Have You Had Problems with Captial One Credit Cards?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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kcm7
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Have You Had Problems with Captial One Credit Cards?

Postby kcm7 » Tue Jun 10, 2014 5:54 pm

It seems like all the time on these forums I see digs at Capital (or should I say Crapital) One. So, why exactly?

I'm considering getting the Quicksilver card. I want a simple cash-back card with no foreign transaction fees, that has no annual fee, where I don't have to worry about categories, and this one seems to fit the bill. But before I apply I'd just like to make sure I'm not making a big mistake. I've seen a bunch of posts to the effect that once your credit scores are high enough, you can do "better" than Cap 1. My TU FICO is 780. But the card seems to be a good fit for me and what I want. Am I missing anything?

Thanks!
Cards:

-Capital One Quicksilver
-Barclaycard Arrival (no AF)
- US Bank (no rewards)
-IHG


ncosky290
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Postby ncosky290 » Tue Jun 10, 2014 8:45 pm

Just Cap One is a bank that Offers mostly starter cards. Very few actually see more then that. With other companies that offer 10000000% better customer service (CSP has the best service I have ever used). You will always get scripted answers if you ever call. Oh and good luck getting a CLI.

With companies like Chase and Amex no one needs to be treated like an idiot and that is what Cap One treats you like. I have had several accounts with them and they are all closed now that I have accounts with banks that I can build relationships with. Will help in the long run. Home mortgages and auto loans for say.

APR is always horrific too if you do carry a balance from time to time. If the card was more popular and the bank was better I would pay an AF for 1.5% CB as long as they changed their rewards redemption as it is also horrible.

Get a Chase Freedom or Discover. You get 1% back and the 5% categories are always there to make up that .5% you won't get on normal purchases.

Always think of the relationship with the bank for the future and your credit lines. Eventually the lines will be high enough you will only need one Chase Card, Discover, an AMEX revolver, an Amex Charge, and maybe the Arrival + as it seems very appealing now!

My wallet holds 6 cards. I will eventually have 5 credit accounts and DL. I do not use a bank card at all. No security in my opinion.

I'm sure Member will have a better answer then me though. He knows the ups and downs about any credit line. Always has great advice.

Just my thoughts.
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PowerMan572
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Postby PowerMan572 » Tue Jun 10, 2014 10:37 pm

I have the Capital One Venture card and I love it! I love for different reasons though. I'm a big manufacture spending enthusiast and I push $25k a month through my Venture card. Cap1 does not give a rats butt, so I love this for this reason :-)

But ncosky290 is correct, Cap1 is a starter card for many and they are pretty low compared to Amex, Chase, etc.

To answer your question though, I've never had any problems with my Capital One card. They gave me a $5k limit (which I'm happy with) I charge up the ying yang, I don't get declined, I pay my bill multiple times a week and they leave me alone.

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Postby rockyrock » Wed Jun 11, 2014 8:51 am

My issue with them was their inflexibility and unwillingness to work with me. I ended up closing a >10 year old account with them because they were unwilling to PC my card to a no AF card. The reason they gave me was that none of those (non-AF) cards were on my "offers" list. They invited me check back often as that list does change...yada, yada, yada. Like ncosky mentioned the whole conversation was very scripted no mater what I asked they referred back to the script to answer.

According to the CFPB Cap1 has the highest number of complaints with 1 in 5 of all complaints about credit card issuers being against Cap1. Not a list you want to top especially when you only have a small market share.

With all that said, I believe the Quicksilver card is--on paper at least, a great card. If it is the right card for you, it's likely worth the risk. Worst case is you end up closing it...

As always YMMV.
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MemberSince99
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Postby MemberSince99 » Wed Jun 11, 2014 9:26 am

Yep - you are missing some of the worst customer service on the planet - script readers who are basically untrained and have no clue of what their product is. You would get approximately the same results asking a Magic 8 ball questions as you will asking them.


You are also missing 3 hard pulls for every application with them - they ding all 3 bureaus.


You are missing how they hold your payments for 10 days to 2 weeks effectively by not releasing the available credit. When I had their subprime cards with a 500 limit that rendered it unusable for a good long stretch. It was almost pointless to even have the thing, other than to move on to better and never look back. And oh by the way they would not PC it to anything better or give me a CLI to make it so I could use it.


