Capital One Balance Transfers gone?

[AndrewF]

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@TrapLine wrote:

Add my name to the list. Received BT offers from Discover regularily. Rates ranged 2% Fee to 5% Fee with most at 3%. Two months ago my BTs were gone and I got the same message you did.

Zeroed my Discover Rewards and quit using the Discover Card last month. Suspect a transition and Apr increase. Ready to close the account as it really does not fit my spend pattern.

Going on when Capital One bought several banks back around 2008 (include several cards I had) they increased the 7.9% fixed rates to 23.9% variable. Contacted them as I had stellar performance and they told me to buzz off. I closed six Cap1 personal accounts and two business accounts. Never looked back.

There are so many good financials in the market today, I do not need to be nit picked over usage, credit limits and aprs, not to mention triple pulls for credit.

All that said, Capital One offers some good products today compared to 2008.

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Capital One's business model approves almost anyone with a pulse.

A few years after filing bankruptcy, they give you more cards with the same limits.

Some people have said they give new credit cards to people they're actively suing.

When you're dealing with that sort of lender, they're not going to just let you keep your 7.9% APR. It's not how their model works.

[TrapLine]

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@AndrewF wrote:

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@TrapLine wrote:

Add my name to the list. Received BT offers from Discover regularily. Rates ranged 2% Fee to 5% Fee with most at 3%. Two months ago my BTs were gone and I got the same message you did.

Zeroed my Discover Rewards and quit using the Discover Card last month. Suspect a transition and Apr increase. Ready to close the account as it really does not fit my spend pattern.

Going on when Capital One bought several banks back around 2008 (include several cards I had) they increased the 7.9% fixed rates to 23.9% variable. Contacted them as I had stellar performance and they told me to buzz off. I closed six Cap1 personal accounts and two business accounts. Never looked back.

There are so many good financials in the market today, I do not need to be nit picked over usage, credit limits and aprs, not to mention triple pulls for credit.

All that said, Capital One offers some good products today compared to 2008.

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Capital One's business model approves almost anyone with a pulse.

A few years after filing bankruptcy, they give you more cards with the same limits.

Some people have said they give new credit cards to people they're actively suing.

When you're dealing with that sort of lender, they're not going to just let you keep your 7.9% APR. It's not how their model works.

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Yess, aware of how Capital One's model works. Go back to the 1990's with them. Also, lived through the 2008 merger rage with them. Ended up with six personal accounts and two business accounts.

Understanding how I deal with financials, I closed all eight accounts in one fell swoop (2008). Never looked back.

The merger of Discover Financial Services and Capital One Financial Services causes me to consider closing the Discover Account. The difference is, Capital One Financial Services today has some good mid-range and higher-end cards. So for some, they do work.

[Gollum]

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@AzCreditGuy wrote:

Just got off the phone with a rep who stated the BT offers are limited lol I opened this account back in 2015 and this BT offer has been there ever since. I assume this has to do with Discover merger and Cap 1 tightening down on assets 

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I discovered   that I have balance transfer offers from Capital One for my Quicksilver. In the "OFFER DETAILS" each offer says "Transfer a balance at the same rate as your purchases, currently 19.15% variable, without paying a transfer fee."

Using the Capital One website with my web browser, while looking at my Quicksilver "OVERVIEW,"  if I mouse over "Offers & upgrades" then click on "View offers and upgrades" there is nothing about balance transfers in the result. However, if I mouse over "Offers & upgrades" then click on "Transfer a balance" the result shows two balance transfer offers that appear to be identical to each other. If I click on "More Info" for the first offer a popup for "Terms & Conditions" appears. In the "Terms & Conditions" answer to the question "What kinds of balances can I transfer?" the answer includes "... you may not be able to complete a balance transfer to an account that Capital One acquires or is in the process of acquiring." That may not be relevant to your situation, but I thought it was interesting.

The Capital One offers seem a little weird/broken to me. For example, if I use the "secret URL" I see "You're eligible for a rewards upgrade or change" (to VentureOne or Venture), and those offers have been available to me for the past five months. If I don't use the Capital One "secret URL" I don't see those offers to "upgrade or change."

[SeanA]

They probably just want to make sure the behind the scenes stuff goes smoothly before adding in that wrinkle. Balance transfer offers will return. 

