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What's so great about Capital One?

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Super Contributor

Re: What's so great about Capital One?


@iced wrote:

@AverageJoesCredit wrote:
With the upcoming transition of my Wally cards to Cap One, making them my first ever C1 cards, being off today and bored, got me wondering thisSmiley Wink. Its only fair guys and you knew it was coming😄

You may have finally made a thread I'm interested in...

 

I've always correlated an issuer's need to run lots of advertising with that issuer making up for an otherwise bland product. And let's be honest - aside from co-branded cards shamelessly shoved in your face at airports and hotels, the only issuers who really run a lot of advertising are Discover, Capitol One, and Credit One. And all three are basic cash-back offerings. Is this a clue as to who their target audience is?

 

I do see the occasional Chase/American Express ad, but it's usually only at the launch of a new card (a la Tina Fey's shamless plugs of American Express a few years back) and then they quickly fade out, leaving the three aforementioned banks to regail me unsuccessfully with their sad trombone products.

 

So that leaves me to also wonder...if Capitol One's cards are already great, why do they need to advertise...and advertise...and advertise...and hire celebrities to advertise...and ads at bus stops and billboards and ballparks and ... no wonder the Venture has an AF! They have to cover their massive advertising budget!


I mean I personally see more adds for NFCU and CEFCU than I do for Capital One but I don’t see anything wrong with them advertising their product. Their target audience is not and never has been those of us who collect cards on myFICO. The fact they actually seem to be stricter than 5/24 these days definitely shows they don’t like our games. Also Capital One is somewhat unique in that credit cards are their main business. Capital One was a spin off of Signet Financial Group’s credit card division and for years, all they did was credit cards. For the major banks, credit cards are a side hustle really. 

 

I do see quite a few ads for Amex as well. Amex likes to advertise online a lot more than Capital One does. 




Message 71 of 138
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Super Contributor

Re: What's so great about Capitol One?


@M_Smart007 wrote:

@Saeren wrote:

 

No biggie, just OCD man. Smiley Happy


See the source image


One

Crazy

Dude

 

j/k 😂 




Message 72 of 138
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Moderator

Re: What's so great about Capitol One?

If there is anything that's driving me nuts about this thread, it's the "They gave me a second chance" 

 

No, they did not. Their computer does not sit there, crying 1s and 0s over somebody's situation. It's a part of their business model.

People get approved for a second Cap One card while being sued by them for the one they defaulted on. 

It's a business decision, not benevolence on their part. 

 

I have nothing bad to say about Cap One. They certainly work for some people, tend not to be hyper reactive when it comes to behaviors commonly seen here. At least you don't have to walk on eggshells after opening Cap One card. 

Message 73 of 138
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Frequent Contributor

Re: What's so great about Capitol One?

After a financial crisis all of our credit cards were closed except for one Chase card which had a tiny $500 limit. We used our debit card or cash to pay for most everything for years. I thought I would have to start with a secured card. Capital One sent me an mailer for the QS in 2015. I applied, and was approved for $5k. I was so happy! Three months later I got a CLI to $10k, and six months later another CLI brought me to $15k. A few months later I applied for the Venture and got a $20k limit. That QS is now a grandfathered Savor and stands at 24k. The Venture was pc’d to a QS a few weeks ago, and stands at $26k. 

 

I’m not a fan of a ton of cards, so I’m pretty content with what I have from Cap One along with a Freedom and a Discover card. Unless things change dramatically, Capital One will always have a place in my wallet. They’ve been more than good to me.

Message 74 of 138
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Super Contributor

Re: What's so great about Capitol One?


@Remedios wrote:

If there is anything that's driving me nuts about this thread, it's the "They gave me a second chance" 

 

No, they did not. Their computer does not sit there, crying 1s and 0s over somebody's situation. It's a part of their business model.

People get approved for a second Cap One card while being sued by them for the one they defaulted on. 

It's a business decision, not benevolence on their part. 

 

I have nothing bad to say about Cap One. They certainly work for some people, tend not to be hyper reactive when it comes to behaviors commonly seen here. At least you don't have to walk on eggshells after opening Cap One card. 


It’s still valuable to have an avenue to rebuild credit again even after burning them. Capital One’s business model is much better than Credit One, Surge, etc. for the consumer. 

 

I pointed out earlier in the thread that it’s not altruistic and that they don’t hesitate to sue but it doesn’t change the fact that they extend credit to people other banks won’t touch, motives behind it don’t matter. If Capital One didn’t send me that mailer in 2014, I don’t think I would have gotten a credit card again for many years. Even Credit One wasn’t interested back then because my BK went on in 2010 and then the 💩 really hit the fan in 2012 with a repo, multiple cellular providers charged off, student loans defaulting, and lots of medical debt (including a $20K bill from the helicopter they sent to my dad’s) with no positive activity. Even with all of that there, I got a mailer for the no AF Platinum and was instantly approved for $300. 