I have NEVER missed them a damn bit since closing them. The true prime lenders are night and day it's like trying to compare a Yugo to a Mercedes. But If you really want to do business with them be my guest. I just can't imagine why if you can get better.

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kcm7
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Postby kcm7 » Wed Jun 11, 2014 10:07 am

MemberSince99 wrote:Yep - you are missing some of the worst customer service on the planet - script readers who are basically untrained and have no clue of what their product is. You would get approximately the same results asking a Magic 8 ball questions as you will asking them.


OK thanks! And thanks, everyone, for your advice. Turns out my sister has a Capital One card (I think an old cash-back card that must not exist anymore). Her assessment was pretty much the same as everyone else's -- she likes the card and its rewards, but god forbid you ever need to contact customer service. If I do, "Clear your schedule for the afternoon," she told me.

Still considering the card, but will probably close if I don't get a good credit limit (since apparently I'm never going to get an increase). I'm liking the looks of the US Bank Cash + card, and I might apply when I visit family in my hometown (where they have branches). I've had a checking account with them since I was 16 and have always liked their customer service.
Cards:

-Capital One Quicksilver
-Barclaycard Arrival (no AF)
- US Bank (no rewards)
-IHG

takeshi
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Postby takeshi » Wed Jun 11, 2014 12:18 pm

kcm7 wrote:It seems like all the time on these forums I see digs at Capital (or should I say Crapital) One. So, why exactly?

Always consider the source. Many such forum users are building/rebuilding and that's the type of product that such people tend to have experience with when it comes to CO. CO, however, doesn't just offer products for builders/rebuilders.

kcm7 wrote:Have You Had Problems with Captial One Credit Cards

Nope. Never had problems and my cards with them were rebuilders. They wouldn't grow with me and I wasn't aware of the possibility of PC'ing at the time so I closed them. They don't really offer anything I want so I haven't applied for any of their other products.

kcm7 wrote:I've seen a bunch of posts to the effect that once your credit scores are high enough, you can do "better" than Cap 1. My TU FICO is 780. But the card seems to be a good fit for me and what I want. Am I missing anything?

Better is always highly subjective. If it suits you go for it.

PowerMan572
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Postby PowerMan572 » Wed Jun 11, 2014 1:55 pm

MemberSince99 wrote:

You are also missing 3 hard pulls for every application with them - they ding all 3 bureaus.


You are missing how they hold your payments for 10 days to 2 weeks effectively by not releasing the available credit.


Yes, I did forget about the 3 bureau pull! Make sure you really want your Cap1 card and that you're not just applying for a signup bonus offer. Good thing that I really did want the Venture card and that I push a TON of money through it each month to get my miles. I'm definitely getting my 3 pulls worth :cool:

Lastly, I've never experienced a 10 day hold on payments to clear on my Venture card. You did mention that this was on a subprime card, so maybe that's the reason. I think it is worth noting that on Capital One's "better" cards the payments go through that night. I can submit a payment today by their cut off time, and the payment is posted by that night, and the credit limit is available again by 3am or 4am.

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Postby popamode72 » Thu Jun 12, 2014 10:37 am

Nope. Haven't had any major issues with them yet. They were even generous enough to upgrade my Journey card into a Quicksilver Visa without the annual fee so I really hope to see if they will be just as good with CLIs in the future. Payments usually post before the next business day in my case.
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popamode72
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Postby popamode72 » Thu Jun 12, 2014 10:48 am

PowerMan572 wrote:Yes, I did forget about the 3 bureau pull! Make sure you really want your Cap1 card and that you're not just applying for a signup bonus offer. Good thing that I really did want the Venture card and that I push a TON of money through it each month to get my miles. I'm definitely getting my 3 pulls worth :cool:

Lastly, I've never experienced a 10 day hold on payments to clear on my Venture card. You did mention that this was on a subprime card, so maybe that's the reason. I think it is worth noting that on Capital One's "better" cards the payments go through that night. I can submit a payment today by their cut off time, and the payment is posted by that night, and the credit limit is available again by 3am or 4am.


That has also been exactly the case with me and even with their student card.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)



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