@Anonymous wrote:
@Anonymous wrote:
My answer is don't worry about it, and go on about getting great rewards cards form other companies. Stick the CapOne in a sock drawer, maybe throw a Netflix sub on it or use it every once in again to keep it open if you care. Or don't and cancel it.
CapOne doesn't seem interested in taking good customers that start with their secured card and turning them into heavy long-term Capital One users. They are more interested in being a building block for you to go on and be a heavy user of other cards from other companies. So, that's what you should do.
Not true at all. I'm not sure what people on here don't get about their secured product. They want you to close it once you've established your credit a bit and apply for an unsecured card. They will even tell you that on the phone or in chat. It's a secured card that probably won't unsecure. Take it for what it is, and then move on to a Platinum, and quickly PC it to a QS. That's all there is to it. I for one am a good customer who started with their secured card and became a heavy long-term Capital One user, and there are many, many others on this forum who could say the same.
You know, I say I don't quite get what CapOne is trying to accomplish, but anecdotally, it seems to be clearly working. I work in a restaurant, and of all the credit cards I see people using (and I pay attention to who's using what), it's CapOne by quite a margin.
80% of people use debit. Of the rest, the Platinum is probably the card I see the most (this is not a high end restaurant by any means), followed by the Quicksilver. After that, it's probably Discover and some Bank of America (a few Cash Rewards and Travel Rewards). I've seen only one person each using a Citi DC, Chase Freedom, CFU, Sapphire, and Chase Amazon. I see as many First Premier cards as Chase/Citi cards (again, not a high end restaurant).
Anyway, very anecdotal, but CapOne probably doesn't need me telling them how to run their business. Obviously, it's working, and I agree that clearly the goal for them is for people to close the secured card and apply for a long-term card.
And that plan probably makes sense for the vast majority of people. My bet is that the vast majority of people here aren't nerds about this stuff like us. To me, waiting 12-24 months to put a good card in someone's hands seems like a really long time (for me, they lost me forever after waiting 6 months), but for most people that timeline probably makes sense.
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