 

The timing was perfect too. I had $48K sitting in my checking account for disability back pay and I needed a card to give my roommate to do shopping with that didn’t involve him having access to the money on the debit card. I told him it had a $200 limit and paid it off multiple times a month and by 2016 it was $1250 and through a series of $2K and $3K increases it went to $8250 where it is now even when I had more medical charge offs coming in, they still increased my limit every 6 to 8 months when I asked. I don’t think any other lender would have done that. 

 

I was so happy with Capital One that I added the PlayStation to my wallet in 2016 and didn’t bother looking anywhere else for credit until I got the invite from Ollo in 2017 which prompted me to take that and start checking Disco and AMEX prequals. We only need to look at my signature to know what happened in 2018. 

 

And then they still approved me for my $10K SavorOne when I was at 11/24. 




Message 75 of 138
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Valued Contributor

Re: What's so great about Capital One?


@Saeren wrote:


I mean I personally see more adds for NFCU and CEFCU than I do for Capital One but I don’t see anything wrong with them advertising their product. Their target audience is not and never has been those of us who collect cards on myFICO. The fact they actually seem to be stricter than 5/24 these days definitely shows they don’t like our games. Also Capital One is somewhat unique in that credit cards are their main business. Capital One was a spin off of Signet Financial Group’s credit card division and for years, all they did was credit cards. For the major banks, credit cards are a side hustle really. 

 

I do see quite a few ads for Amex as well. Amex likes to advertise online a lot more than Capital One does. 


CUs might be doing regional advertising. I never even heard of CEFCU until your post if that tells you how much advertising they do out here, and I only know of NFCU because of these forums. It's also possible they target specific regions or media channels that I don't see.

 

What I do know is I can't walk down the street without seeing Capital One (I had my fun with Capitol in the last post) billboards or bus posters; if I turn on the TV, I'll invariably see an ad for them.

 

To me, the "wrong" with lots of advertising is that it comes off as desperate. Lots is key word here. Plugging a new card for a month or two is one thing; plugging the Venture or Quicksilver day in and day out for years is another. When I see tons of Capital One ads with celebrities, I don't think "ooh, they must be pretty cool, I should look into them", I instead think "does their product suck so bad they have to resort to plugging it in hopes people will get it because Sam Jackson told them to? Oh that didn't work, so they're going to try Jennifer Garner now?"

 

Same principle with cars. Show a car ad a few times and it informs you about a new offering you may or may not be interested in. Show a car ad several times a day for months on end and it grates you down to the point you're annoyed at it. I stopped caring how awesome a dealer thinks their current lease special is this week because I know they've been running comparible lease specials weekly for the last 3 years.

Message 76 of 138
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Moderator

Re: What's so great about Capitol One?


@Saeren wrote:

@Remedios wrote:

If there is anything that's driving me nuts about this thread, it's the "They gave me a second chance" 

 

No, they did not. Their computer does not sit there, crying 1s and 0s over somebody's situation. It's a part of their business model.

People get approved for a second Cap One card while being sued by them for the one they defaulted on. 

It's a business decision, not benevolence on their part. 

 

I have nothing bad to say about Cap One. They certainly work for some people, tend not to be hyper reactive when it comes to behaviors commonly seen here. At least you don't have to walk on eggshells after opening Cap One card. 


It’s still valuable to have an avenue to rebuild credit again even after burning them. Capital One’s business model is much better than Credit One, Surge, etc. for the consumer. 

 

I pointed out earlier in the thread that it’s not altruistic and that they don’t hesitate to sue but it doesn’t change the fact that they extend credit to people other banks won’t touch, motives behind it don’t matter. If Capital One didn’t send me that mailer in 2014, I don’t think I would have gotten a credit card again for many years. Even Credit One wasn’t interested back then because my BK went on in 2010 and then the 💩 really hit the fan in 2012 with a repo, multiple cellular providers charged off, student loans defaulting, and lots of medical debt (including a $20K bill from the helicopter they sent to my dad’s) with no positive activity. Even with all of that there, I got a mailer for the no AF Platinum and was instantly approved for $300. 

 

The timing was perfect too. I had $48K sitting in my checking account for disability back pay and I needed a card to give my roommate to do shopping with that didn’t involve him having access to the money on the debit card. I told him it had a $200 limit and paid it off multiple times a month and by 2016 it was $1250 and through a series of $2K and $3K increases it went to $8250 where it is now even when I had more medical charge offs coming in, they still increased my limit every 6 to 8 months when I asked. I don’t think any other lender would have done that. 

