Capital One - Considering Canceling

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SpriteZero1017
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Capital One - Considering Canceling

Postby SpriteZero1017 » Fri Apr 11, 2014 12:20 pm

Hello. I have 4 Cap One cards. I recently made a very large leap from building cards to prime cards. I have a new Venture card with a 5K limit and 3 lower-tier CapOne cards from my early days. Their annual fees are not really in line with their credit limits for me anymore. They are:

1. $750 Limit - $39 AF
2. $750 Limit - $19 AF
3. $300 Limit - $60 AF (!!!)

Concerning that last one, I chatted with a CapOne rep who said they could not waive the annual fee. I asked about a soft pull increase request. He directed me to their website and assured me their increases are not hard pulls. So I did that to see if I could get an increase that made the AF make more sense for me. They offered a whopping $500 increase. :rolleyes: So the line would be $800 with the $60 annual fee. Still really awful so I decline the increase with the intention of probably closing that account.

My recent cards are Citi AAdvantage, AMEX Blue, Discover, CSP, Barcaly's Arrival, Venture, DCU & Wells Fargo. Total new credit lines = $45,000K.

I'm assuming it makes sense to cancel this stupid $300 CapOne and perhaps the others?

(BTW - also definitely going away is my Credit One with it's $96 AF on a $1200 line). Tired of paying and babysitting piddling $5 and $8 a month fees.)

Any insight would be appreciated. Thanks.


haikuginger
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Postby haikuginger » Fri Apr 11, 2014 2:59 pm

Get rid of all of them. Annual fees for cards that don't do anything aren't worth it. The cards will stay on your credit report for the next ten years, giving you plenty of time to establish yourself with your new prime card portfolio.

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nismoZtuner
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Postby nismoZtuner » Fri Apr 11, 2014 3:20 pm

haikuginger wrote:Get rid of all of them. Annual fees for cards that don't do anything aren't worth it. The cards will stay on your credit report for the next ten years, giving you plenty of time to establish yourself with your new prime card portfolio.


what he said!

-or she?
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710
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Dr.Mark
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Postby Dr.Mark » Fri Apr 11, 2014 3:32 pm

Just throw them away (and smile while you do that!!!) and never look back man! You are losing nothing! CRAPital One never changes. 500$ increase...they've got to be kidding. I'm keeping mine for a while more until I establish myself with my new cards...and then...Sayonara baby!
[font=Times New Roman]American Express PRG[/font] [color=green][NPSL][/color]
[font=Times New Roman]British Airways American Express[/font] [color=green][9000£][/color]
[font=Times New Roman]American Express Platinum Cashback Everyday[/font] [color=green][6000£][/color]
[font=Times New Roman]Barclaycard Platinum[/font] [color=green][16600£][/color]
[font=Times New Roman]Virgin Balance Transfer[/font] [color=green][9600£][/color]

TCL - [color=red]41200£[/color]

pac4toon
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Postby pac4toon » Fri Apr 11, 2014 4:05 pm

Cancel em all. Capital One is a good "stepping stone" or starter card.
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SpriteZero1017
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Postby SpriteZero1017 » Fri Apr 11, 2014 4:30 pm

Just for kicks, I email CapOne EO and explained my situation and asked for a manual review of my accounts for CLI which would be more in line with my current credit status and my other credit lines with both CapOne (my Venture card) and others I have. I sent the email expecting neither a waiving of my fees nor the CLI but what the heck, why not make a case and ask.

I sent the email at 2:30pm EST and at 5:00pm they called me. The gentleman was very nice, very talkative and servicey. Took some general info (salary, housing payment) and asked what I would like the increase on my three low-limit cards to be. I asked, knowing how ridiculous the request was, that they match the line on my Venture card which is 5K. He asked if I would be willing to accept a partial increase if they couldn't approve the full requested amount. I said that depended on the amount and if it made sense for me but the full requested amount on those cards would allow me to keep a lot of my credit business with CapOne. Just going along here. With CapOne's reputation for these things being what it is, I'm pretty sure I know where this is going.

He said he would be submitting the request to an underwriter for a review and I'd have an answer within 5 business days. He assured me only a soft pull is involved.

For a soft pull and a half hour of my time on a Friday afternoon I'll let them look at it. I'll reassess when they present an offer and am completely prepared to just close 'em up if they don't work for me which is exactly what I expect.

Thanks for the thoughts and I'll update when I hear back with the expected thud.

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nismoZtuner
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Postby nismoZtuner » Fri Apr 11, 2014 7:16 pm

SpriteZero1017 wrote:For a soft pull and a half hour of my time on a Friday afternoon I'll let them look at it. I'll reassess when they present an offer and am completely prepared to just close 'em up if they don't work for me which is exactly what I expect.

Thanks for the thoughts and I'll update when I hear back with the expected thud.


When they make and offer and you dont like it.. sort of cut them off and say I want to close them..

DO TELL me what they say after that..

I have always wanted to do that but I have no issues with the ones I currently have..
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710

BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]

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TCL-$19,800

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mdl28
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Postby mdl28 » Fri Apr 11, 2014 7:51 pm

C.L.O.S.E them. Even if they match the 5k limit, the fee is still there with more than likely a high APR. I just closed my quicksilver. Annual fee of $59 for a 300 Limit, please. It was converted from my old HSBC card I had from years back. I chatted with Cap One for some time over it. To eventually come to the decision to CLOSE it.
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haikuginger
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Postby haikuginger » Fri Apr 11, 2014 10:00 pm

mdl28 wrote:C.L.O.S.E them. Even if they match the 5k limit, the fee is still there with more than likely a high APR. I just closed my quicksilver. Annual fee of $59 for a 300 Limit, please. It was converted from my old HSBC card I had from years back. I chatted with Cap One for some time over it. To eventually come to the decision to CLOSE it.


Yeah. You're talking about $128 in annual fees between three cards getting you ****-all in terms of rewards. You can do a lot better by getting yourself a good high-tier rewards card with a prime vendor like Chase or Amex.

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DeathWolf
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Postby DeathWolf » Thu Apr 24, 2014 8:04 am

I too have the capone with a 300.00 limit and a 59.99 AF, I emailed their executive office and I was amazed when he called me. I explained I cancelled the card because of the AF compared to the limit and he waived the fee. I don't know if they always do that but it worked for me this time. I'm going to keep mine till I have a better score from my rebuild and will prob drop it for a real card.
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