Again, why do people care about Capital One?

[DaveInAZ]

Why care about Capital One? I don't know any other CC company that lets you combine 2 cards. I had 2 QS cards both with 10k cls, I combined them to 1 card with $20 k cl. Now I get an offer for a 18 month BT for a 2% fee. I'm going to take nearly 50% of the CL for a BT and deposit it + some cash into a Cap One 360 Money .Market. I also have an offer from them for a $200 bonus for depositing $10k & maintaining the balance for 60 days. That more than pays for the BT fee + it earns 1.4% interest sitting there, and then 16 months of free money to invest and play the bank bonus game. And when I say "invest" I'm near retirement so "invest" means only in those savings accounts paying 5% interest, not Bitcoin or similar investments for those with nerves of steel. The bank account bonus game pays better, just need to be careful of too many bank inquires on Chex & EWS. That's why I care about Capital One.

(Edited for more info, I was on my phone on the original post)

[iced]

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wrote:
Why? I don't know any other CC company that lets you combine 2 cards. I had 2 QS cards both with 10k cls, I combined them to 1 card with $20 k cl. Now I get an offer for a 18 month BT for a 2% fee. I'm going to deposit most of it in Cap One money .market for a $200 bonus. That more than pays for the BT fee, then 16 months of free money to invest and play the bank bonus game. That's why.

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Chase also allows combining cards and/or moving limits around.

[sueblue34]

Rebuilder for me. They gave me a chance I appreciate that. Maybe when I get higher in the credit chain I will change

[Gollum]

As I wrote earlier in this thread, I do sorta like the way my Capital One credit card looks.  Here is why I had to think for a long time to find something I like about Capital One:

Beginning in 1998 I ran significant bi-weekly veterinary expenses through my Capital One card for several years and paid the balance in full each month.  After I asked for a lower interest rate Capital One set my interest rate at 5.9% because "I see you do use the card."  In 2009 (I was unemployed for almost a year during the Great Recession) when I had to carry a balance and my Capital One card was nearly maxed out ($10,500 limit), Capital One raised my interest rate to 16.4% (if I remember correctly, and I think I do).  At the time I only had one credit card (Capital One) and Capital One apparently thought they had me trapped.  I was eventually able to pay off the Capital One balance before the higher interest rate went into effect.

I would have understood and wouldn't have had hard feelings if instead, Capital One had "balance chased" me by decreasing my credit limit every time I made a payment on the balance, but I will never forget what Capital One tried to do to me.

[Anonymous]

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wrote:

As I wrote earlier in this thread, I do sorta like the way my Capital One credit card looks.  Here is why I had to think for a long time to find something I like about Capital One:

Beginning in 1998 I ran significant bi-weekly veterinary expenses through my Capital One card for several years and paid the balance in full each month.  After I asked for a lower interest rate Capital One set my interest rate at 5.9% because "I see you do use the card."  In 2009 (I was unemployed for almost a year during the Great Recession) when I had to carry a balance and my Capital One card was nearly maxed out ($10,500 limit), Capital One raised my interest rate to 16.4% (if I remember correctly, and I think I do).  At the time I only had one credit card (Capital One) and Capital One apparently thought they had me trapped.  I was eventually able to pay off the Capital One balance before the higher interest rate went into effect.

I would have understood and wouldn't have had hard feelings if instead, Capital One had "balance chased" me by decreasing my credit limit every time I made a payment on the balance, but I will never forget what Capital One tried to do to me.

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Back in 2008/2009 many banks were raising the interest rates on credit cards which caused some folks to default. I know, it happened to me and it wasn't Capital One.

[expatCanuck]

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wrote:

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wrote:

As I wrote earlier in this thread, I do sorta like the way my Capital One credit card looks.  Here is why I had to think for a long time to find something I like about Capital One:

Beginning in 1998 I ran significant bi-weekly veterinary expenses through my Capital One card for several years and paid the balance in full each month.  After I asked for a lower interest rate Capital One set my interest rate at 5.9% because "I see you do use the card."  In 2009 (I was unemployed for almost a year during the Great Recession) when I had to carry a balance and my Capital One card was nearly maxed out ($10,500 limit), Capital One raised my interest rate to 16.4% (if I remember correctly, and I think I do).  At the time I only had one credit card (Capital One) and Capital One apparently thought they had me trapped.  I was eventually able to pay off the Capital One balance before the higher interest rate went into effect.

