- 1 Capital One Journey Student Credit Card Reviews
- 1.1 About Capital One Journey Student Credit Card
- 1.2 The Capital One Journey Student Credit Card’s Benefits
- 1.3 Shopping and Travel Protection Benefits
- 1.4 The Capital One Journey Student Credit Card’s Rates and Fees
- 1.5 Reviews of the Capital One Student Journey Credit Card
- 1.6 Our Final Thoughts About the Capital One Student Journey Credit Card
- 2 Capital One Platinum Credit Card Review
- 3 capital one credit card over limit
- 4 Capital One Credit Cards Consumer Reviews
- 5 How A Capital One Credit Card Can Destroy Your Credit Rating
Capital One Journey Student Credit Card Reviews
The Capital One Journey Student is a credit card for students & consumers with average credit scores. The card’s cash-back rewards program & low fees make it one of the better cards in this category.
- Review Topic:
- Credit Cards,
- Personal Finance
About Capital One Journey Student Credit Card
The Capital One Journey Student Credit Card is specifically designed for students and consumers with average credit.
You may have noticed that the card doesn’t have all the glamorous up-front bonuses you’d see from other credit cards – there’s a reason for that.
Because the card is marketed toward students and people with average credit, Capital One offers limited benefits because they see students and consumers with average credit as a higher risk than other people.
So, the thinking goes, they don’t want to give you a bunch of free cash or travel rewards because they’re pretty sure you’re going to have difficulty paying on time.
That being said, the Journey card from Capital One does give a decent chance at earning cash rewards.
Understanding why this card will work for you or why it won’t is a matter of looking at the rewards and benefits of this card, understanding its fees and rates, and also knowing what your fellow consumers are saying about their experience with the Student Journey credit card.
To help you process this information, we’ve done research on our own and detailed our results in the next few sections of this review.
Once we’ve touched on all the important topics, we’ll close with a brief section on the pros and cons of this card, as well as give recommendations for other cards that might benefit you.
Pro tip: Average credit scores usually fall in the 620-699 range.
The Capital One Journey Student Credit Card’s Benefits
The Capital One Journey Student card gives you two main benefits tailored to consumers with average credit: cash rewards and a credit limit increase.
As we mentioned earlier, the Capital One Journey card gives you the ability to earn cash rewards.
Basically, unless you’re buying a cash-related product (traveler’s checks, casino chips, etc.) you’re going to earn 1% cash back on your purchase.
What that means is that a purchase of $100 will earn you $1 in bonus cash. There are no limits to how much cash back you earn. So, if you, theoretically, spend $1 million your first year, you can get $10,000 cash back.
Capital One also gives you a way to bump up your cash rewards, too. If you can pay your balance on time, then they’ll apply a 1.25% rewards rate to the purchases you made during the previous billing cycle.
So, let’s say that you have a $200 balance and your payment is due on May 18. If you pay at least the minimum balance on time, then, instead of earning 1% on that $200, you’ll earn 1.25%, or $1.25.
Over the course of the year, your rewards can add up at a decent rate. For example, if you spend $1,000 a month on your card and pay on time every month, you can earn $150 in rewards over 12 months.
At $2,000 a month, that’s $300 a year. However, we’d caution you against extrapolating the numbers out too far because there’s a good chance your credit limit will be low (think $1,500 or lower) and you may not have the buying power to hit $2,000 in spending each month.
Capital One gives you several different options for redeeming your cash rewards: check or statement credit.
The check option is easy enough: Capital One sends you the check with the awards balance at the time of your request.
If you choose the statement credit option, you can either have the rewards deposited to your account on a recurring basis, or you can have the rewards deposited once they hit a certain balance.
For example, you can tell Capital One to redeem your cash-back on the 30th of every month, they can auto-deposit your rewards once they hit $50.
Earlier we mentioned that your credit limit is probably going to be pretty low.
Credit card companies like Capital One are all about matching consumers with a card that compliments the consumer’s level of risk. Better rewards go to consumers with better credit, and vice versa.
This philosophy also affects the credit limit you get. The lower the limit you get, the less of a chance you have of making big mistakes with your Student Journey card.
It’s like how parents put training wheels on their kids’ bikes – the idea is to limit mistakes until you’ve proven you can handle more responsibility.
While Capital One will probably start you out on “training wheels” with a lower credit limit, they say they’ll raise that limit if you make your first five payments on-time.
Shopping and Travel Protection Benefits
Since the Journey Student card is part of the Visa Platinum program, you get a free suite of shopping and travel protections for items you buy/book with your Capital One card.
Like many other credit cards, you’ll get complimentary car rental insurance when you use your Student Journey card to book a car rental. Now, keep in mind, you have to be 25 years old to rent a car in the United States.
We read through the fine print about this perk and discovered a few interesting things you should know:
- Doesn’t cover towing the car to the rental office
- Good for a rental of up to 15 consecutive days in the U.S.
- Good for a rental of up to 30 consecutive days abroad.
