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Capital one Quick silver shows no offers what gives.

firefox100
Established Contributor

Capital one Quick silver shows no offers what gives.

 

Ok show after I got love from Wells Fargo I try my hand with Capital One on my Quick silver not credit increase called crs to see if I could get my intrest rate which 14.9% reduce They told me thay  had no offers, usually reduce the rate to 10.9% for 7 months not this time. It will go back in the draw. I don't understand Capital one Citi bank gave me an offer 0% for 6 months which I have ben using also US bank gave me 0% on both of my cards.

Message 1 of 12
11 REPLIES 11
Remedios
Moderator

Re: Capital one Quick silver shows no offers what gives.

@firefox100   you are going to live in credit agony for as long as you're comparing apples to pears to oranges to watermelon.

You've included three lenders (with whom you're currently pleased but that wasn't always the case), and compared them to the one that did not do exactly what you wanted them to do. 

 

Then, you stated Capital One card is going back to the sock drawer meaning it never got out.

So what's their incentive to keep throwing offers your way?

 

They are credit card issuer, not a charity.

None of us are entitled to promotional offers, you have cards in 0% promo, by your own admission low spend in general, so what exactly is the problem here? 

 

How does what Citi is doing reflects on Capital One? Why do you think if one lender offers you something, all others should? 

 

 

 

 

Message 2 of 12
Anonymous
Not applicable

Re: Capital one Quick silver shows no offers what gives.

Promo offers / targeted offers can be profile specific.  Just because you are seeing them from some lenders doesn't mean you'll see them from all.  For whatever reason (perhaps lack of use) Capital One doesn't feel an offer aligns with your profile.

Message 3 of 12
Dalmus
Valued Contributor

Re: Capital one Quick silver shows no offers what gives.


@Anonymous wrote:

Promo offers / targeted offers can be profile specific.  Just because you are seeing them from some lenders doesn't mean you'll see them from all.  For whatever reason (perhaps lack of use) Capital One doesn't feel an offer aligns with your profile.


 Exactly.   I spend most of the last yearn not getting any offers from Discover, but innundated with 0% BT offers from Cap 1.  And that's while I was furloughed and had steadily growing CC balances.  Now that I'm back in a better financial position with lowering debt, Cap 1 doesn't even have full-interest BT offers available for me anymore, but Discover, FNBO and even Barclays are now flooding my mailbox with offers.

 

I spent a lot of time joining the angry mob discussions here about one creditor or another...  I finally got to the point where I realize to the bank it is nothing personal.  Its purely a numbers game.  Algorithms run the financial world, and there's increasingly less and less human oversight and control over those algorithms' decisions.

 

 

NFCU MR: $25K | Venture: $21K | Amex ED: $18K | NFCU CR: $18K | Amex BCE: $15K | IT #1: $17.5K | PNC Core: $15K | PPMC:  $12K | Wells Fargo: $11K | Savor: 12K | Cap1 QS: $8.5K | Barclays Rewards: $7.75K | IT #2: $7.3K | MLife: $9.5K | Sportsman's Guide: $8.7K | PenFed PR: $5.5K | Elan Plat: $2.3K | TRV: $3.6K | BotW: $3K


Current FICO 8 Scores: EQ: 828| TU: 805 | EX: 814


Message 4 of 12
firefox100
Established Contributor

Re: Capital one Quick silver shows no offers what gives.

Ok Capital One does not owe any thing I don't half give them my business. The reason for the post was show who is giving enticements to use there credit products. I just check my past 12 months of use on my Quick silver accounts and guess what I found, as follow Jan 20 spent 300, Feb 2020 400 and March 2020 375 dollars spent on the account. I stop using the account  because Capital one did not reward me any way, spend my money where I am taking care of that is free market place at work.

Message 5 of 12
ImTheDevil
Community Leader
Super Contributor

Re: Capital one Quick silver shows no offers what gives.