 

I was so happy with Capital One that I added the PlayStation to my wallet in 2016 and didn’t bother looking anywhere else for credit until I got the invite from Ollo in 2017 which prompted me to take that and start checking Disco and AMEX prequals. We only need to look at my signature to know what happened in 2018. 

 

And then they still approved me for my $10K SavorOne when I was at 11/24. 


The whole point is to extend money to the people other lenders wont touch. It ensures their card gets used. Again, not benevolence, simply taking advantage of the situation in a way that can be beneficial both to consumer and lender

 

As far as what happened to you in 2018, you found MyFico and added a bunch of cards. That, too, is not an unusual occurrence. 

I'm glad it worked out for you 

Message 77 of 138
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Super Contributor

Re: What's so great about Capital One?


@iced wrote:

@Saeren wrote:


I mean I personally see more adds for NFCU and CEFCU than I do for Capital One but I don’t see anything wrong with them advertising their product. Their target audience is not and never has been those of us who collect cards on myFICO. The fact they actually seem to be stricter than 5/24 these days definitely shows they don’t like our games. Also Capital One is somewhat unique in that credit cards are their main business. Capital One was a spin off of Signet Financial Group’s credit card division and for years, all they did was credit cards. For the major banks, credit cards are a side hustle really. 

 

I do see quite a few ads for Amex as well. Amex likes to advertise online a lot more than Capital One does. 


CUs might be doing regional advertising. I never even heard of CEFCU until your post if that tells you how much advertising they do out here, and I only know of NFCU because of these forums. It's also possible they target specific regions or media channels that I don't see.

 

What I do know is I can't walk down the street without seeing Capital One (I had my fun with Capitol in the last post) billboards or bus posters; if I turn on the TV, I'll invariably see an ad for them.

 

To me, the "wrong" with lots of advertising is that it comes off as desperate. Lots is key word here. Plugging a new card for a month or two is one thing; plugging the Venture or Quicksilver day in and day out for years is another. When I see tons of Capital One ads with celebrities, I don't think "ooh, they must be pretty cool, I should look into them", I instead think "does their product suck so bad they have to resort to plugging it in hopes people will get it because Sam Jackson told them to? Oh that didn't work, so they're going to try Jennifer Garner now?"

 

Same principle with cars. Show a car ad a few times and it informs you about a new offering you may or may not be interested in. Show a car ad several times a day for months on end and it grates you down to the point you're annoyed at it. I stopped caring how awesome a dealer thinks their current lease special is this week because I know they've been running comparible lease specials weekly for the last 3 years.


I get your point but I believe over 70% of Capital One’s business model is still credit cards so it doesn’t really surprise me that they appear desperate to push their card. Making a business that primarily thrives on credit card revenue is risky, especially when the competition has left you in the dust. I won’t deny that Capital One desperately needs to redo their credit card line up to make it more competitive with other offerings but their new customer seeking doesn’t make a difference to me as an existing customer and the way I view them. They’re a business trying to make a profit at the end of the day. 

 

As for CEFCU, I hadn’t heard of them either until Hulu ran nothing but NFCU, CEFCU, and USAA ads for like a month straight when I was binging shows. 




Message 78 of 138
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Valued Contributor

Re: What's so great about Capitol One?


@Remedios wrote:


The whole point is to extend money to the people other lenders wont touch. It ensures their card gets used. Again, not benevolence, simply taking advantage of the situation in a way that can be beneficial both to consumer and lender

 

As far as what happened to you in 2018, you found MyFico and added a bunch of cards. That, too, is not an unusual occurrence. 

I'm glad it worked out for you 


Also this.

 

Banks really, really don't give a crap about you or your situation. Nobody is giving you a first or second chance. In the case of Capital One, they're targeting the moderate risk group that tends to be rebuilding because that's where they want to be and where they make their money.

 

If it helps you to sleep at night by adding a compassionate human element to things, whatever, but make no mistake - they are not.

Message 79 of 138
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Community Leader
Super Contributor

Re: What's so great about Capitol One?


@Saeren wrote:

I pointed out earlier in the thread that it’s not altruistic and that they don’t hesitate to sue but it doesn’t change the fact that they extend credit to people other banks won’t touch, motives behind it don’t matter.


How do the motives not matter? Honestly asking here. They play to both the subprime and prime market as their market strategy. If they started adopting a financial model like Chase to cater to those that are fiscally responsible then those same people wouldn't have a card to go with them in the first place.

Message 80 of 138
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