Bucketed C1 QS Auto-Upgraded to WEMC

[elboullee]

Long story short: No derogs on CR but went for a few years without CCs and had a bunch of installment debt [mortgage, car loans, etc.] age off my credit report, scores tanked, took new approach to using CCs and started rebuilding my CS a little more than a year ago. 

Currently have 4 cards, no derogs of any kind, FICOs are currently 730, 734, and 740

Like many, a C1 Platinum MC [upgraded to QS four months in] was one of my first 2 cards [if only I knew then what I know now]. At 7 months I tried for a CLI, denied, account too new. Tried two months later, not enough experience with current limit, even though I had consistently been putting 3x my CL on the card each month and paying it all off. Tried again two months later, account still "too new", even though I had had it for a year by that point.

So I get it, it's a bucketed card and will likely never receive a CLI. Which is why I sock-drawered the card with just $50/month in recurring charges with autopay just to keep the account active.

Today I received an email from C1 stating that because I'm such a valuable customer, yadda, yadda, yadda, they have upgraded my QS Platinum MC to a WEMC, new card in the mail, etc. But when I went to check my account, the CL remains the same. 

My question is, why would C1 pay for the additional benefits and upgrade that card to WEMC and at the same time deny any CLI requests? I already have another WEMC with the CFF, why do they [or their algorithm] think that this little bread crumb would be likley to convince me to restart putting $2K/month worth of charges on the card again? If this wasn't one of my two oldest accounts I would have long ago canceled the card.

[FireMedic1]

Over the years since 2015 when I joined Cap1 has been changing networks and the catagories. Name a card from Cap1. Its been a MC or Visa upon approval. They'd go a few yrs with MC. Then Visa on the same card. MC, WMC, WEMC, VISA or VS . Years ago you couldnt have a WEMC or VS unless you had a min of a $5000 SL. That has fallen by the wayside. No clue why and congrats on your upgrade to WEMC. I got my QS WEMC off CK yrs ago. The only place you could get it back then. Not even on Cap1's site. That pic below is that old QS. I never changed the pic. There not the only ones. Guess they go by what will they get more from MC/Visa if they carry that brand.

[K-in-Boston]

---

@elboullee wrote:

My question is, why would C1 pay for the additional benefits and upgrade that card to WEMC...

---

Very few people ever use those benefits.   WMC, WEMC, VS, and VI cards have higher Interchange rates with the MasterCard and Visa networks.   They make a little more on each transaction and odds are very good it will never cost them anything to do so.

[AlanGJP]

Look, I feel like I'm pretty good at this... but what the heck is WEMC? :/ (I'm pretty sure my response wil be "Duhhhhh", but I can't put my finger on this one for some reason.)

[elboullee]

World Elite MasterCard

[AlanGJP]

---

@elboullee wrote:

World Elite MasterCard

---

Yup... Duhhhhhh sigh... I need a coffee.

[elboullee]

---

@K-in-Boston wrote:Very few people ever use those benefits. 

With the WEMC benefits from my CFF I really do like having the $800/incident, $1000/year cell phone insurance. It provides a little comfort for my decision to never buy AppleCare.

But there is one benefit that I use the hell out of - and it may be surprising to some: Fandango.

I have had a VuDu account for nearly a decade. I opened it in order to store and use the free digital copy codes that came with most of the Blu-Rays I was buying. When Walmart sold VuDu to Fandango, Fandango started having weekly $4.99 movie sales and I have been buying ~2 movies a week since.

With the WEMC Fandango benefit you earn a $5 credit for every $20 spent. You can choose to use the $5 for VuDu for digital movies or Fandango for theater tickets.  Thats 25% - for something I was already spending money on! I've easily recieved $100+ in credits since this benefit was added.

[OmarGB9]

---

@elboullee wrote:

---

@K-in-Boston wrote:Very few people ever use those benefits. 

With the WEMC benefits from my CFF I really do like having the $800/incident, $1000/year cell phone insurance. It provides a little comfort for my decision to never buy AppleCare.

But there is one benefit that I use the hell out of - and it may be surprising to some: Fandango.

I have had a VuDu account for nearly a decade. I opened it in order to store and use the free digital copy codes that came with most of the Blu-Rays I was buying. When Walmart sold VuDu to Fandango, Fandango started having weekly $4.99 movie sales and I have been buying ~2 movies a week since.

With the WEMC Fandango benefit you earn a $5 credit for every $20 spent. You can choose to use the $5 for VuDu for digital movies or Fandango for theater tickets.  Thats 25% - for something I was already spending money on! I've easily recieved $100+ in credits since this benefit was added.

---

It sounds like that benefit is very useful useful you. However, I'm 99.99% sure you're in the minority on actually taking advantage of that perk.

[Gollum]

---

@elboullee wrote:

Long story short: No derogs on CR but went for a few years without CCs and had a bunch of installment debt [mortgage, car loans, etc.] age off my credit report, scores tanked, took new approach to using CCs and started rebuilding my CS a little more than a year ago. 

Currently have 4 cards, no derogs of any kind, FICOs are currently 730, 734, and 740

Like many, a C1 Platinum MC [upgraded to QS four months in] was one of my first 2 cards [if only I knew then what I know now]. At 7 months I tried for a CLI, denied, account too new. Tried two months later, not enough experience with current limit, even though I had consistently been putting 3x my CL on the card each month and paying it all off. Tried again two months later, account still "too new", even though I had had it for a year by that point.

So I get it, it's a bucketed card and will likely never receive a CLI. Which is why I sock-drawered the card with just $50/month in recurring charges with autopay just to keep the account active.

Today I received an email from C1 stating that because I'm such a valuable customer, yadda, yadda, yadda, they have upgraded my QS Platinum MC to a WEMC, new card in the mail, etc. But when I went to check my account, the CL remains the same. 

My question is, why would C1 pay for the additional benefits and upgrade that card to WEMC and at the same time deny any CLI requests? I already have another WEMC with the CFF, why do they [or their algorithm] think that this little bread crumb would be likley to convince me to restart putting $2K/month worth of charges on the card again? If this wasn't one of my two oldest accounts I would have long ago canceled the card.

---

I think it would be helpful/useful to read why "Bucketed" credit cards never "grow."

https://ficoforums.myfico.com/t5/General-Credit-Topics/Credit-Card-Asset-Backed-Securities-ABS-and-w...

[elboullee]

---

---

I think it would be helpful/useful to read why "Bucketed" credit cards never "grow."

https://ficoforums.myfico.com/t5/General-Credit-Topics/Credit-Card-Asset-Backed-Securities-ABS-and-w...

---

I've read that before, and it's some very interesting information to be sure.

But to my mind it doesn't exlain why C1 would go to the trouble to do anything for this particular card. The explanation that C1 gets higher swipe fees from WEMC cards on the other hand would certianly answer why it would be in C1's interests to upgrade the card in this particular way.