ARRG! Anyone use Capital one Credit Card?

[The Real Bingo]

Don't have a CapitalOne credit card, but I do have a savings account and a money market account...they have some spiffy rates.

[jkrohn]

Quote:

True, but when you have ten's of millions of transactions a month that small 2-3% adds up. I could only speculate on how many transactions Capitol One gets in any given month. But, I think it's safe to say they make a couple million dollars if not ten's of millions every month from just those fees.

Their income from transaction fees is dwarfed by their income from interest and penalties. They companies really don't want you if all you do is make a few small transactions then pay your balance off in time. You can arguably cost them more in insurance and administrative fees than you are bringing in on the tiny transaction fees.

That being said, if you aren't using the card at all you really are a liability to them more than anything else.

[EXreaction]

I do also have a Capital One card which I rarely if ever use. The only reason I keep it is because it's my only Mastercard, so just in case some place only accepts Mastercard I've got one. I use my AMEX for just about everything because of the rewards points (though I doubt I'll ever make enough points to get anything decent in the 9 months or so I have left until the first free year expires)

If they cancel mine, I'll just find another mastercard and won't ever use Capital One again for something. I don't have a problem if they would call up and ask if it is alright to cancel (too many people just shred the cards and do not cancel the accounts), but if they would just go out and cancel my card...

[no1_vern]

Quote:

Originally Posted by Steve R Jones

Odds are your FICO score won't budge on a suspended account if the whole knows about this...

Couldn't you buy lunch with the card once every six months?

As much as you hate this deal - it's their company and they can run off customers if they want

If the whole who knows about it? There is nothing in the news about it, and no info that I could find about the reasons why.

As for the buying lunch, the whole purpose of this card was to provide cushion for my emergency finances I kept it for only that reason. IF they had told me it was going to be cancelled before actually suspending it, I would have used it. Now it seems like I have no recourse

The real thing that got me was it was done with no notice. Just BAM - the account is canceled! Now IF it had been 3 YEARS since I last used the card I could sorta see their problems with my account. But 6 months is nothing to a big corporate bank.

Quote:

The signs of the squeeze on consumers are accumulating. Last spring, Capital One notified customers who had made no transactions in three years or more that their accounts would be closed.

[EXreaction]

^ spam, but that's BS either way.

If it costs them so much, they why do they feel the need to keep sending me unsolicited mail asking me to sign up for their crap? It's alright for them to send something I didn't ask for and didn't want, but they don't want to send a statement out and keep a customer because it costs them too much?

EDIT: Above post was removed.

[jkrohn]

Quote:

If it costs them so much, they why do they feel the need to keep sending me unsolicited mail asking me to sign up for their crap? It's alright for them to send something I didn't ask for and didn't want, but they don't want to send a statement out and keep a customer because it costs them too much?

They send you that in hopes that you will become another deadbeat customer.

[pickel]

Quote:

Originally Posted by no1_vern

Does anyone know if anything can be done about this issue?

Capital One has decided to start suspending accounts. IF you havent used your Capital one CC in the last 6 months your account will be suspended. No other notice has been announced. Just letters sent to individuals. LINK to some of the people who are receiving these letters

Since I only used my Capital One Credit Card for emergencies I received one yesterday telling me that I had 60 days from the date of this letter (Dec 17) to use up my "rewards balance"(24 points-not enough to purchase kleenex to dry my eyes). AFAIK We have no recourse in this action. I just got off the phone with them, and All I could get was "Its been decided that Capital One would close all accounts that were not current". No one at Capital One is willing to own up to this decision, and NO PAPERS documenting the decision have been published - which pisses me off! I am current, I have made all my payments on time, I just havent used them lately since their APR is so much higher than the other cards I use.

It seems several thousands of Capital One Credit Card customers will be hit by this "business decision". The good customers who simply kept the Capital One Credit Cards in good standing, but havent used them lately are being hit for not using our Capital One Credit Cards on a daily basis. It dings us in a bad financial spot too - our FICO score!! It burns my A**.

Someone said they were going to put a bunch of charges on the card and carry a small balance so they would be required to do something before they closed the account, but that seems to defeat the whole purpose of having an emergency line of credit - to have ready money for emergencies.

Does anyone have any ideas?

I got rid of their Sorry @$$ last year and didn't look back. Buy a tank of gas and pay it off on the next billing cycle. If your credit is good, get another card . I've NEVER seen , in any agreement, that you had to use the card EVERYDAY ????? Think they're pulling your chain

[moo]

I keep my Capital One card because the interest rate is only 5.99 fixed. Gotta love the soldiers and sailors act!

[EXreaction]

My interest rate is better. 0%, because I pay off everything right away.

[Steve R Jones]

FYI - just read this and thought I'd pass it on:

Quote:

New threats to credit scores - MSN Money

Keep your accounts active. Issuers increasingly are shutting down unused accounts, which reduces your available credit and can hurt your scores. Even if your account isn't closed, though, FICO 08 doesn't like to see a bunch of unused cards -- it wants to see you actively and responsibly using a variety of credit accounts.

A simple way to keep an account active is to have a monthly bill charged to it, and then arrange for an automatic monthly payment to ensure you don't miss a due date (a single skipped payment can devastate a great credit score).