- Covers your insurance deductible
Aside from that, you just need to remember that you have to use your Student Journey card to make the booking and you have to decline the car rental company’s in-house insurance.
Should someone steal your card or card number, you won’t be liable for any purchases they make.
One of the lesser-known benefits of Visa Platinum cards and most credit cards, in general, is the extended warranty perk.
According to Visa’s fine print, certain items you buy with your Student Journey card will double “the time period of the original manufacturer’s written U.S. repair warranty up to one (1) additional year on eligible warranties of three (3) years or less.”
They cap your reimbursements at $10,000 per item and $50,000 per Journey Student cardholder.
Not everything is covered under this policy, though. Here are a few items that don’t qualify for extended warranty protection, per Visa’s fine print:
- Boats, automobiles, and aircraft
- Real estate
- Garage doors, garage door openers, ceiling fans
- Computer software
- Medical equipment
- Used items
This particular insurance plan is a bit misleading because, according to Visa’s terms and conditions, it only covers injuries sustained while “riding as a passenger in, entering or exiting any licensed” airline plan:
- Loss of life
- Loss of limbs or sight
- Loss of speech or hearing
This particular nuance of the insurance/protection program has a very detailed list of exclusions and conditions, as do the rest of the benefits on this list. If you’re unsure about what’s covered and what’s not, you can read through the Visa Platinum benefits guide.
The Capital One Journey Student Credit Card’s Rates and Fees
If you haven’t noticed, the recurring theme in this review is how average credit affects the benefits and perks you get with a credit card.
That thread continues in the rates and fees section, where we noticed that the following numbers are different than the typical credit card:
The main differences between what you see here and the average credit card are that the Journey Student card has no annual fee, no foreign transaction fee, and one APR: 20.74%.
Most credit cards offer you three different APRs reserved for people with excellent, average and bad credit.
The Student Journey’s APR is a middle-of-the-road APR for most cards. Yes, other cards have lower rates, but those lower rates are reserved for people with excellent credit.
Reviews of the Capital One Student Journey Credit Card
The Student Journey card is a popular one with consumers, although it’s hard to tell exactly how many cardholders are students and how many are older consumers with average credit. Either way, the card gets pretty high marks.
At the time of publishing, 160 reviewers gave the Student Journey an average of 4.7 out of 5 stars, which is a very impressive score. These high marks earned the card Credit Karma’s Cardholders’ Choice award.
More than 95% of the reviews were four or five stars, with many of those reviews expressing how much cardholders enjoyed how they could use the card to rebuild their credit. They also noted they liked how Capital One raised the credit limit after five months.
The scores the Student Journey card gets on WalletHub are significantly lower than what we saw on Credit Karma: 3.5 out of 5 stars from more than 1,800 reviews.
Many of the most recent comments about the card are positive, with reviewers saying the Student Journey gave them a chance to rebuild their credit from bad scores to good scores, or that it provided the first step in their credit-card journey.
The Student Journey received 27 reviews on NerdWallet for an average score of 4.7 stars.
What was unique about these reviews is that many of them detailed how happy they were. Here are the credit limit increases we discovered, with the initial limit first and the increased second:
These reviews seem to indicate that, while your credit limit may start out low, there’s a good chance it will be boosted beyond $1,000 after you make five consecutive payments.
Now, remember, any limit they give you will be based on income and credit scores, so the increases you see here may not be the same as what you get.
Our Final Thoughts About the Capital One Student Journey Credit Card
Having average credit can be tough because credit card companies aren’t as willing to give you decent credit cards and, if they do, those cards usually have high APRs and very limited perks.
In our opinion, the Capital One Student Journey card is a great option for people with average credit because it has a 1% cash rewards rate that bumps up to 1.25% if you pay your bill on time.
The drawback with this card is the APR, which is higher than what other cards offer, but for good reason. Credit card companies are trying to offset the risk of bringing you on by raking in more interest fees should you not pay your balance in full every month.
Now, the Student Journey card isn’t the only credit card Capital One designed for people with average credit.
Their QuicksilverOne is a simpler version of their Quicksilver card. The QuicksilverOne has a 1.5% cash-back rate, but its APR is 24.99%, or more than 4% higher than the Student Journey.
Many of the other perks you’ll find on the QuicksilverOne are similar to the Student Journey. In our opinion, the best card for you has a lot to do with your discipline.
If there’s even a chance that you’ll make late payments, we suggest going with the Student Journey card simply because your lower APR will save you money in the long run.
Yes, the QuicksilverOne’s cash-back rate is higher, but those gains will be negated by the card’s higher APR.
We’ll leave you with one final thought. Credit is the kind of thing you can rebuild with two habits: paying on time and paying in full.
If you want to learn more about the other nuances of building a good credit score, download our free eBook titled, “A Complete Guide to Credit Scores: What They Are, How They Drop and What You Can Do to Make Them Better”.
We give you practical advice on what your credit scores are, why they exist and what steps you can take to make them awesome.
Write a Review for Capital One Journey Student Credit Card!
