Unfortunately, it seems the advice of "Take the $100 CLI and you'll still get your Credit Steps CLI" is no longer true.
Well, I guess I'm not surprised. I got a CO Platinum last October with a $1,000 limit. It was in Credit Steps because my credit was decidedly in the basement. I got the upgrade to Quicksilver three months ago, and a $100 CLI. Thinking I might have luck getting a decent limit increase beyond the Credit Steps, I used it a lot and paid it in full every month. I just got my CLI. How much, you ask? It was supposed to be $500. Nope. I got $400.
While I don't plan on ever carrying a balance, it might happen some day that I'll not pay before the bill cuts and wind up with a high utilization, temporarily tanking my credit and making others look at me suspiciously. American Express and Navy FCU have taken the lead in my wallet, with a $5,000 SL and $3,000 CLI, respectively. My 61-day mark with Amex is coming up in two weeks, so I'll definitely go for the 3x CLI.
Capital One is now my Uber card (1-2 times per month), and Discover is my Netflix card. For everything else, there are WAY better options for me right now.
RIP indeed. I'm considering cutting mine loose too. My first card in my build was the Platinum in credit steps with a SL of 300... PC to Quicksilver and $100 CLI at month 3, steps increase to $500 at 6 months... and there it's sat ever since. I figured I'd at least get a mediocre CLI at the 1 year mark but nope. At 1.5% cash back and a teeny tiny limit it's become pretty much useless. Even my Victoria's Secret card has a larger limit! No sense hanging on to cards that don't fit our needs anymore.
Welcome to the ditch Cap 1 club. I did the same with my QS a few months ago. Felt great. Cap 1 has since bombarded my mail box with all sorts of crap but I’m bone with them and there crazy 3 HP system.
The Platinum served its purpose, I guess. I'm not going to say I'm "grateful" to Capital One because The House *always* wins when it comes to banks. At the end of the day, American Express offers me waaaaay better service and benefits beyond the same amount of cash back as CO, and Navy FCU offers me great interest rates if I ever need to carry a balance.
Discover is going into the sock drawer with Capital One since I'm obviously "bucketed" or whatever with them, and that's fine.
PenFed, so far, has proven to be a really good banking partner, so I'll keep my transactional banking with them and use their card for various odds and ends. Maybe some day they'll open up their coffers for me and give me some good offers.
OP, just to clarify on your first post, the way they increased you is how they do it - they gave you $100 of your $500 Steps CLI early is all - it wasn’t an additional $100 meant to be on top of your Steps increase.
That being said, I’m not defending them. I’m also in that position with them and am laughing at how they want a ton of use on a meager credit limit card with “meh” rewards just for MAYBE a shot at a $100-200 CLI. My card was bucketed, I get that, and it’s unlikely to ever grow. I’ve been invited to apply for a different card too, which I will not be doing - CapOne offers nothing for 3 HPs that I can’t get elsewhere for 0-1 HP and will have the added benefit of the potential for growth.
It's all about business decisions. The House always wins, and win it did with me -- I put a lot of spend on that card for them. If they're ready to exit the game, which it seems they are, that's fine.
I could understand bare minimum Credit Steps CLI if my credit profile hadn't improved immensely, but it did improve immensely, and I have accounts that are over 18 years old and have always been in good standing. I'm not bad with money and that shows; I just had a bad year once.
I've been thinking about closing out the QS1 card by the end of the year or spring 2019 once it hits the 2 year mark. It's been sitting at $500 since August and I don't think it's going to grow, let alone the chance to PC or even combine the CL to my QS card that's been at $1500 since May 2017. Tried to get a CLI for the QS1 back in January but got denied (goal is to get it at least to $1000). I think the wait to request again is 6 months, unless I take a chance to request again in May. I have three cards with 1.5% cash back, and I'm to the point where I'm fine with just one card with 1.5% until I try to get one of the Savor cards later on. It seems somewhat frustrating for a lot of folks that Cap1 can be quite stingy on CLIs on the QS cards.