Cap1--why keep them?

Discussion in 'Credit Talk' started by AnnMarie, Mar 28, 2001.

  1. AnnMarie

    AnnMarie Well-Known Member

    I have a Kmart MC from Cap1. 15.99 fixed. CL is 200.00 (100.00 for regular purchases, total of 200.00 for Kmart)
    I kept getting different answers on when I would be able to get a CL increase. Six months seemed reasonable when I was last told this SO, I called them today (6 mos and one day-lol)and they said SORRY, Kmart accounts have to wait a year (but they may just "give" you one whenever) uh-yeah, okay. I think I saw red. I told her, close the account, I can't trust this company. I was very serious and sincere. She "gave" me another $100.00. Woo-hoo.
    Why oh why do I not close this you wonder? So do I. There's not any fees and the APR isn't bad but it's not worth much with the limited CL.
    I wonder if I am so mind set on having open credit that it's alien for me to actually close the account, and therefore I can only entertain the notion?
    I mean, as Americans, don't we covet as much credit as possible? Isn't it bad to close credit avenues?
  2. sam

    sam Well-Known Member

    The bug has bit us all once in a while. Isn't it a safety net in these trouble times of the economy? That card only helps you, by
    1. altering your debt/limit ratio
    2. Its a good tradeline.
    3. Theres no annual fee.

    Do you shop at kmart? I doubt i'd be whipping out my k-mart credit card at a nice restaurant. :)
  3. AnnMarie

    AnnMarie Well-Known Member

    I live in a small town--if you want to shop, you have the following choices:
    Yeah, I shop at KMart :)
    Sam, thanks for some perspective.
  4. Ron

    Ron Well-Known Member

    Ann Marie,
    I keep it because Kmart card has no annual fees. I don't care about the interest rate and credit limit because I got other cards having higher credit limits, cash back and reward points. Cap1 usually doesn't increase credit lines within a year. By the way, the best rate for K-mart Mastercard is 11.9%. By using Kmart Mastercard at Kmart, it doesn't give extra bebefits like bonus to redeem the gift certificate. I used it once a month for less than $20 and keep it active.
  5. RichGuy

    RichGuy Guest

    No Annual Fee

    This is quite an unusual Cap One card, a card with no annual fee. Keep it for a while, until you start to see "too many open accounts" on your rejection letters.
  6. Ron

    Ron Well-Known Member

    Re: No Annual Fee

    You don't see too many no annual fee cards from them and it is tough to get from them. I got increase to $5500 from them without asking after three months of account open. That you don't see that everyday.

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