Wow looks like it. I read an article saying theres a good posibility that overlapping customers (customers being switched over that already have subprime capital one cards) will face credit cuts to minimize risk exposure. Oh wow this is going to be interesting.
whats the article?
EXTREME dislike... Have CapOne ($1500, my "main" card, for stuff like travel) and Orchard ($500, my "little" card, for stuff like subscriptions and Kindle-spasms). Would love to have these two smallish limits combined onto one card with low interest rate for demonstrated good behavior.
Here's a troubling thought. I was about to pay both of these cards down next month. Last time I paid a credit card in full (IKEA) and that card went out of business, they lowered my limit to the last balance amount, then closed it as a 30-day late. It makes me wonder whether I should just pay the minimum on the Orchard Bank card until it's fully CapOne. (Also, CapOne seemed uncharacteristically slow to post my payment this month. Maybe it's just me?...)
I've been pleasantly surprised by my experiences with Orchard Bank and its customer service.
How many other consumer cards are getting out of the business on the heels of more consumer-friendly federal laws and the current economic downturn in general? Could we be seeing a trend? Will usurious sub-sub-prime bottom-feeders rush in? Are we (eek) moving towards the possibility of a credit-granting monopoly?
I'd have preferred Wells or PNC, personally.
And CrapOne was one of my first cards. It is now my lowest limit since they refuse to CLI it, which is fine. If they want to keep me at $3k, I'll give my business to Citi, Chase, U.S. Bank, Bank of America and Navy - all of which had no issue either issuing or CLIing me to $20k or higher on my cards with them.
And I cannot stand their outsourced customer service - they're worst than most -
Every call to Capital One - when I still had their card - was a full red-blooded American. Not sure if they have different call centers for different card types.
In any event I'm perfectly fine with this change. Way better than Chase IMO. The only way it'd be a problem is if they cancel my rewards...and if they do, I'll just cancel the card, no biggie. Since it's my lowest credit limit it really does not matter whether I keep it or not. It's just nice to have to pay one-off charges. But I'm starting to favor my Discover Card for that stuff.
In any event you've got to give it up to Capital One. With the ING acquisition they went from being a lesser-known company primarily known for predatory lending to the 5th largest depository. That's insane.