Why are so many people against Capital One?

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Why are so many people against Capital One?

Postby shoptalk01 » Tue Aug 21, 2012 12:28 am

I've seen advise on here either not to apply for Capital One or dump them ASAP. I've also had friends tell me applying for Capital One was a big mistake, it was the wrong card and I would regret it. I'm asking because Capital One approved me when several others wouldn't and I'm still waiting for the card to get here so no idea what I'm getting into.

Of course I have no clue what I'm doing so I was hoping someone on here would tell me what makes other cards so much better.

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Postby RidgeRacerJM » Tue Aug 21, 2012 12:37 am

One of the main reasons people dislike it, why i dislike it, is how they are so stingy on the credit limit increases. I've been stuck at the 1k limit for 4 years despite asking for it, even wasted a hard pull on it. I requested a product change but no luck. It's a good credit card to start out with/rebuild, but after that it's best to find another better card.
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Postby jeffysdad » Tue Aug 21, 2012 6:19 am

They have a reputation for providing customer service that is below average. Generally, this has been my experience. However, I don't think they are as bad on this count as so many people say they are; it's just that compared to others they are weak.

This isn't a legitimate reason to dislike their products, but I truly despise their advertising. The Visigoths and the J Kimmel/baby ads are equally annoying to me. I do like Alec Baldwin, but his CapOne ads are the same shtick as the others. It's as if they are pandering to children or dumb people with these ads. While I can't claim to be a fan of other banks' advertising, at least Chase, Amex, Citi, et al don't offend me or insult my intelligence with their advertising.
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Postby PlatinumAMEX94 » Tue Aug 21, 2012 9:03 am

Capital One was notorious for changing your billing due date, so those who had autopay set up through their banks would all of the sudden be late, and obviously detrimental to one's credit report. After hundreds of complaints the government stepped in, and hence, here came the CARD act. I personally was affected by their changing due date and made many phone calls and letters to Congress to complain.
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Postby LadyinRed » Tue Aug 21, 2012 2:36 pm

I have a Capital One Venture Card and I love it. They gave me a $15,000 limit off the bat, so I don't have any experience trying to get a credit limit increase. The miles are easy to use and redeem. I've honestly never had any problem them. I use the Venture card as my main card.

I also have a Capital One Rewards Money Market and only have good things to say as well.

Though, I haven't really had any huge problem where I needed to talk to customer service, so I can't really say anything on that.
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Postby CC Deville » Tue Aug 21, 2012 5:05 pm

You have to consider the source: most Americans are dreadful. These people, for whatever the reason, destroyed their credit. Yes, bad things happen: divorce (crazy ex spent you into oblivion), extended job loss and medical issues (I fully support people walking away from medical bills our health care is scary expensive). But a lot of people also overspent and found that bankruptcy or allowing accounts to charge off is easy. Whatever the reason, people need to take responsiblity for their actions and their credit (reputation?), but as Americans, it is easier to blame others.

So, these people that all too easily walked away from obligations also easily accepted their Capital One credit card offer. Most agree that the offer is blah, but considering how terriblle First Premier, Credit One or Applied Bank are, Capital One is easily the best of the worst.

Capital One is primarily a sub prime credit issuer. Much in the same way injury lawyers are called ambulance chasers, Capital One must wait for the minute the ink dries on the bankruptcy judges "DISCHARGED" stamp to send out an offer.

For whatever reason, Capital One has a BIZARRE business plan: instead of growing with people in their sub prime portfolio, they basically can care less if you keep your card or not. Doesn't make sense and I don't agree with it; HOWEVER, this is VERY WELL KNOWN on all credit boards. So I agree with you that it gets very obnoxious to see people bash the same bank that gave their scandalous arses another shot. In other countries people with charge offs and bankruptcies can be banned from credit for up to 10 years.

One thing to remember about Capital One is that they have a very clear line between their sub prime cards and their prime cards. Venture is mostly a prime credit card so you will get the best rates and highest credit lines. As for me, Capital One gave me my first credit card over 14 years ago and I guess back then they grew with their cardholders because now that card is at a $10K limit (all and more than I need) 10.9% FIXED APR and has No Hassle Rewards. Sure, I have better, but Capital One has been VERY good to me over the years.

People need to accept Capital One rebuilder cards for what they are; use them for two years to rebuild and then move on the greener pastures. You can speak louder with actions (closing the account and moving on) than complaining (whining on a credit forum).

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Postby namvet » Tue Aug 21, 2012 5:05 pm

Most if not all the complaints you read on line about not liking Capital One products are from people with new credit or people trying to rebuild their credit. These people usually have marginal credit and are issued starter cards that don't have a history of credit line increases. Some people feel they deserve prime credit lines and services when in fact they are lucky they were given a credit card. Cap One finds the starter card business profitable and they are good at it. Cap One starter cards are just that so don't expect them to turn into prime cards. So if you are one of the people i described above you gotta know when to move on to better cards. Once these cards do their job just close them and apply for a better card.

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Postby t528491 » Tue Aug 21, 2012 7:52 pm

I dislike CapOne mainly due to their misleading offers. I could swear that when I signed up for the secured card, I was told that it would eventually graduate. Apparently that's not the case.

I don't think they're a horrible issuer, but there are much better options out there.
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Postby murakami » Tue Aug 21, 2012 10:25 pm

I have two small issues with CapitalOne, but nothing that is horrible. Just a little inconvenient for me and probably ended up costing them in the long run.

First is that they would not transfer my old, vanilla card that I opened when I was much younger into a Venture card. When I called they insisted I open a new account - which I did but I cancelled the old card (probably should have just left it open, but oh well)

Next is that after getting the no-fee Venture, which at the time was my going to be my primary rewards card, I decided maybe I wanted to upgrade to the fee version. When I called to see if this was possible they told me "no, you have to wait until the offer becomes available on your account" which in the end wasn't the end of the world, as I have since picked up some better cards.

On the plus side for them, I love that I could choose my own picture on the card using a photograph I took. And that is what is really important with a card, right?

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Postby hematino » Wed Aug 22, 2012 11:28 am

I agree with what CC Deville said, and especially with the notion that Americans are big at pointing the finger and shirking responsibility for their own actions.

That being said, Capital One has absolutely horrible customer service "professionals" answering calls. Might as well not ever call with a question or dispute, because either you won't get anywhere or you will get flat out wrong information. Basically if it isn't on the company script, they don't care. They also don't do product changes, and want you to apply for better cards through them, which wouldn't be so hard a pill to swallow if they didn't pull all 3 freakin credit reports each time you app. On the flip side, I can understand why they would pull all 3, considering that they are mostly subprime and have to cover themselves from loss as best as they can.

"Best of the worst" is a great way to put it, because while there are many worse options out there like Credit One and First Premier (never dealt with those two personally, but I've seen the offers with the exorbitant fees and interest rates), Capital One is still a pretty difficult and not user-friendly bank to deal with. If I had to grade them, I'd give them a D.
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