Cap One Platinum

Discussion in 'Credit Talk' started by Jim, Apr 20, 2001.

  1. Jim

    Jim Well-Known Member

    Has anyone managed to get this card with the 9.9% fixed apr.? The impression I get is that the card is by invitation only despite the fact that we can apply for the card on the Cap One website. I hope I am wrong but it seems that consumers who apply get a Cap One card, but that it is usually not Platinum.

    I have a $3,300 limit on my gold card. Is there any value to applying for a 2nd Cap One card with the intent of raising the aggregate limit on the 2 cards to over $5,000. Then try to combine them into a platinum card in a year.

  2. Donna

    Donna Well-Known Member


    I'm planning to do what you're suggesting. Right now, I have two CapOne accounts, one has a $2000 limit and the other, $3000. Just as soon as my second account is a year old (which will be in October) I'm going to call to combine and ask for platinum status. I'm rather skeptical, especially knowing CapOne as I do, that this strategy will work, but I'm going to give it a try.

  3. Jim

    Jim Well-Known Member

    To: Donna

    Be bold and as you said "call to combine and ask for platinum". All that they can say is NO.

    As difficult as Cap One is about limit increases, I think that what you are doing gives you the best shot at platinum.

    BTW, I don't remember anything about your paricular credit situation. But what terms do you have on each Cap One account? I assume the cards have different apr.'s etc.
  4. sam

    sam Well-Known Member

    Re: To: Donna

    Go for the planetfeedback on combining. It works. I combined my 14 month secured to my 4 month old cap 1 gold today! Got an increase, and APR reduction ,and $25 credit all in one shot!
  5. Donna

    Donna Well-Known Member

    Re: To Jim

    I think the terms on my two CapOne accounts are pretty similar.

    Recently, my CapOne classic was upgraded to gold. It's about time something positive happened with that card. I've had the acount since 96 and the initial $1000 limit had barely moved.

    The limit is now at $2000 and I paid a $39 upgrade fee. After that, there is no annual fee and the interest rate is 17.9%

    The other gold card I've had for about six months. My credit limit started out at $500 and, within three months, was raised to $3000. The increase was something I didn't request. It just happened.

    When I got the card, I paid a $72 fee but there is no annual fee after that. And, like my upgrade gold card, the interest rate is 17.9%

    The interest rate on these cards certainly isn't great. I've tried to get it lowered but my efforts have been unsuccessful. Maybe I'll go through Planet Feedback.

  6. Marie

    Marie Well-Known Member


    I asked the Exec office this exact question. He said that Platinum is more a matter of credit line. 5K and you can have it.

    I purposefully have 3 accounts. 1 Gold Visa, 1 Gold MC, and the 0% til Sept Visa. I'm letting the new visa age to 1 year and then I may be combining and getting the Platinum. If I can wait, I'll let them go to 2 years. I now have most of my cards w/good terms and with no annual fees and at Gold, so I'm getting less lured by Platinum. :)
    I was told that you can ask for a credit line increase at the same time. I may take a version of that and ask for increases on each account... then combine

    Either way, I'm using the Exec office to combine. Everything they've done has been perfect and they've been wonderful.

    If you use the regular reps and they aren't giving you what you want, just use the Exec office. Don't capitulate if they give you terms you don't want.

    Oh, and the standard protocol is you get to use whichever card's terms you want. You do NOT have to take the worst of the 2.
  7. Jim

    Jim Well-Known Member


    What info comes up on the board here. 5K credit limit(s) and you can have platinum. The board is so valuable.

    Donna, Marie, Sam - what do advise me to do?? Apply for the Cap One platinum on the website and expect to get a lessor card that can be combined later or...

    Call Cap One and ask them about getting a second card?

  8. Marie

    Marie Well-Known Member

    Re: Amazing

    yep. that's what I did. Got a 'revision' of terms, not the Platinum ones. they tried to pull the monthly participation thing but I got it reversed every month.

    I also got the interest rate from 19.8 to 13.9 in 2 or 3 months. I can't remember but it was quick. 2 calls and they wouldn't give me a loc increase but did do apr (not much consolation since I have 0 til Sept).

    the Exec office raised my credit line 1K. and then a month later a regular rep gave me 300 more. I don't know if the Exec office reclassified me or what... but increases are happening by themselves. It's odd. I really think he took me out of the "subprime" category though I can't confirm it. Plus I balance transferred 2k to my card and paid off the rest of my cards. So I'm showing the limits by maxing my Cap1 cards and zeroing out the other cards.

    Funny what you do when you know what's going on. And again, if you have any issues, just take it to the Exec offices. I also got Mr. Miller and I've never been so impressed with the Professionalism of an individual.
  9. Jim

    Jim Well-Known Member

    Hi again Marie

    Just to make sure I understand. You applied on-line for platinum and got "revision of terms"; ie. a lesser card. You then complained and got the terms upgraded in your favor. Later you will combine and get platinum?
  10. Donna

    Donna Well-Known Member



    My guess is that pretty soon you'll be getting offers in the mail for another card, probably gold. I get them all of the time and the terms aren't all that bad. Besides, as marie suggested, and as you've already done with your other accounts, you can call to negotiate more favorable terms.