@firefox100 wrote:

Ok Capital One does not owe any thing I don't half give them my business. The reason for the post was show who is giving enticements to use there credit products. I just check my past 12 months of use on my Quick silver accounts and guess what I found, as follow Jan 20 spent 300, Feb 2020 400 and March 2020 375 dollars spent on the account. I stop using the account  because Capital one did not reward me any way, spend my money where I am taking care of that is free market place at work.


If your limit is higher than $400, that type of spend is well-documented to not cut it with them for getting increased. If your limits are quite a ways over that, then they have taken care of you - they've given you ample lines for your spending. The theme is the same - if you have a $15,000 line and only use $400, you aren't getting screwed/insulted/marginalized. I don't understand why you feel that you are. It costs real money to increase someone, in the form of cash reserves required by law as a percentage of limits. It's been said more times than I can count - no lender must raise lines of credit regardless of your spending, and if you use only 1-3% of your lines, that's even more true. There's no mystery to it.



Platinum NPSL | Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | FNBO Prime Visa | FNBO Evergreen | PenFed PCR | Navy cashRewards | Navy Platinum | Apple | Wells Fargo Active Cash | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Sams MC | Firestone | Overstock | Kohl’s | Key Bank auto loan (2017 Audi A6 Premium Plus S-Line)





Message 6 of 12
firefox100
Established Contributor

Re: Capital one Quick silver shows no offers what gives.


@ImTheDevil wrote:

@firefox100 wrote:

Ok Capital One does not owe any thing I don't half give them my business. The reason for the post was show who is giving enticements to use there credit products. I just check my past 12 months of use on my Quick silver accounts and guess what I found, as follow Jan 20 spent 300, Feb 2020 400 and March 2020 375 dollars spent on the account. I stop using the account  because Capital one did not reward me any way, spend my money where I am taking care of that is free market place at work.


If your limit is higher than $400, that type of spend is well-documented to not cut it with them for getting increased. If your limits are quite a ways over that, then they have taken care of you - they've given you ample lines for your spending. The theme is the same - if you have a $15,000 line and only use $400, you aren't getting screwed/insulted/marginalized. I don't understand why you feel that you are. It costs real money to increase someone, in the form of cash reserves required by law as a percentage of limits. It's been said more times than I can count - no lender must raise lines of credit regardless of your spending, and if you use only 1-3% of your lines, that's even more true. There's no mystery to it.


 

Ok please show me the law that said you need reserve requirements, this is not depository type account such as checking or saving demand account in which the funds are yours. A creditcard credit line is the banks and they don't need to provide you funds they can approve charges one as time may decline any charge for any reason any time.

 

If what your say is true then Wells Fargo would grant credit line increases on my accounts because by your reasoning I charge less then 1% on credit line of 20K for months still got an increase of 3K. It is up to each lender what there policies. Some of lenders did not stop giving credit limit increases over last year they did not cut back because of Covid issue, they may have stop doing business riskriskier customers.

Message 7 of 12
Anonymous
Not applicable

Re: Capital one Quick silver shows no offers what gives.

There's no universal "rule" that one has to use a significant portion of their limit to get a CLI.  It all depends on lender policies, their view of your entire profile etc.  I think it's pretty dumb for many lenders out there that give large CLIs or continue to give CLIs to those that are using (say) 1% of their credit limit monthly or less.  This can include WF, BoA, Amex, Discover, Citi among many others.  Those that are more conservative such as Chase or Capital One get put down by many on this forum for lack of CLI potential because many of their competitors are handing out CLIs without any incentive to do so.  These more conservative lenders are actually the "smart" ones, as they're not taking on more risk for no further reward like those other lenders do.

Message 8 of 12
FinStar
Moderator

Re: Capital one Quick silver shows no offers what gives.


