Anyone ever convert one card for another?

[LS2982]

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.

[ztnjpv]

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.

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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. 

[ztnjpv]

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.

[ztnjpv]

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[ztnjpv]

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. 

[cashnocredit]

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@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.

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The article is rather out of date.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.

[LS2982]

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@cashnocredit wrote:

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@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.

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The article is rather out of date.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.

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+1

[Anonymous]

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@cashnocredit wrote:

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@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.

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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.

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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.

[cashnocredit]

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.

[mmduluth]

I PCed my Amex Clear to the Blue Cash Everyday