    I would love to go through Planet Feedback to get to the CapOne Executive Office, as Marie suggests, but that site is extremely challenging. When I used it to communicate with Providian, it took an hour and a half and, even then, my sighted co-worker had to help me fill in the form at the end for my name and Email address. Despite my best efforts, my synthesizer wouldn't read the prompts.

    Frankly, completing the form would be a whole lot easier if I could just write the letter myself. Then, Planet Feedback could make the create-a-letter option available to those who preferred it. I say it's always good to have choices. Besides, most of us know exactly what we want to say anyway.

    Good luck, whatever you decide, and keep us posted.

  11. Marie

    Marie Well-Known Member

    Re: Jim

    Exactly. I applied for Platinum and got a sh%t card. 300 limit, 19.8 apr, 6 monthly part fee. yuck. insulting since I'd just gotten Aria 1000 and Nextcard 750 with great terms!
    I had an "incident" where a Cap1 supervisor said some condescending things. I wrote planetfeedback to ask about the credit reporting thing (I'd gotten SO many differing answers) and I put in the letter what this lady said to me. It was the first time I EVER felt sub-prime with Cap1. Normally they're very good with customer service.

    Anyway, exec office raised this new card 1k, no annual fee ever, 13.9 apr.
    1k on another card, also upgrade to gold, 13.9 (from 15.9).
    and waived other annual fee permanently.

    Later I was told by a rep that the terms change would restart the clock on my older acct's line of credit...So I called the nice guy back and asked why the one would preclude the other. He said it didn't and he offered to increase my line on the last card. I didn't ask.
  12. joe

    joe Well-Known Member


    I saw all the good posts about cap one and the consumer advocate so I decided to give it a try, The last two limit increases on my unsecured bmg acct have been 100 each. Today I called and asked for the executive office and asked to speak to the consumer advocate, he wasn't available but the nice lady I spoke to reviewed my account and offered a $500 line increase. So now my limit is $900 from $400. She also gave me her name, phone # and extension and invited me to call back after 6-8 months and i would be reviewed again for a higher limit. Never would I have received such good treatment from calling the retention dept. They would have said no offers available, so the trick is to call the executive office and speak to them. They have more power.
  13. Marie

    Marie Well-Known Member


    1st card I got an invitation. reg MC 300 to start 18 mos ago
    2nd card I got a preapproval. Gold visa 500 to start 1 year ago
    3rd card I applied online. Did get 0% til Sept 300 credit line 2 mos old now

    but how much can you save on interest on 300. with a $6 participation fee each month, even with the account maxed at 300... the cost of credit rate is too high. they said they add part fees b/c people were getting rid of the card after the intro rate. Well duh. I asked them to look not only at my account but at all my more recent accounts. I haven't closed one yet. long term customer here. truly.

    there was also a lot of confusion as to whether or not the 0% applied to just purchases or to transfers too. when I did the balance transfer I was put on hold and told she got special permission to do that for me (0%). But when I checked several days later I was told they were at 19.8. Ludicrous since the charges were on Prov at 16.9. so I had a real gripe and I called Exec offices again (plus their balance transfer dept doesn't always put things through correctly... or at all) you have to followup on transfers.

    Then I found out each CAp1 account has 3 different permanent interest rates:
    1: longterm purchase rate
    2. Cash advance rate
    3. Special segment rate * won't show up on your stmt unless you're using it

    oh, and temporary
    4. Intro rate

    The special segment rate is like the Christmas promo they ran: $300 extra credit at 19.8 if you buy at their website... it's in addition to your credit line but only til xxx. it's factored into your min payment.

    BUT, the special segment can also just be a part of your existing total credit line... but segregated in a special segment... with a different interest rate.

    Can you tell I asked a LOT of questions. Oh, even though they will go down on purchase and special segment rates, the cash advance rate is pretty much static at a higher rate b/c of the "higher risk".

    anyway, they eventually put my balance transfers in with my purchases at 0% but that's not the norm. you'd be better to use yahoopaydirect and "move" 1.000 per 30 days and "credit" another credit card account if you want to balance transfer. faster too. 3 days start to credit :)

    Lately, I'm transfering balances to Cap1 and they making 1k pmts to Cap1 because it's the same total payments per month... and Cap1 is sensitive to the size of payments. Prov doesn't seem to be. (just sensitive to usage). trying to maximize all my accounts right now. plus, I'm hoping the balance transfers will trigger the computer to increase faster... I'm also curious to see what will happen when all my other balances are 0. (It'll really help w/muy ratios). So there you go. All the answers to questions you never yet knew you now wanted to ask :)

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