I've been quick to criticize Capital One here before, but I should give credit where credit is due.
I had an account shut down in 2008 when I fell behind on payments due to a period of unemployment. It didn't occur to me to redeem my rewards on the card before the account went into delinquent. I was distracted with other things like trying to find a job. In any event, I was fortunate enough to start working again before the account was charged off, and I paid back the balance in full. The account was "permanently" restricted, and I wasn't able to redeem the rewards on the account, which amounted to a decent sum.
I argued with them quite a bit over it, called multiple times, wrote several letters, and eventually gave up. I understood their position, they were right by the T&C. But my point was that I had paid them back in full at default interest rates and including late fees. So they had not lost any money. And if I had just had the presence of mind to redeem the rewards when I lost my job, I would have had access to them. In any event, if they wanted to enforce the rules to the letter that was fine, but I didn't need to do business with them anymore. So I closed down my other Cap One account, and when they bought Chevy Chase bank, I closed my bank account as well.
My wife still banks with them. We were there recently and the manager asked why I didn't have an account with them. I relayed the story and he made a few phone calls. A few days later, I received a call from Cap One EO. I wasn't able to answer, but before I could call them back, I got an e-mail that my account had been reinstated and I was able to redeem the rewards.
So kudos to Capital One.
Starting Score: ~500 (12/01/2008)
Very nice! Maybe Cap 1 is turning over a new leaf.
@myjourney wrote:This is an amazing story congrats and you should thank your banker as well sounds like he/she went all out for you
Yes, I will thank him next time I see him. We opened savings accounts for the kids so they can start learning to save money. I'll see him next time we take my son in so he can make a deposit.
I don't know that I'm ready to move my accounts back over to them yet, but I would never have considered it just a couple weeks ago. Now it is a possibility.