- Centurion Member
- Posts: 4040
- Joined: Thu May 08, 2014 7:42 pm
- Location: United States
They have a reputation for having a lot of customer service reps who are not just inflexible about credit decisions, but are generally unhelpful. The CSRs read from scripts without understanding what a customer is trying to say, and they give customers inaccurate information or do weird things like close an account without being told to. These problems can happen with any bank, but their frequency is higher with Capital One.
One thing that does complicate this is a bit is that they have a lot of customers who are or were financial deadbeats. They are willing to extend credit to a lot of people Amex and Chase will decline. The complaints about CSRs often not knowing what a customer is trying to say are enough to keep me away.
However, Capital One does get some criticism from the semi-recovered deadbeats who have been paying their bills for a few months or a year after a bankruptcy or major default. Those customers often feel they deserve a card with a rewards program or no annual fee. Capital One usually rejects these requests, and the customers get irritated. I don't think Capital One deserves that particular form of criticism, since those customers would not get any comparable card from a bank like Chase or Amex.
Sometimes, though, a fully-recovered former deadbeat customer will try to convert an old card with fees and no rewards into a card with a higher limit, no annual fee, and rewards. This is a customer other banks would be eager to get. Capital One knows that the customer has an extra incentive to keep the account open, since it has a long history. By refusing to stop charging the fees, Capital One can make a lot of money.
I've never had a card with them, so I can't speak from personal experience.
Edit: Capital One does seem to be improving somewhat in their willingness to let old customers switch to better cards or limits.
Also, you can replace 'deadbeat' with 'someone with a very short but clean history who isn't yet able to get a good rewards card' and it will still be accurate.
AlphaOne, renewing one old thread on this topic is generally sufficient to resume discussion. Renewing a second old thread on the topic minutes later can tend to cause confusion.
Very useful: SchwabPlat, CSP, IHG, Costco (was AA Plat), Freedom, SPG
Somewhat useful: Discover, ED (was EDP), BCE, Hyatt, Arrival
May close or PC: Prestige, BrooksBros
Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech