PlanetFeedback - Cap One

Discussion in 'Credit Talk' started by Jim, Mar 30, 2001.

  1. Jim

    Jim Well-Known Member

    10 days ago I contacted Cap One via E-mail forwarded through PlanetFeedback. I complained about my apr ( 17.9% fixed) and credit limit of 3,000 on my gold card. I do not have an annual fee.

    As the result of the E-mail, I spoke to someone in the consumer advocate's office. My apr.was reduced to 13.9% variable rate. No negotiation was required.

    I was informed that Cap One would do a review of my credit limit and let me know within a couple of days if I am to be awarded an increase as it has been 6 months since my account was upgraded to gold and my limit increased from 1K to 3K. As I have not heard anything, I presume the answer is NO!!

    I am satisfied with the new apr. and really could not care less about the credit limit. My Chap 7 BK was filed in Nov. '98 the same month I was given the original Cap One classic card ($99 deposit, $29 annual fee, 20+% apr.).

    When I wrote the E-mail, I expected the opposite to happen. I thought Cap one would not budge on the apr. as they had reduced it to 17.9% in Jan 2001 from 19.8%. I also thought they would give me a credit limit increase as the last increase was 6 months ago. It would be amusing if sometime soon I open the mail and find that Cap One wants to sell me a limit increase.

    P.S. When I upgraded to gold and 3K, I was supposed to pay $99. I talked them out of it in September. The upgrade was free.
  2. marci

    marci Well-Known Member

    Hi Jim,

    I'm glad you got the APR reduction you were wanting. I consider 13.9% a
    "prime" rate. I only wish Cap One would offer BT intro rates on their non-
    platinum cards. Regardless, I plan to BT to Cap One (no BT fee, thank
    goodness) when my intorductory Citi rate expires.

    I have good news on the credit limit, too. My credit limit was supposed to be
    $3,000 and they raised it to $3100 today. And then yesterday, I got an
    "increase your limit by $600 for $39" offer which I plan to take.

    So, thats $3700, up from $500 in February. The retention reps now tell me
    my account "has a lot of notes on it" and they always put me on hold now
    to talk to a manager. :) Power to the people!

    I'm glad PlanetFeedback worked for you.

  3. Jim

    Jim Well-Known Member

    Marci, I owe you a "thanks" for your excellent PlanetFeedback thread. For those who don't know, my E-mail was the result of your experience posted here on the board.

    I am not surprised at the $600 for $39. Just amused. Anything for a buck - right!!

    In my E-mail to Cap One, I mentioned that my 2 credit union visa cards are 13.9% fixed. In my view, their response was intended to keep Cap One competitive. BTW, the credit union cards are 3K and 2K. I got them Jan and May 2000 respectively.

    I will have a future post about Providian. My 3K gold card has an outrageous 23.99% apr. I got the card in Jan 2001.

    I know that Cap One is not well liked here on the board but they have been good to me considering my recent (1998) credit history.

    Keep us posted!
  4. Saar

    Saar Banned

    If history has taught us anything (Providian), Cap 1 retention would grant pre-approved increases while waiving the fee.


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