I would have understood and wouldn't have had hard feelings if instead, Capital One had "balance chased" me by decreasing my credit limit every time I made a payment on the balance, but I will never forget what Capital One tried I sto do to me.

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Back in 2008/2009 many banks were raising the interest rates on credit cards which caused some folks to default. I know, it happened to me and it wasn't Capital One.

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I suspect that many on this forum have an '08-'09 story.  In our case, it was PNC balance-chasing our HELOC, even though property values in our neighborhood remained stable.  Happily, not long after, we were able to clear up that nastiness with a refi, and never have to do business with that friendly institution again (and, in the bargain, learned the benefit of paying cash or going without -- or, at least, have the cash in the bank before you put a purchase on a card ).

[Anonymous]

I did not read through this whole thread but I get what the OP is saying. I dropped Capital One like a bad habbit this year as well. This is after being with them for years. In my mind, they just dont offer anything great and their rates are often uncompetitive. From what I gather from the OP, its the same thing in other fields/catagories as well.

In addition to what the OP stated, their APR cash back rate for "high interest savings accounts" is dead last and not competitive. Its been like this for years.

https://docs.google.com/spreadsheets/d/1_qPhZiycTVwEvSvznKiYP-oH-fDewVHv77xw_liK8Ds/edit?usp=sharing

I jumped from Capital One to Goldman Sachs (which has been great so far) for Savings and went to other companies credit cards and have not looked back. I recommend anyone who has a Capital One product to shop around and see if there is a better offering. I feel comfortable betting that in most situations, there is a better deal.

Edit: After reading through this thread, it seem Capital One does decent both becasue of its marketing and because it is easier to aquire and build/rebuild credit. So, while Capital One cards really are not competitive with Premium cards from the competition, it may be a good option for people with poor credit looking to buid/rebuild it. If you already have decent credit, and you want better rates/perks, you probably should look elsewhere. If you are just starting out, Capital One may be a decent option.

[FireMedic1]

Well years ago (90's). Cap1 used to send out a real CC. If you wanted to keep and use it. Call in and activate it. My first card was with them. No one else did that. Years go by and I cut up all my CC's. (younger not young/dumb) Wanted no part of CC's. After BK 8/15 since I had a auto loan with them already when no one else would finance me. I kept the truck thru BK. First card I got after BK was the regular Plain Jane Plat for 2k, upgraded to QS. Before the new 6 month rule. 3 months later got the QS1 4k CL. Few more months. QS WEMC at 5k. Then combined the Plat/QS to the QS WEMC and closed the Plat/QS. Then comes the Venture at 10k. Combined the QS1 to the Venture. Then closed the QS1. Then the Savor for 10k. So in a period of 18 months I went from 6k CL w/2 starter cards to 3 non-starters. After CLI's to the 3 cards now at $30,800. Just from Cap1.

Now would any of the big boys (Chase, BOA, Citi, and so on) Even come close to this? Nope. Not a BK'er. I am the loyal type. You do me a solid, I'll do the same back and remain a customer. From auto to CC's. No problems at all. Between my 5 cards I have every catagory covered. The talk about Venture. I guess I'm lucky I pay rent with it, no fee. Got the bonus 40k in the begining. Now sit at 81k miles. So where would I be w/o them? So I'm pro Cap1. JMO.

[Anonymous]

Fire, you say you pay your rent with your CC. I have been wanting to do this for years with my 2.5% cash back USAA card but my apartment will not let me.

It makes sense that apartments in general would not accept payments with a CC because a CC would charge the landlord a percentage of the transaction (around 3% - 5% I believe) where as a check there is no fee/less fee. Paying with a CC usually means less in the landlords pocket because of the % fee. All the "online rent paying services" I found charge over 2.5% transaction fee so I would be losing money using an online rent paying service.

How did you convince your landlord/leasing office to accept you rent payments on a CC?

[Anonymous]

They lured me with the 50k sign-up bonus and waived annual fee on the Venture. I haven't regretted it, and it is my main card until the annual fee comes rolling around eventually and I have to decide if it's worth keeping. 

Interestingly, I did some digging and my Citi Doublecash actually has better travel perks than the Venture. Go figure.