Capital One wants me to apply for an additional card

[jaysdad2k]

My Cap One rebuilder card was issued in May 2007 with $300 CL, and I got credit-stepped to $500 and that was it. No matter what I did, it would not change. Then in November I followed that BD number and got a really nice lady who bumped me to $800. I've been buying gas and PIF'ing since then.

A few days ago, I got an email telling me to go app for an additional card, any card, since I'm such an excellent customer! The pre-app site says I can even get Platinum prestige, but only my EX is over 700. I know they check all three.

Suggestions?

[Creditaddict]

with those scores you really have more pick of about any bank.

What about checking the pre-approval site for Bank of America.

or a Citi, Discover card? 

[Anonymous]

My thing is if your already have card with them an you been a excellent customer why don't they just give you a nice CLI. It don't make no since to have to apply for another card with another low CL.

[Anonymous]

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@Anonymous wrote:

My thing is if your already have card with them an you been a excellent customer why don't they just give you a nice CLI. It don't make no since to have to apply for another card with another low CL.

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I agree. Use your almost two year old Capital One card as a stepping stone for better cards with other banks or credit unions. In my opinion, don't open another credit card with a company that plays games like that.

Some feel (and I agree) that this is a deliberate predatory strategy:

http://articles.moneycentral.msn.com/Banking/CreditCardSmarts/ABigLendersCreditCardTrap.aspx

I've got one of their sub-prime-ish credit cards. I'm coming up on almost seven years with this card, and I have very little to show for it. It's taken seven years to go from $ 5,000 to $ 7,000. And that credit limit increase consisted of several $ 300 CLIs that **I** requested. I think it's highly likely that I'd still be at $ 5,000 if I had never asked for a CLI.

Message Edited by MojaveMoon on 02-08-2009 06:20 PM

[KingAdrock]

Having your card grow with you really doesn't seem to be Cap One's MO. If you've grown beyond your card, what they really want you to do is apply for a better card and then combine. I don't think I've ever heard of them doing an upgrade.

This of course is why my Cap One starter card is deep at the bottom of my sockdrawer.

[voidman]

I got that email too couple of days back, since I can't shred it so I trashed it.

[Anonymous]

And the frustrating thing about combining cards is that if you combine a new rewards card into a old sub-prime nonrewards card, then what I understand is that the result is a non-rewards card that is still subprime but with a bigger credit limit.

And if you combine the older card into the newer card, then you're killing the old card and basically starting from scratch again.

[Anonymous]

We all get that email. Nice trap Cap1.

Do you want another card with us?

-Who? Cap1?  Hell no... NO... Never. Who want another card with low CL that never get inscresed...

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Cap1 email:
Name,

As a Capital One® cardholder, you’ve been a great customer, and we want to ensure you’re continuing to get exactly the kind of card products you want. We know you’d like a card that gives you more of a choice when picking the features that come with it. Well, when you apply, and get approved, for a second Capital One credit card through our Card Lab, you’ll gain:

• Customized card features that fit your specific needs (Choose customized rewards, a great APR, or no annual fee!) • The convenience of an extra line of credit • A personalized card you design yourself with Image Card
Card Lab is fast, convenient, and totally free to use. Pay a visit to Card Lab today to apply for your new card!

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Message Edited by mphan on 02-08-2009 07:58 PM

Message Edited by mphan on 02-08-2009 07:59 PM

[Anonymous]

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@Anonymous wrote:

• Customized card features that fit your specific needs (Choose customized rewards, a great APR, or no annual fee!) 

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I guess that, from a certain point on, it's worth trying to get a card that has at least two of those features, not only one.

[mamalawery]

there is another thread for this question as well. a lot of cap 1 customers got this email including myself. don't fall for it!!