Cap One QS Questions

[Anonymous]

I just applied for this card as a basic general use card, and if I am honest, the $150 after $500 spend (and 15 month 0 interest) was a decent draw as well. I had assumed it was a MC, but it seems they have been switched over to Visa, so that's a bit of a bummer.

Anyway...

I've been reading through the forums, and it looks like there is not a whole lot of love for Cap One for various reasons. Most of the posts I've found were 3-5 years old, though. Has this perception changed much?

Also, I was reading that this card will not grow much, but generally that seems to apply mostly to folks rebuilding credit. I was approved with credit scores between 760-804 FICO 8 depending which bureau, and got a SL of $6k, so the growth potential is not a huge deal for me now. I am still curious if the potential is there though, or do these "buckets" I've been reading so much about apply to all cardholders/cards?

Also, the interest rate will be kind of high when it starts (20.7% APR). I don't plan to carry a balance, but are they pretty responsive to requests for a lower APR?

Thanks,

Brad

[brandonneur]

@thebrad - not sure what drew you to C1QS with the scores you suggest.  The 1.5% CB is medium average at best, depending on categorical spending.  Add in the high APR for those same scores and it's likely a subpar match for you, especially with a 3B pull.  It all depends on your overall goals.  Read through the plethora of forum posts available, do your research on card offerings, and apply wisely and you can do MUCH, MUCH better than C1QS.

[FireMedic1]

Looks like you were approved for the REAL QS Visa Signature. Congrats! Most complaints come from people who have a Platinum or QS1. They upgrade the Platinum and so forth. They are bucket starter cards for rebuilders. They will never be one of the higest CL's after the rebuild is complete. I had to start with them like many others do. They worked to start the rebuild and then put to pasture. No complaints.

I never whined about them because i knew the time was coming to get the better cards. And I did. I started with 2k on a Plat. Upgrades, combines, and newer cards came. The 3 prime C1's below started at 17k. Now at 36k that used to be over 50k+ until I did a voluntary CLD on them to open the door for better cards and higher SL's. And it worked. I will not trash Cap1 for the starter cards that got me were I'm at like some do or forget who got them were they're at. FireMedics dont make 100k a year. So at over 60k+ in CL's. I'm good. You will get much higher CLI's. Use it. PIF. It will grow.

[Anonymous]

OP—Your scores and SL don’t seem to indicate you’re “bucketed.” I would agree with a previous reply that with your scores it would seem you could’ve gone with other 1.5% or 2% cards with equal or greater SUB and 0% intro APRs. I had a QS for a short while, but with the available 2% and rotating 5% cards it began to gather dust until I PC’d it for a Savor. As it turned out, my timing was great because about 6 weeks later Savor reward structure increased/improved and I’m grandfathered in with no AF.

As for my experience with Cap 1, I’ve had no issues or difficulties. The cards grow, albeit slowly. Rewards and payments post quickly and I’ve never had one bit of trouble with Cap 1. There are probably just better options available to you had you sought them out. Do you have a thin file perhaps or other stats that might have made other options seem out of reach? We all know that our scores aren’t the only factor involved.

[Anonymous]

Thanks for the reply, brandonneur.

I already have the Amex BCP that covers groceries, and gas, the Prime Visa for Amazon purchases and 2% restaurants, Discover IT for various category spending. So really, that covers most spending for me.

I was mostly looking for three things 1) A fourth card to help strengthen my AAoA as it grows (4 cards aging is strnger than 3). 2)Exposure to a new creditor. 3)A 1.5-2% general use cashback card. It ticks all those boxes. Honestly, it probably won't see a ton of use after the $500 spend, except maybe for things like Netflix, HBO Now, etc.

After reading the forums for the past few days, those were the questions I am left with. If I were to do it again, I would probably go with the citi double cash, or possibly the Amex cash magnet, but what's done is done. I'll probably app for another in about 6 months or so, so maybe I'll do better next time

[SomewhereIn505]

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@Anonymous wrote:

I just applied for this card as a basic general use card, and if I am honest, the $150 after $500 spend (and 15 month 0 interest) was a decent draw as well. I had assumed it was a MC, but it seems they have been switched over to Visa, so that's a bit of a bummer.

Anyway...

I've been reading through the forums, and it looks like there is not a whole lot of love for Cap One for various reasons. Most of the posts I've found were 3-5 years old, though. Has this perception changed much?

Also, I was reading that this card will not grow much, but generally that seems to apply mostly to folks rebuilding credit. I was approved with credit scores between 760-804 FICO 8 depending which bureau, and got a SL of $6k, so the growth potential is not a huge deal for me now. I am still curious if the potential is there though, or do these "buckets" I've been reading so much about apply to all cardholders/cards?

Also, the interest rate will be kind of high when it starts (20.7% APR). I don't plan to carry a balance, but are they pretty responsive to requests for a lower APR?

Thanks,

Brad

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Even though I used my CapOne as my main rebuilder card, and like what the others have said, I have outgrown it by obtaining cards with better rewards. Now the QS hangs out with my socks until I decide to switch DH to be an AU on another card of mine. I've grown mine from SL $500->$600->$1100->$2200 (account combination with QS1 but that's a different story). Compared to my recent cards, its a toy limit for me now.

[Anonymous]

If Discover IT is still under 1st year cashback match, I would move all general spending to 2% Discover and PC QS to Savor One to up your restaurant to 3%, then app for a 2% card or 2nd Discover IT when the current IT reaches one year.

[Anonymous]

Thanks everyone, so it looks like it will be able to grow if I'm nice to it. It's goood to see that there is some positive to the card outside of basic rebuilding .

@Firemedic - I'd have to look again, but I beleieve when I was looking through the online portal I got a link to the Visa Signature rewards page, so I'm pretty sure you are correct there. Thanks for telling your story, and congrats on the growth!

@ttulaw - Thanks for your response. I wouldn't say my file is wafer thin, but it's certainly not huge either. It was once much better, but I went without using credit for a time, and as older cards that I closed started to disappear, it has thinned some. My AAoA is around 2 years now with no missed/late payments, and only about 4% util. So, pretty decent I would think...not the 15 year AAoA I had before, but getting there.

Has anyone had any experience withgetting the APR reduced?

[hawkins]

The QS is a solid card but the other person is right with the scores you have you can do much better. 1.5% is not terrible but with cards like the Citi double cash for example they make 1.5% not so good anymore. Anyways, C1 is ok if you PIF every month. And since you have the sig version of the card it should grow somewhat. C1 does not generally give 50k SLs on the QS alone but ya never know.