What’s up with Capital One? Why are they the way they are?

[Caught750]

He's simply saying that a single MR or UR point (TPG Valuation) is worth the "2%" ventures best return. That any MR or UR sub is worth more than $500. That citi (not a CU) has an actual 2% CB card so does Sync and Alliant (not a military CU). Uber has better dining return than Savor. Spark reports to personal CRs where are Chase and Amex do not. Theres no reason to be upset because some of us believe that Cap1 is more interested in rebuilding than prime market customers. Simply stated, with a 650 or higher score you can do better than Cap1

[UpperNwGuy]

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@Anonymous wrote:

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@Caught750 wrote:
It was explained very well somewhere by someone alot smarter than me, but; Cap1 more or less goes after rebuilders or those with no history. They dominate that market with marketing and being what for most people is the only lender available that isn't predatory. They crush this area of the market and then more often than not people keep their products. They don't have anything that really appeals, long term anyway, to the prime market.

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Capital One needs to stay with rebuilders and people with bad credit. 

Their card offerings for "excellent" credit are embarrassing.... A 1.5% cash back card, and a 2% cash back card for $95 a year with global entry/TSA credits once every five years. The Savor is the only decent card they have, and even that can't compete with mid-range cards from other major issuers. 

Let me know when they get hotel and airline transfer partners, a travel portal where the points are worth 1.5 cpp, a $450/year card with premium travel perks, and a straight 2% cash back card with no AF. 

Until then, I classify anyone who pulls out a Capital One card as "financially irresponsible," simply because that's the reputation they've built for themselves over the years, and it likely won't ever change. I know there's people here with huge Capital One limits, but I have to question why they carry one in the first place.... They have better options out there. There's not a single card in Capital One's card portfolio that's better than any other bank's competing cards out there. 

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I hope you realize that most of your criticisms of Capital One could also be made of Navy Federal Credit Union.

[redpat]

Go figure, I have a friend of mine that has very high limit Venture and Spark cards and loves CO w/ 800 scores.

They are just on into credit cards or point stuff and CO makes it easy for them and gives them the lines they want.

So many may think CO is just for rebuilders, when everyone isn’t.

[UncleB]

Blanket statements can often be problematic, which is why I usually try to avoid them.

Capital One is not for everybody, but I've been quite pleased with them myself.  I have a 'standing' BT offer on my QS WEMC for 18 months at 0% for a 2% fee, which usually beats my other cards unless there's a promo.

Also my QS Sig Visa is used almost exclusively by an AU family member; I never have to worry about my family member being in a different state triggering a fraud block like with a few of my other cards.  For better or for worse, they will approve even wildly out-of-character charges with no drama, which is what I need in this situation.

People are free to call my use of Capital One cards "irresponsible" if they want, that's fine.  All I will say is that my current arrangement has worked well for several years now, and I don't plan to change it. 

[Anonymous]

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@UpperNwGuy wrote:

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@Anonymous wrote:

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@Caught750 wrote:
It was explained very well somewhere by someone alot smarter than me, but; Cap1 more or less goes after rebuilders or those with no history. They dominate that market with marketing and being what for most people is the only lender available that isn't predatory. They crush this area of the market and then more often than not people keep their products. They don't have anything that really appeals, long term anyway, to the prime market.

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Capital One needs to stay with rebuilders and people with bad credit. 

Their card offerings for "excellent" credit are embarrassing.... A 1.5% cash back card, and a 2% cash back card for $95 a year with global entry/TSA credits once every five years. The Savor is the only decent card they have, and even that can't compete with mid-range cards from other major issuers. 

Let me know when they get hotel and airline transfer partners, a travel portal where the points are worth 1.5 cpp, a $450/year card with premium travel perks, and a straight 2% cash back card with no AF. 

Until then, I classify anyone who pulls out a Capital One card as "financially irresponsible," simply because that's the reputation they've built for themselves over the years, and it likely won't ever change. I know there's people here with huge Capital One limits, but I have to question why they carry one in the first place.... They have better options out there. There's not a single card in Capital One's card portfolio that's better than any other bank's competing cards out there. 

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I hope you realize that most of your criticisms of Capital One could also be made of Navy Federal Credit Union.

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Navy Federal has never been associated with bad customer service and for those solely with weak credit. 

[wasCB14]

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@Anonymous wrote:

Navy Federal has never been associated with bad customer service and for those solely with weak credit. 

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But neither are they associated with premium perks, big spenders with great credit, transfer partners, great rewards, etc.

I avoid NFCU for the same reason I avoid Capital One: I just don't have a use for any of their products.

