Since it is your first card, I suppose it's also your oldest card. Contact the EO and request a PC to a regular QS (no AF & 1.5% cashback). If they are unwilling to ablige, THEN close the card.
Gardening Until Further Notice
@FinStar wrote:Well, for starters, the trend is nothing new for Capital One and their secured cards. They simply do not graduate nor afford any type of fee-waivers, let alone any APR reductions. Also, Capital One does not combine accounts, that's been known for sometime. Since you already have an unsecured QS1 with them and the secured card serves no other purpose, then you might as well close it and get your deposit back.
Well. for starters, there is evidence on this very forum that disputes both of your claims that "They simply do not graduate nor afford any type of fee-waivers..." Moreover, it sure can't hurt to ask.
@SunriseEarth wrote:
@FinStar wrote:Well, for starters, the trend is nothing new for Capital One and their secured cards. They simply do not graduate nor afford any type of fee-waivers, let alone any APR reductions. Also, Capital One does not combine accounts, that's been known for sometime. Since you already have an unsecured QS1 with them and the secured card serves no other purpose, then you might as well close it and get your deposit back.
+1. If someone wants a secured card to graduate, it's a good idea to research and see if they do. Cap One Secured cards never graduate. There's no need for the OP to close both cards in a snit over a well-known policy...just close the secured one.
I'm assuming that you mean "it's a good idea to research and see if they do" before applying for the card. It's unclear in your post. I did research Capital One's secured card graduation policy and I have found that it is possible. However, it is unlikely.
I won't make any decision, especially a financial decision, in a "snit". The APR offered by Capital One's QuicksilverOne MasterCard is the same as their Secured MasterCard. Ergo, I do not deem it a prudent decison to pay an annual fee for such a high APR.
@SunriseEarth wrote:
@core wrote:
@SunriseEarth wrote:
If someone wants a secured card to graduate, it's a good idea to research and see if they do. Cap One Secured cards never graduate.Depending on when the OP opened his/her card, that may have been during the time period that Cap One was claiming the secured card would graduate in 2 years. If he was taken by Capital One's lies (as I was circa 2010), then I have trouble assigning the blame to him.
Looking at our own forums here, it seems that secured cards graduating was debatable even back in 2010. There was talk at time about getting unsecured CLIs and being "eligible" for unsecured CCs. While that may sound like a CC would graduate, we're definitely getting into "weasel word" territory here!
The OP may have very well been misled back when the CC was opened, as you were. However, at this point, there's much more information available and it's known now that the unsecured Cap One cards do not graduate. Researching here may have saved him time and unnecessary frustration.
The information available today or "at this point" is irrelevant to my decision making process when I applied for the card.
@Involver wrote:
Call their EO if you want to keep the card and they'll at least waive your AF. It won't ever graduate or PC though.
+1
Now, this is Friendly, Supportive, and Respectful! Thanks!
@MissMoni223 wrote:Since it is your first card, I suppose it's also your oldest card. Contact the EO and request a PC to a regular QS (no AF & 1.5% cashback). If they are unwilling to ablige, THEN close the card.
+1
Now, this is Friendly, Supportive, and Respectful! Thanks!
@Imperfectfuture wrote:
@sunrise
You meant secured cards don't graduate right?
For some folks with Cap One, I'm not so sure about the unsecured cards!
(Darn typos!)
