Old Company bought out.

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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quinnfallensol
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Old Company bought out.

Postby quinnfallensol » Sun May 17, 2015 9:41 pm

I have had HSBC Mastercard for years. They were bought out by Capital One. How good is Capital One? I have the Platinum card. I used Capital One years ago. I did not like it, and closed out the card. It is my oldest card to date, since the takeover. I have thought I about closing it because I have never liked them. How far have they come? I have a zero balance on the card. Will it hurt my score, if I close? Thank you!


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kcm7
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Re: Old Company bought out.

Postby kcm7 » Mon May 18, 2015 4:45 pm

YMMV. But in my experience, while I like my Quicksilver card, their customer service leaves something to be desired.

Their online interface for credit card accounts isn't the most streamlined, but isn't the worst I've ever experienced.

As for credit damage, the immediate effect would be on utilization IF you carry balances on your other cards (because you're getting rid of one card's limit). As for age of accounts, there will be no immediate effect, since cards closed with a good history remain on your credit reports for 10 yrs.

ETA: Cap One's customer service is on bar with most large banks'. It depends greatly on the rep you get.
Last edited by kcm7 on Tue May 19, 2015 3:13 pm, edited 1 time in total.
Cards:

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

dragon452
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Re: Old Company bought out.

Postby dragon452 » Tue May 19, 2015 10:39 am

You will find (today), that Capital One may be a little bit better than they were years ago as far as customer service, and offering credit line increases. But I've had an account with them for over thirteen years (World Mastercard Venture), and still find them inflexible on lowering high APR interest rates (by my standards), and credit line increases (still the same amount they issued me originally, it never changed despite my many calls and threats, blah blah blah). Their security is marginal: I've had my account info. changed by a crook without my knowledge, and new cards either "never issued or lost" somewhere. But I stay on top of my account with their e-mail alert system, and checking their website often, then reporting the incidents to them.

If you already have an account with them anyway, and you can live with the high interest rate and low credit limit (the ususal case), just keep it, spend twenty bucks on it occasionally, and get a better card elsewhere when you are able. Have a great one!

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CarefulBuilder14
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Re: Old Company bought out.

Postby CarefulBuilder14 » Tue May 19, 2015 11:13 am

dragon452 wrote:You will find (today), that Capital One may be a little bit better than they were years ago as far as customer service, and offering credit line increases. But I've had an account with them for over thirteen years (World Mastercard Venture), and still find them inflexible on lowering high APR interest rates (by my standards), and credit line increases (still the same amount they issued me originally, it never changed despite my many calls and threats, blah blah blah). Their security is marginal: I've had my account info. changed by a crook without my knowledge, and new cards either "never issued or lost" somewhere. But I stay on top of my account with their e-mail alert system, and checking their website often, then reporting the incidents to them.

If you have an open account over thirteen years old, I'm assuming you have decent credit. If that's the case, why even bother with Capital One?
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

dragon452
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Re: Old Company bought out.

Postby dragon452 » Tue May 19, 2015 1:33 pm

CarefulBuilder14 wrote:
dragon452 wrote:You will find (today), that Capital One may be a little bit better than they were years ago as far as customer service, and offering credit line increases. But I've had an account with them for over thirteen years (World Mastercard Venture), and still find them inflexible on lowering high APR interest rates (by my standards), and credit line increases (still the same amount they issued me originally, it never changed despite my many calls and threats, blah blah blah). Their security is marginal: I've had my account info. changed by a crook without my knowledge, and new cards either "never issued or lost" somewhere. But I stay on top of my account with their e-mail alert system, and checking their website often, then reporting the incidents to them.

If you have an open account over thirteen years old, I'm assuming you have decent credit. If that's the case, why even bother with Capital One?


Good question. I'm giving Quinnfallensol my observations on Capital One from the perspective of somebody who may be looking for better credit deals, or someone who may not have good enough credit to apply to a major bank for a premium level card. I'm on a more established level credit-wise, from some younger people who post here. I'm in my early 60's, my FICO scores rarely dip below 800, and I do have other credit cards (in the 20k-30k range all with temporary "no spending limits"), as well as a generous homeowners line of credit with a large bank. Capital One is what I refer to as my "lunch and convenience store" card: for small occasional purchases (as opposed to using my debit card). I keep this card active because I don't wish to apply for new unsecured credit anymore. Also, it is their best no annual fee card with a half decent limit of $10,000.00. They also let me access this credit for twice a year for 2.99% through their no fee convenience checks as well. I get all I need from them. Thanks for asking.

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CarefulBuilder14
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Re: Old Company bought out.

Postby CarefulBuilder14 » Tue May 19, 2015 3:00 pm

dragon452 wrote:Good question. I'm giving Quinnfallensol my observations on Capital One from the perspective of somebody who may be looking for better credit deals, or someone who may not have good enough credit to apply to a major bank for a premium level card. I'm on a more established level credit-wise, from some younger people who post here. I'm in my early 60's, my FICO scores rarely dip below 800, and I do have other credit cards (in the 20k-30k range all with temporary "no spending limits"), as well as a generous homeowners line of credit with a large bank. Capital One is what I refer to as my "lunch and convenience store" card: for small occasional purchases (as opposed to using my debit card). I keep this card active because I don't wish to apply for new unsecured credit anymore. Also, it is their best no annual fee card with a half decent limit of $10,000.00. They also let me access this credit for twice a year for 2.99% through their no fee convenience checks as well. I get all I need from them. Thanks for asking.

Perhaps you're thinking of Venture One? Venture does have an AF, although I've heard many people are able to get it waived for the next 12 months without much difficulty. It's not permanent, though - they have to remember to call every year.

I can see how no-fee, interest-only checks at 2.99% could be useful when interest rates are high, but I suspect that if rates rose they would be harder to get. Has the 2.99% rate been fixed all these years, or does it fluctuate with prevailing rates?
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

ingramjuan
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Re: Old Company bought out.

Postby ingramjuan » Tue May 19, 2015 9:07 pm

I had the same problem as you. I decided to keep the card as I didn't want to shorten my credit history.
CARDS:
Capital One Platinum (2001) |Capital One QuickSilver World (2002) | Amex Gold Delta (2013) | Best Buy Visa (2013) |Discover It (2015) | Amex Platinum (2015)

Gardening Since: June, 2015

Next Cards:
Personal: Chase Freedom Unlimited
Business: Amex Plum
Store Card: Lowes

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CarefulBuilder14
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Re: Old Company bought out.

Postby CarefulBuilder14 » Tue May 19, 2015 10:13 pm

I'm very happy that my first card, Freedom, will be useful for a long time.

I can understand keeping a card around just for age if it had no rewards or a very low CL. I'd probably draw the line and close it if it was giving me repeat headaches over security/identity theft problems.

Then again, I don't have any card that's newer or older than another by more than a few months. If I had one card significantly older than others, I might have a different tone.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when



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