@FreedomHammer, it seems there are many different experiences for virtually the same result. In my case I applied for CapOne secured card last April, almost exactly one month after my Chapter 13 was discharged. I was approved for a $1,000 credit line based upon the $849 security deposit I sent them, and received a Platinum MasterCard for my efforts. Long story short, the experience wasn't a good one, I quickly learned I either needed a much higher line of credit or I needed to pay the card off every week or two, then I learned making more than one payment per cycle leads to triggering Anti-Money Laundering protocol and they hold your payment for up to 12-days before releasing the funds. I paid the card off and closed it less than six weeks after I got it, and figured that would be enough to have me blacklisted for a good long time.
That was last June; rougly six months to the day after I closed the card I received a PreApproved offer in my E-Mail for a Quicksilver card, yeah, I was shocked. I applied and was instantly approved for a $3,000 credit limit. You could have knocked me over with a feather. Better still, this time around, my experience with CapOne is about as good as can be expected.
Have had both my Cap 1 cards for 1-2 years. My QS1 is 2 years old and QS is over a year old.
I have yet to see an upgrade link on either card. I'm fairly sure my QS1 is bucketed as that was one of my first cards that I got during my rebuild, and I pretty much put very little spend on both.
I guess it depends on your individual account.
@FreedomHammer wrote:What is the money laundering thing? I've had the account three months (still no upgrade) and make a payment once a week or so and they don't seem to mind.
Lucky you; when I made them once a week they'd hold the money for up to 12 days. Numerous calls to customer service yielded bewildered reps who could only say, "We need to make sure they money you sent us will actually be paid." Yeah, I sent the money via online bill-pay from my bank, they wouldn't even know about payment unless they'd already gotten the money.
I work in the financial industry (not banking or credit), and did some research and triggering AML will definitely cause funds to be held to confirm the source of the money is "clean". Was CapOne triggering some sort of an AML protocol? That's my guess as so far at least, that is the best explanation.
@Anonymous wrote:
@Horseshoez wrote:
@FreedomHammer wrote:What is the money laundering thing? I've had the account three months (still no upgrade) and make a payment once a week or so and they don't seem to mind.
Lucky you; when I made them once a week they'd hold the money for up to 12 days. Numerous calls to customer service yielded bewildered reps who could only say, "We need to make sure they money you sent us will actually be paid." Yeah, I sent the money via online bill-pay from my bank, they wouldn't even know about payment unless they'd already gotten the money.
I work in the financial industry (not banking or credit), and did some research and triggering AML will definitely cause funds to be held to confirm the source of the money is "clean". Was CapOne triggering some sort of an AML protocol? That's my guess as so far at least, that is the best explanation.
For some reason push payments seem to make banks more twitchy than pull payments do. I never had a problem with the frequency I was paying my Capital One card with pull payments and there were times I would be paying it twice a week when I only had a $500 limit to use. More than a few times now I have heard about banks putting a hold on money that was pushed though so the only bank I push to is Synchrony.
Color me confused; why a second push payment in a month would be sneered at while the first push payment was welcomed with open arms and immediately posted to my account boggles my mind. In the end it all worked out for me as I was effectively able to upgrade from a $1,000 CL secured CapOne Platinum card to a $3,000 CL unsecured CapOne Quicksilver card.