My "Secure" Chat with Capital One

[WLRK11]

A few years ago, I opened my first credit card: a secured MasterCard from Capital One (22.9% APR + $29 annual fee). Several people have recommended that I close it because I have cards with much lower APRs and cards with rewards (also known as "prime" cards). 

Today, I started a "secure" chat with Capital One and asked to product change to a Prestige Platnium MasterCard (a basic card with no rewards and a reasonable APR.) Nope.

Then, I asked to waive the annual fee. Nope.

Then, I asked to reduce the APR. Nope.

Then, I asked to transfer the credit line from my secured MasterCard to my QuicksilverOne Rewards (still 22.9% APR + $39 annual fee). Nope. 

See a trend there? Can anybody give me a reason to keep either card?!? Any suggestions or should I just close them both? 

[Membersince2013]

Nope......

Just kidden lol. Honestly, there's np reason to keep it. Cancel the card.

[FinStar]

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.

[Anonymous]

The no is strong within them.

I'm beginning to think you can do more from your own login than they can do from their end.

[WLRK11]

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@Anonymous wrote:

The no is strong within them.

I'm beginning to think you can do more from your own login than they can do from their end.

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+1 

I agree!

[Anonymous]

This happened to me last year. I used and used the card. I tried for 3 months to PC the card. Nope was always the answer. I proceeded to dump the card. There are plenty of other cards. Close it and move on.

[SunriseEarth]

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@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.

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+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.  

[core]

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@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.

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 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.

[SunriseEarth]

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@core wrote:

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@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.

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 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.

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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 secured Cap One cards do not graduate.   Researching here may have saved him time and unnecessary frustration.   

[Imperfectfuture]

@sunrise

You meant secured cards don't graduate right?