[Anonymous]

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@wasCB14 wrote:

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@Anonymous wrote:

Navy Federal has never been associated with bad customer service and for those solely with weak credit. 

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But neither are they associated with premium perks, big spenders with great credit, transfer partners, great rewards, etc.

I avoid NFCU for the same reason I avoid Capital One: I just don't have a use for any of their products.

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Agreed, but what credit union is? 

[Anonymous514]

In all honesty high limits are not such a need. What it comes down to is maintaining an account for years. In some cases high limits look bad to other lenders. Like my former Lowes card that had a 35k limit. Why would I need that? I would never ever spend that much so there's no need. I am even considering reducing my 20k limits down to 10k because I do not need such high limits. I don't intend to spend money that I cannot afford to pay off monthly or what would lead to getting into trouble. 

[OmarR]

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@Anonymous wrote:

Capital One needs to stay with rebuilders and people with bad credit. Until then, I classify anyone who pulls out a Capital One card as "financially irresponsible," simply because that's the reputation they've built for themselves over the years, and it likely won't ever change. I know there's people here with huge Capital One limits, but I have to question why they carry one in the first place.... They have better options out there. There's not a single card in Capital One's card portfolio that's better than any other bank's competing cards out there. 

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Some may equate it to "financially irresponsible", but there are many that fit into the "financially un-informed" category. And that used to be me. Back in ~2012, I classified myself as a rebuilder, but it was really all the TV commercials and all the credit karma ads that convinced me to apply for a Venture One mastercard.  1.25% on traveling. And I didn't even like to travel. I was just happy to tell you what was in my wallet. I CLI'ed it to $15,000 in one request from $3500. I went from proud to super-proud. One card, One mission. And what's even more embarassing is that I am "that guy" that qualifies for anything military.

I started reading this forum in 2016. I dumped Cap1 after I started getting approved for the line-up you see in my signature. Granted, getting my first mortgage in 2014 did probably help me out.

I do agree with your notion of CU's not being very competitive, but Vantage West's 5% categories are awesome as well as Fort Knox's 5% Gas card. But it does suck that VW is now geographically restricted.

The company that I work for is the company that offers a 4/3/2/1 rewards structure. And I don't even like that card. But when someone pulls out a Cap1 card on me at work, I think either:

1. Rebuilder

2. Credit-uninformed / Doesn't care

3. This works for MY spending habits

I find #2 & #3 to be more prevalent amongst my customers.

OP, if your signature is current, regarding your scores & cards, why not just dump Cap1? You have a strong profile without them. Cap1 treated me right, but I also do not understand why anyone with a 740+ score stays with anyone that they complain about. Dump them.

[Gollum]

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@OmarR wrote:

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@Anonymous wrote:

Capital One needs to stay with rebuilders and people with bad credit. Until then, I classify anyone who pulls out a Capital One card as "financially irresponsible," simply because that's the reputation they've built for themselves over the years, and it likely won't ever change. I know there's people here with huge Capital One limits, but I have to question why they carry one in the first place.... They have better options out there. There's not a single card in Capital One's card portfolio that's better than any other bank's competing cards out there. 

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Some may equate it to "financially irresponsible", but there are many that fit into the "financially un-informed" category. And that used to be me. Back in ~2012, I classified myself as a rebuilder, but it was really all the TV commercials and all the credit karma ads that convinced me to apply for a Venture One mastercard.  1.25% on traveling. And I didn't even like to travel. I was just happy to tell you what was in my wallet. I CLI'ed it to $15,000 in one request from $3500. I went from proud to super-proud. One card, One mission. And what's even more embarassing is that I am "that guy" that qualifies for anything military.

I started reading this forum in 2016. I dumped Cap1 after I started getting approved for the line-up you see in my signature. Granted, getting my first mortgage in 2014 did probably help me out.

I do agree with your notion of CU's not being very competitive, but Vantage West's 5% categories are awesome as well as Fort Knox's 5% Gas card. But it does suck that VW is now geographically restricted.

The company that I work for is the company that offers a 4/3/2/1 rewards structure. And I don't even like that card. But when someone pulls out a Cap1 card on me at work, I think either:

1. Rebuilder

2. Credit-uninformed / Doesn't care

3. This works for MY spending habits

I find #2 & #3 to be more prevalent amongst my customers.

OP, if your signature is current, regarding your scores & cards, why not just dump Cap1? You have a strong profile without them. Cap1 treated me right, but I also do not understand why anyone with a 740+ score stays with anyone that they complain about. Dump them.

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Don't end up like me, with a Capital One card (my oldest card) thirteen years  or so older than my second-oldest card (my Simmons Bank card).