges. Their biz model might have been valid in 2006 but it's 2012. Anyone that opts in can't complain if they get OL fees.

True. I'm not assuming that all the T&C are the same in 2012 as they were in 2006. But by the many discussions we have on here about Cap One their policy of issuing low limit cards, the fact they do not take customer initiated CLIs or PCs (except if you win the lotto with them), and their policy of encouraging customers to open additional lines of credit rather than offering more transparent terms on CLIs or PCs is still alive and well. Yes it is ultimately the responsibility of the consumer to manage his or her credit reponsibly but Cap One has and still makes it as confusing as possible for the consumer to do this.

Re: Anyone ever convert one card for another?

cashnocredit — Mon, 19 Mar 2012 01:01:42 GMT

Back in 2009, when I realized I needed to re-establish credit, had major baddies and hadn't used a credit card in over 10 years I looked at Cap One. I really liked their 0% FT but their limit of $3k for a secured card was a non-starter for me. I wound up initially apping for the WF secured with a 10k deposit. 6 months later I apped for the 25k Citi card. A year later I was getting lots of preapprovals for Discover and Amex and thought, what the hell, and apped for them. Denied. Later Citi and WF unsecured me even with the baddies. Fortunately the baddies were aging and the IRS came out with new rules that let me withdraw a lien so my credit file improved when they all went away last year and I recently got a Chase Freedom siggy and Amex plat.

In retrospect I made the right decisions though it wasn't so obvious at the time. If Cap One had offered a higher limit secured I'm pretty sure I would have added them first. Both WF and Citi have been great cards and I used them extensively. I'm pretty sure when the 18 mo. Citi secured CD was up I was a pretty boarderline approval. I didn't have a long banking relationship with them, unlike WF, and they pulled my credit twice, a day apart, before unsecuring. I used the card a lot and they unsecured it without cutting my CL.

Geez, I had even considered FP and Orchard back then.

While Citi unsecured the card, all the other card T&Cs stay the same including an AF of $29. While they waived it at the last anniversary I'm going to convert my Citi to a Forward later this year before the AF hits just in case they don't waive it again. It takes about 6 weeks but shouldn't be a problem. My gf converted hers a few months ago.

Re: Anyone ever convert one card for another?

mmduluth — Mon, 19 Mar 2012 01:08:40 GMT

I PCed my Amex Clear to the Blue Cash Everyday