I recieved this letter from Captial One. What are your thoughts? Current credit limit is $700.00 Dear Moya, Because you're a valued Captial One cardholder, you can now increase your credit line and save money with Capital One's Smart Switch special transfer program! Simply transfer balances to this Captial One account and we'll automatically increase your credit line! Plus, you'll enjoy a low fixed 9.9% intro APR on transfers until October 2004. Enjoy a higher credit line - up to $2,000 higher! This special offer is for valued cardholders is an easy way to increase your credit line. We'll automatically rasise your current credit line by any transfer amount - up to $2,000! The more you transfer, the higher we'll raise your credit line. Just be sure the total of your transfers and other transactions doesn't exceed your available credit line. And you'll pay a one-time fee of 3% of each transfer amount. Get more purchasing power. Smart Switch gives you the opportunity to increase your credit line and save. Get a higher credit line when you transfer balances. then pay the transfer off at a low fixed 9.9% introductory APR until October 2004. Even after that, you'll pay only a low fixed 14.9% APR on the remainder of your transferred balance. Plus, as you pay down the amount your've transferred, your higher credit line will become available for new purchases! You'll have more freedom to get the things you want - and the things you need - with a higher credit line. Increase your credit line. Call us today or return the attached form. Once approved, we'll transfer your other balances to your Capital One account, and we'll automatically increase your credit line. Transferring is easy and takes just a few minutes. But act soon! This offer expires January 15, 2004.
Moya, I got two of these offers too a week after I called to combine two cards. I had a $1100 and $2000 cl. Had both cards for over 6 years and probably only had 1 increase during that time. I combined them b/c they wouldn't give me an increase. Didn't need it, just wanted to try. I thought it was a slap in the face for me. I don't know how they decide who gets increases and who doesn't. I've never been late or over limit. Even when I was using the cards heavily, I never got increases. Now my one cards sits in the sock drawer. Oh, and I have 14.9% with the $49 annual fee. Wonder if they'll agree to cancel the annual. Probably not. For some people this is a great opportunity, but for me.............I don't need it. Just my thoughts. DSL
They use to just charge you for a CL increase, but some companies started to get a lot of flack over this pratice (providian got sued over it), so instaed of charging you $59 for a CL increase, they charge you 3% BT fee. Thats $60 for the 2k transfer. even if you pay it off the next month, they still have your $60 bucks. You are paying for the CL increase. It is still a scam. Call them and tell them you will take it if they wave the BT fee. See what direction the phone call heads after that. Let us know how it turns out...
Never a late, over the limit, nothing but paid in full balances every month... This is a smack in the face to me...
If you pay in full every month, they aren't making any money except the merchant fees. If you take this, they make the 3% on BT. I agree, call and see if they'll waive the BT fee. If you do a BT, either pay it in full or don't charge anything else to the card, only have the BT on it.
The only thing that works with Cap One is a threat to cancel. You want a better rate, higher limit, no annual fee, well, you have to threaten to cancel.
And that's not even a guarantee. They wouldnt offer me anything, so I did cancel. BUT, i had a charge come through and it reopened the acct after it had been closed for 2 mos and I decided to try and make the most of it. I sent them a letter via PFB and got a $1200 increase yesterday. If you've been a customer with them for a little while, that may be the route to go.
Re: CapOne <increase your credit li Moya, my first thought after reading this thread was - try not to take it personally. It's a business, they only make good and bad business decisions based on the policies and guidelines they setup. Isn't much of the discussion here about exactly that - how to work in/around the FICO "logic", as twisted as it may be? I have a decent relationship w/Cap1, had the card just over a year. Got it unsecured from their offer 1 year after a Ch7 BK. Started at 300, got an increase to 1200, got the fee waived. If I got this offer in the mail, I would take it. I would like to build up all my CLs and Cap1 is the lowest. I have a 15% balance I would transfer. It comes down to about the same amount of interest, given the BT fee, but my utilization goes down in the process. I would go from 14% utilization to 12% utilization - not a bad deal. BT fees are common and their fee is not out of line, given the prevailing conventions. I've expressed all this in terms of how I look at it. In no way am I telling you to do the same - everybody's situation is different.
