Ha, now, today, I get this letter in the mail from Cap One. "Due to the exemplary way you've handled your credit, we want to upgrade you to Gold Status. We will also give you a $1000 CL increase...all for only $39! WTF? Since when did CapOne start offering increases for a fee? More importantly, isn't CapOne paying attention to what's going on at Providian with the class-action lawsuit? Duh!
Shantel, As you know, this is the same old "anything for a buck" routine. When I got my Cap One offer to upgrade to gold, they offered me an increase from 1K to 3K for some nominal fee. I called and they waived the fee. The rep did argue a little and I think I asked for a supervisor, but the fee got waived. Jim
I just received the same offer. This is the ONLY offer I have received on this Capital One account since I opened it (1998). I have never been late or over the limit. I carried a balance often and paid hundreds per month. It all comes down to this?? I think it would have been an ok deal for me a year ago as I was still in the rebuilding mode, but now I have prime accounts and I REFUSE to pay anymore FEES (ugh). I have paid my dues. I am only keeping this account open until it ages 3 years. I have had to practically beg them for an increase and up until a month ago, my limit was only $900. I wrote a letter through Planetfeedback and I received a $1,000 increase and a credit on my whopping $59 annual fee. My Apr was also dropped to 13.9%. Capital One needs to get a clue. They also sent me a pre-approved offer for a Capital One Home Equity Platinum Mastercard. I wouldn't mind having a Platinum account with them, but for one I am not a homeowner yet and secondly, I wouldn't dare take this offer as the fine print states "By applying for this product, you are applying for a credit card account, secured by your property". Huh?? Did I read that right?? Sure did. Capital One is throwing out some shady offers folks. Be careful. Read your fine print!!
Miles, check with the big local banks in your area, and you'll find that home equity loans are often acessed these days with a bank card (usually MasterCard or VISA platinum) secured by the collateral. In the case of home equity lines of credit, the collateral is the home itself. Capital One is actually a latecomer to that ballgame. My wife has a $35,000 loc VISA Platinum tied to the home equity line of credit with First Tennessee Bank. Sounds funny, I know, but it's not so unusual. Randy
Thanks for the info. I have never heard of that before, but then again I'm not a homeowner yet. So what do I know? LOL :-D