@firefox100 wrote:

@ImTheDevil wrote:

@firefox100 wrote:

Ok Capital One does not owe any thing I don't half give them my business. The reason for the post was show who is giving enticements to use there credit products. I just check my past 12 months of use on my Quick silver accounts and guess what I found, as follow Jan 20 spent 300, Feb 2020 400 and March 2020 375 dollars spent on the account. I stop using the account  because Capital one did not reward me any way, spend my money where I am taking care of that is free market place at work.


If your limit is higher than $400, that type of spend is well-documented to not cut it with them for getting increased. If your limits are quite a ways over that, then they have taken care of you - they've given you ample lines for your spending. The theme is the same - if you have a $15,000 line and only use $400, you aren't getting screwed/insulted/marginalized. I don't understand why you feel that you are. It costs real money to increase someone, in the form of cash reserves required by law as a percentage of limits. It's been said more times than I can count - no lender must raise lines of credit regardless of your spending, and if you use only 1-3% of your lines, that's even more true. There's no mystery to it.


 

Ok please show me the law that said you need reserve requirements, this is not depository type account such as checking or saving demand account in which the funds are yours. A creditcard credit line is the banks and they don't need to provide you funds they can approve charges one as time may decline any charge for any reason any time.

 

If what your say is true then Wells Fargo would grant credit line increases on my accounts because by your reasoning I charge less then 1% on credit line of 20K for months still got an increase of 3K. It is up to each lender what there policies. Some of lenders did not stop giving credit limit increases over last year they did not cut back because of Covid issue, they may have stop doing business riskriskier customers.


@firefox100- not to sidetrack the discussion, but it would behoove you to become familiar with the basics of loan originations (i.e. liquidity, assets, capital, etc.) -- since you asked about the reserve requirements -- and perhaps read about Loan Loss Reserves (aka Reserves for Loan Losses) and the accounting methodoly that's driven for them given OCC + Federal Reserve governance when it comes to loans and credit risk -- credit cards are loan originations.  The concept you described about credit cards is actually not entirely accurate.

 

Another thing that I'll point out, based on a cursory statement you mentioned upthread, Capital One has rewarded you to an extent.  It may be ancillary, but using the card for those few months, you earned 1.5% cashback on your QS card.  Rewards, no?  Maybe not the validation or akcnowledgement you were looking for from them (since banks aren't always going to roll out a red carpet for everyone's needs), but that's the beauty about choices and love.

Message 9 of 12
ImTheDevil
Community Leader
Super Contributor

Re: Capital one Quick silver shows no offers what gives.

@firefox100 if I recall the numbers correctly, a bank has to hold cash reserves equal to 10% of the money they loan. That includes lines of credit. Every dollar extended is 10c that has to be parked in reserve to back that extension. While I agree with BBS that there's no set requirement that tells a bank it has to see X amount of spend on order to grant an increase, that decisions such as that are up to the bank, it also doesn't mean a bank has to give out increases that it doesn't think are merited. As stated, WF/Disco/Amex are more open to large increases compared to spend - that's their prerogative. But it also means banks like Citi/Chase/CapOne are well within their rights to require large sustained spend compared to the line being spent before they'll increase it. It's their money that has to be set aside and they can do so as they see fit. In this case, CapOne already has a pile set aside for your line(s), and you aren't using them. They see no reason to park more of their assets than they already are when it's not going to make them any more money. They'd rather allocate it to those who spend and generate a profit for them. It's not personal, it's their business/risk model, and consumers can either work with it or not. That part is your prerogative. Again, it's not cryptic rocket science. You've found lenders that will keep increasing you for next to zero spend, and some who won't, so focus on the ones who will but don't get angry over the ones who won't. It isn't warranted.



Platinum NPSL | Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | FNBO Prime Visa | FNBO Evergreen | PenFed PCR | Navy cashRewards | Navy Platinum | Apple | Wells Fargo Active Cash | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Sams MC | Firestone | Overstock | Kohl’s | Key Bank auto loan (2017 Audi A6 Premium Plus S-Line)





Message 10 of 12
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