Take a look at this article from cardweb.com regarding charge-offs among the top ten credit card companies. Capital One has the lowest charge-off rate. Providan and Direct Merchants Bank have the highest. http://www.cardweb.com/cardtrak/news/2002/august/6a.html
Hey, Great info. The only thing that scares me is that Direct Merchants Bank's stock is at 2.75. I love this card, and would hate to see it fall by the wayside...........
Direct Merchants called me today to telemarket their Plat. Card. I agreed to let them send me a card under the condition that they will not pull my CR. It's all on tape. I know they will be dealing with another suit here real soon. The introductory APR was 23.22%. LOLOL
This data is showing about Capital One, what I was skeptical about. They have been the biggest users and developers of software that values your potential profit on account (most other big issues now use their own version of this too). For example, if you call and ask to get a lower rate, they look at your potential profitability (risk/profit ratio) to see whether or not to give it to you. Then, because you asked for a decrease in APR, the computer automatically lowers your future profitability, so you will get less good offers in the future. The fear was that their data algorithms would not hold up in a recession. This appears not to be true, unless they are using the rules of accounting to treat chargeoffs differently than other cc companies (witness the govt. investigation of them).
Oh, my goodness. I wonder if anyone who has called and had their APR lowered, has noticed a decrease in their offers with Capital One?
Had one in Feb. from16.99 to 12.99. I recieved a Platinum offer in March (which I took) And a Kmart Platinum in May.(which I didn't take, wish I had) I haven't recieved one since even they did a promo inquiry recently. I am almost maxed so that could hav esomething to do with it.
