CapOne - Kinda Funny

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
6 posts
im_mr_awesome
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CapOne - Kinda Funny

Postby im_mr_awesome » Tue Aug 20, 2013 3:09 pm

I sent a message through CapitalOne's secure messages thing in my account. I basically told them the terms on my card suck and I want better ones, citing that Discover and Citi were much nicer with APR and even a bit with the credit limit.

They responded with this: We regret that you were dissatisfied with the level of service you have
received from us. Thank you for taking the time to make us aware so that
we may address this issue and improve this experience for you in the
future.

Unfortunately, we’re currently unable to lower the annual percentage
rates (APRs) on our products.

We determine the different fees and rates for each of our products
depending on the services we include and the markets where we offer
them. We continually review our rates to assess their competitiveness.
If we determine in the future that we can offer a change, we’ll let you
know.



That's just a sad response, and right off a script, if I've ever seen it. They're pretty sad...
Scores on the mend...
FICO: 650 (Discover/TU, 6/23/2016)
Cards I Use Citi Double Cash, Chase Amazon, Capital One QuickSilver
Sock Drawer Discover IT, Citi Diamond Preferred, AE Visa, QuickSilver One, Walmart CC, CareCredit, CreditOne (keeping for history for now)
Short Goal Reach 680


MemberSince99
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Postby MemberSince99 » Tue Aug 20, 2013 4:39 pm

Now for laughs let me give you the "thumbs down" response for your request for a CLI:

Dear im_mr_awesome,

Capital One appreciates your business and is delighted to have you as a customer. We strive to meet the most exacting standards in a competitive lending market and our goal is to become the market leader and the most innovative and customer driven provider of credit and banking services. At Capiital One, the customer is king!

We have carefully reviewed your request for a credit line increase and unfortunately we regret to inform you that we must decline your request. The reason is that your account is not currently eligible for a customer initiated credit line increase.

Capital One is as you know a conservative lender, and we must balance the needs of delighting our customers with the sustainability of the company as well as the returns of our investors. As a result, we seek to minimize the risk of default by offering credit lines that are suited to the credit profiles of our customers and we continually monitor the risk of default on all of our accounts. Periodically each account is reviewed for the possbility of a credit line increase, and if your line is raised you will be notified and the new line will become available for use by you immediately.

At Capital One we appreciate the opportunity to serve you and if there is anything further we can do for you please do not hesitate to contact us.

MemberSince99
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Postby MemberSince99 » Tue Aug 20, 2013 4:41 pm

I got a laugh out of "thank you for making us aware so that we may address this issue". Let me take a WAG here that their addressing the issue will consist of sending you the above email, and absolutely not a thing after that.

Anyone want to take the bet - anyone???

RewardHop
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Postby RewardHop » Tue Aug 20, 2013 11:48 pm

We regret to inform you that because CapitalOne must protect its shareholders and maximize their income, we cannot grant you your request. Have a nice day!

In all fairness, I don't think its common for credit card companies to lower APRs by request.
[size=60]
Amex BCE: 3% grocery, 2% gas
Bank of America Better Balance Rewards MC: $25/quarter bonus
Barclaycard Rewards Visa Signature: 2% gas, groceries, utilities
Capital One Quicksilver Visa Signature: 1.5% everything
Chase Freedom Visa Signature: 5% rotating
Citi Forward Visa: 5% restaurants/fastfood, movie theaters, amazon.com
Discover It: 5% rotating
SallieMae MC: 5% Groceries, Gas, Amazon
US Bank Cash+ Visa Signature: 5% electronic stores, restaurants
Sock Drawered: Chase Sapphire, Chase Amazon[/size]

im_mr_awesome
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Postby im_mr_awesome » Fri Aug 23, 2013 12:20 am

My great grandma called discover and they lowered her APR to Prime rate. She's been with them since 1988 though, and has one of the highest Discover credit lines I've ever seen.

Capital One, on the other hand, offers cards that are meant to establish credit. Discover, beyond their student dabbling, is for established and reasonably prime credit seekers. I just found it funny they called the ~24% APR newcomers card "competitive."
Scores on the mend...
FICO: 650 (Discover/TU, 6/23/2016)
Cards I Use Citi Double Cash, Chase Amazon, Capital One QuickSilver
Sock Drawer Discover IT, Citi Diamond Preferred, AE Visa, QuickSilver One, Walmart CC, CareCredit, CreditOne (keeping for history for now)
Short Goal Reach 680

flan
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Postby flan » Fri Aug 23, 2013 8:43 am

im_mr_awesome wrote:My great grandma called discover and they lowered her APR to Prime rate. She's been with them since 1988 though, and has one of the highest Discover credit lines I've ever seen.

Capital One, on the other hand, offers cards that are meant to establish credit. Discover, beyond their student dabbling, is for established and reasonably prime credit seekers. I just found it funny they called the ~24% APR newcomers card "competitive."


Capital One are in two businesses, one for sub-prime and super sub prime customers, and the other for prime and above prime customers. You can't move from one to the other, without applying. Frankly, I doubt many of their sub-prime customers are ever going to be anything else, so it's not costing them that many customers.



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