[portlandmusician]

@AzCreditGuy I'm on the opposite side of this. Cap1 never sent me 0% balance transfer offers until recently. Now I'm getting sent them monthly. I had one that expired in June, one that expires in July, and one that expires in August - regarding accepting it: 12 months, 0% APR, 4% balance transfer fee. If they keep this up and have one that runs into October, I'll take 'em up on it

But, they never offered me balance transfer offers prior, and now, all-of-a-sudden, they're hitting me up with them.

[AzCreditGuy]

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@Gollum wrote:

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@AzCreditGuy wrote:

Just got off the phone with a rep who stated the BT offers are limited lol I opened this account back in 2015 and this BT offer has been there ever since. I assume this has to do with Discover merger and Cap 1 tightening down on assets 

---

I discovered   that I have balance transfer offers from Capital One for my Quicksilver. In the "OFFER DETAILS" each offer says "Transfer a balance at the same rate as your purchases, currently 19.15% variable, without paying a transfer fee."

Using the Capital One website with my web browser, while looking at my Quicksilver "OVERVIEW,"  if I mouse over "Offers & upgrades" then click on "View offers and upgrades" there is nothing about balance transfers in the result. However, if I mouse over "Offers & upgrades" then click on "Transfer a balance" the result shows two balance transfer offers that appear to be identical to each other. If I click on "More Info" for the first offer a popup for "Terms & Conditions" appears. In the "Terms & Conditions" answer to the question "What kinds of balances can I transfer?" the answer includes "... you may not be able to complete a balance transfer to an account that Capital One acquires or is in the process of acquiring." That may not be relevant to your situation, but I thought it was interesting.

The Capital One offers seem a little weird/broken to me. For example, if I use the "secret URL" I see "You're eligible for a rewards upgrade or change" (to VentureOne or Venture), and those offers have been available to me for the past five months. If I don't use the Capital One "secret URL" I don't see those offers to "upgrade or change."

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Correct that is the one I am talking about ..."Transfer a balance at the same rate as your purchases, currently 19.15% variable, without paying a transfer fee.".....I use to have that and used it a lot and paid the BT off before it even gained interest and I did the same thing as you and I show I dont have any offers and they removed my BT ability 

[AndrewF]

They're getting out ahead of this thing and making sure people don't transfer a balance to Capital One for 18 months at 0% interest 4% fee when they're in the process of snatching you in from Discover at a normal credit card rate.

I mean, it's what I would do. That portfolio from Discover is full of people who aree really bad with money and owe Discover a lot and can't pay in full, at high interest rates. Capital One isnn't going to risk some of those people slipping out of 20-30-ish percent interest for 18 months.

That would make the portfolio less appealing. I've never seen a bank that offers a balance transfer promo on a portfolio they already own.

The reason banks offer them is to get people who are in trouble with other banks who will eventually be profitable for their bank.

[TrapLine]

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@AndrewF wrote:

They're getting out ahead of this thing and making sure people don't transfer a balance to Capital One for 18 months at 0% interest 4% fee when they're in the process of snatching you in from Discover at a normal credit card rate.

I mean, it's what I would do. That portfolio from Discover is full of people who aree really bad with money and owe Discover a lot and can't pay in full, at high interest rates. Capital One isnn't going to risk some of those people slipping out of 20-30-ish percent interest for 18 months.

That would make the portfolio less appealing. I've never seen a bank that offers a balance transfer promo on a portfolio they already own.

The reason banks offer them is to get people who are in trouble with other banks who will eventually be profitable for their bank.

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Where are you coming up with all this information on Discover? I have been around Discover and Novus since 1986 and used many BTs. I seriously doubt they have any more a risky portfolio members than Capital One. Both are known for helping people out so they both could be risky. Bring us some facts as I am interested, but not in conjecture.

[Namaste7]

My Discover BT offers disappeared a few weeks ago and then recently reappeared. IIRC, the prior BT offers were 15 months at 6.99 with no fee and a year at 0% with a fee. Now, it’s a 10-month offer with a 5% fee. I don’t have open accounts with CapOne at the moment, so it’ll be interesting to see what happens after the account transfers.

[AzCreditGuy]

Just an FYI all balance transfers have been removed my Cap 1 and Discover cards after the merger online. I dont really use these accounts anyways but further proof to me, to sock drawer these cards