Re: CapOne <increase your credit li I really appreciate this post because you are making a lot of sense to me... and you are making me think... Up till now, I thought I had a good relationship with CapOne... I currently have two cards with them one gold ($700) and a platinum ($600). I received my first card 5/2000 unsecured for $300, the other one was $500 got that one 2/2002. Since then, no lates! no over the limits! no problems! just timely payments... I must admit I do not use the cards that much because I have other cards that offer rewards, lower APR, etc... I have only received a three hundred credit limit increase, and a one hundred dollar increase? My credit scores are 720ish... I have $2,000 AMEX blue cash, $5,000 credit union, $3,000 Citi, $2,500 Citi, even a $600 household, I make over $7,000.00 a month... All three Credit reports are totally clean of derogatories!!!!! They never give me a reason of denial.... I'm just getting sick of asking for something from a company that I pay two $59.00 annual fees from.
Re: CapOne <increase your credit li Have you thought about combining them? Bring the CL up to 1300 on the oldest of the 2. Then ask for a CL increase to 2k or something even?. If they seem to be in a good mood try to get the annual fee waived also. If they don't want to play, dump them. You have some nice other cards.
Re: CapOne <increase your credit li I got this same offer. I have a question though. It says if you use the check it will increase your limit by 2000.00. It goes on to say you will see the increase in the next 1-2 months. So does that mean that you have to have the 2000.00 already available or do they raise your limit as soon as they get the check (that would make sense to me but why then does it say you will see the increase in 1-2 months) Also, can you write the check to yourself?
Re: CapOne <increase your credit li "IF" they will increase the limit $2,000...DO IT!!! You can always BT it gone after it hits the other account if you have a better rate...but the $2,000 will stay.
Re: CapOne <increase your credit li I think I can answer my own question. I wrote the check 3 days ago. I logged in to my Cap 1 account and it is showing the balance increase and the new higher balance. I did NOT have the 2000.00 previously available and I wrote the check to myself.
Re: CapOne <increase your credit li I would always take advantage of the increase and pay off or balance transfer later. The only significant increases I ever got from them was by using PFB
Re: CapOne <increase your credit li If you take the offer, you'd better pay the balance down quick. With Cap1 not reporting limits, you are going to look like you are maxed out on it. Gib
Re: CapOne <increase your credit li Good input Gib - but this is actually a reasonable offer from Cap One - particularly if you have a low limit. Of course, with my perfect record and $7100 limit - they haven't sent me ANYTHING except continuous checkbooks for 9.9% no transaction fees. They always have the first check printed in the name of the Dogman for $2000. It is good to have if I found that perfect 65 Mustang Fastback for $3000... or that mint - (granny owned and driven on Sundays to church) - 1966 Riviera..... ========== I was 16 when Buick rolled out the 66 Riviera. I was dating a chick named Cherie - and she and I visited the Buick dealer any time we were out downtown, etc. I thought it was a dynamite - sexy car - particulartly with the 455 V8 and the Strato - Bucket seats and shifter on the floor. The back seat was the best - wrap around Strato - bench rear seats. Everything was vinyl - and the fake wood was the best. I knew this was a car to screw in. Nope, we didn't, but I still remember that fantastic - sexy interior..... Cherie married a boy from the town near by - and they raised some babies. Dogman moved to San Francisco and met some really friendly people..... I feel the EXACT same way about the 65-66 Mustang Fastback - 2+2. ===================== aarrfff - Dogman
Re: Re: CapOne <increase your credit li I have a pretty decent line with Cap1 after alot of special attention from Mr.Cooke and I get the same BT checks with no fee but no teasers. I used to own a 1971 Rivieria and the boat tail was the best car they ever made with a large back seat
