QS1 Plastiq idea

[Anonymous]

I got a QS1 last September as my first card after using debit almost exclusively for years. I wish I had gotten a no AF card instead but too late now. The rewards have become redundant so I don't use it except a small recurring charge to keep it alive. I check the upgrade link often but nothing so far. I'm guessing the Cap1 wants to see some use on it.

So, I got an idea after my credit steps CLI came through a couple days ago. That brings it up to $1500. My rent is $1,242.
What if I used my QS1 mastercard and Plastiq to pay it?

I know there is a 2.5% fee. The 1.5% cashback on the QS1 knocks that down to 1%. Other than referrals are there other deals for Plastiq?

Utilization wise, that would put that card at 82.8%. Overall utilization would be at 41.4% if I did it right now. I was going to wait until after apping for 2nd NFCU card next month though. If I can get at least 11k SL on that card then overall utilization will be less than 8.9%. Or I could negate all that utilization business and just pay before the statement date.

Most of my normal spend through July will be going towards NFCU Flagship SUB I'm planning to app for in 3 weeks. Then my anniversary for QS1 comes in September.

The goal is to show Cap1 some use to get CLI and more importantly an option to PC to no AF QS.
I could just cancel the QS1 before the next AF and save a whole lot of effort but I was looking for ways to make the best of my 3B HP.

Any flaws in the idea? Thoughts?

[Anonymous]

With the lenders you have, I would probably just close the QS1 and maybe come back later for a Savor for that $500 SUB but that’s just me. 

I won’t ever recommend throwing away money on fees to try to get a CLI or PC from anyone but especially Cap on a bucketed starter. 

[pinkandgrey]

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@Anonymous wrote:

With the lenders you have, I would probably just close the QS1 and maybe come back later for a Savor for that $500 SUB but that’s just me. 

I won’t ever recommend throwing away money on fees to try to get a CLI or PC from anyone but especially Cap on a bucketed starter. 

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This is exactly what I was thinking. 

[Anonymous]

Huge +1 to @Saeren !!!

That card just based on all the DPs here, regarding the subprime lending cards that are bucketed... seems like just throwing money away for no reason because the card itself isnt going to grow in the long run. 

I'd recommend the ole sock drawer before the plastiq and then app for a more prime card.

Just my 2 cents. Cheers

[HeavenOhio]

The only way to know if your Capital One card is stuck in a starter bucket is to give CLIs a try. You're on the right track because you understand that spending is the ticket to Capital One CLIs.

You won't be eligible for a CLI for about six months. If you want to ramp up your spending on a Capital One card to entice a CLI, three months or so of increased spending should be sufficient. If you want to give this a shot, I'd go for four payments leading up to your request. If you're declined, continue your spending and try again in a month. Keep trying until you become sick of it and decide that your card is bucketed.

Capital One isn't likely to be bothered by high reported utilization as long as you pay in full. But for the sake of your credit report, I'd try to bring the balance down to 28.9% utilization or less before your statement cuts.

QS1 upgrade offers don't seem to depend on the amount of usage. Rather, based on datapoints here, they appear to depend on consecutive months of usage. Keep using the card each and every month. And check in for product change offers each and every month. I was able to PC two QS1s after 12 or 13 consecutive months of usage.

[Anonymous]

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@HeavenOhio wrote:

The only way to know if your Capital One card is stuck in a starter bucket is to give CLIs a try. You're on the right track because you understand that spending is the ticket to Capital One CLIs.

You won't be eligible for a CLI for about six months. If you want to ramp up your spending on a Capital One card to entice a CLI, three months or so of increased spending should be sufficient. If you want to give this a shot, I'd go for four payments leading up to your request. If you're declined, continue your spending and try again in a month. Keep trying until you become sick of it and decide that your card is bucketed.

Capital One isn't likely to be bothered by high reported utilization as long as you pay in full. But for the sake of your credit report, I'd try to bring the balance down to 28.9% utilization or less before your statement cuts.

QS1 upgrade offers don't seem to depend on the amount of usage. Rather, based on datapoints here, they appear to depend on consecutive months of usage. Keep using the card each and every month. And check in for product change offers each and every month. I was able to PC two QS1s after 12 or 13 consecutive months of usage.

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This is a viable option. 

Given the DPs from the OP, the method that the OP is asking about after the percentages wash out will still leave the OP with $12 fees a month if used to pay rent. Waiting at least 6 months to apply which is Cap Ones policy means OP has paid $72 in fees just to apply for a CLI. If OP does this for a year in the hopes of getting a CLI obviously the fees double to $144. 

Definetely correct as there is no way to tell for sure a card is bucketed, but if history repeats itself...

IMHO, paying money in fees just for a slim "chance" at getting some sort of luv from a cap one card that was issued with credit steps isn't the best option out there. Again, just my 2 cents as always.

[Anonymous]

Honestly even if the card isn’t heavily bucketed, why would you care? The earnings on the QS get overshadowed by other cards so it ends up being a SD card anyway (your Flagship earns an effective 2% back on everything). I just can’t see any logic to throwing away money. 

I would put the spend on the Flagship. You have the cashRewards for a 1.5% card which makes the QS1 redundant.