Share your experience to help others shop smarter & discover great products.
Capital One Platinum Credit Card Review
Where ‘average’, according to the bank providing, implies either limited credit history or default on a loan within the past five years.
Choosing this credit card people with such seemingly unfavorable for the bank qualities can not only have their own credit card but also take advantage of its special features.
Like travel and auto rental insurance, free extended warranty, balance transfer, annual account summary, financial tools and tips, etc.
Capital One Platinum Mastercard Credit Card Review:
More on Who Can Qualify for the Card
If you are 18 years old or above, you can qualify for Capital One Platinum Credit Card.
Additionally, the following categories of customers can also apply for it:
– Three years or fewer credit cards owners.
– People that have never had their own credit card in the U.S. (e.g., recent immigrants, other authorized users or joint account holders on someone else’s CC).
– People having a valid SSN.
- There is no annual fee, max over-limit fee, max penalty APR and foreign transaction fee.
- It provides the longest possible grace period (25 days) and max late fee amounts to $35.
- Cash advance fee amounts to 3% (min $10) and cash advance rate to 24.9%.
- Platinum Credit Cardissued byCapital Onefeatures a smart feature (chip-and-signature).
Benefits of Capital One Platinum Mastercard
As Platinum MasterCard this one comes with a number of benefits:
- It stipulates credit limit increase. If payments made during the first five months are on time, the holder can qualify for this offer.
- There is $0 fraud liability: if the card is stolen/lost, the owner won’t be responsible for fraudulent transactions made on it.
- To be fully informed the holder can manage his/her account 24/7 using an online banking option. Likewise, an account can be accessible from a smart phone via the bank’s mobile app.
- Using Capital One Platinum Credit Card a person has a free unlimited access to monitoring his/her credit profile via Capital One Credit Tracker.
- Finally, with text message alerts and personalized emails service the owner will be able to keep track of each and every spending.
There are some other benefits except these major ones that will be not less appreciated by customers.
Firstly, choosing cover image or design (of hundreds available) the holder can personalize his/her card.
Secondly, all payment features are customizable; the holder can choose his/her own monthly due date, preferred payment method as well as autoplay option).
Finally, it provides major travel related options (insurance, 24-hour travel assistance, etc.).
capital one credit card over limit
your credit score just by having it.
agencies instead of reporting your credit balance correctly, which unlike
a 'zero' causes a program error and hurts your credit scores. Supposedly,
this is done to bring down your credit score and keep you dependent on
Capital One's cards for consumers with poor credit at high interest rates.
agencies instead of reporting your credit balance correctly.
For the last few years, Clark has trashed Capital One -- one of the nation's largest credit card issuers and the purveyors of those memorable "What's in Your Wallet?" commercials that people either love or hate. Well, today the company gets some praise from Clark because it's agreed to change a policy about how it reports your information to the credit bureaus. In the past, Capital One would not report how much of your credit limit you were using. That way it always looked like you maxed out 100 percent of your credit, effectively destroying your score. According to Clark, this was an intentional move on Capital One's part because they wanted to hurt your credit and prevent other companies from poaching their customers.
Capital One Credit Cards Consumer Reviews
After making all monthly payments on time and having a credit score of 725 or higher at all 3 credit agencies. When my 0% introductory rate was over they decided I should pay 22% interest because I was warned it was possible when I signed up. While speaking to the customer service representative I was told the lower rates are given at random. Please save yourself the hassle and money and find a more consumer friendly credit card company. Discover and Citi have been great to me.
I have been a Capital One customer for years. I have always paid my credit card bill on time and normally a payment well beyond the required payment. On January 7th 2011 I was contacted by the Fraud Division of the bank. They were inquiring about 2 large charges that I had made. I confirmed that I had made the charges, so everything was business as usual. I later received an email confirming my conversation with the Fraud Department.
On January 14th I attempted to charge $135 worth of rodeo tickets by telephone but my Capital One card was declined. I contacted Capital One and was transferred to the Fraud Division. They informed me they had placed a hold on my card due to suspicious charges on my card beginning January 12th and continuing almost to the time I contacted them.
The charges were for a rental car in Arkansas,(I live in Texas) and then on the same day several charges in the United Kingdom. This is what set off the bells in the Fraud Department and a hold was placed on my card. I informed them I did not make any of the charges, that I had been scammed, (them too) and that I fully understood why a hold had been placed on my card and happy they had.
I was informed my current cards would be canceled and new ones re-issued, and since I was such a good customer the cards would be sent out in 2 days instead of the normal 5-7 days, and I would be given an extra 1000 "Bonus Points" for my trouble. I was satisfied with the whole experience until the Fraud representative told me my account showed to be out for collections. He could not explain why as I had never been late with a payment, and in fact it showed they had received a payment of $2000 the day before, which is true.
Here is where things really go down hill fast, and makes me think that someone at Capital One is the actual scam artist. I'm transferred to the Collection Department to ascertain why my account is in collections. I'm informed by them that I, (yes, I) have placed a "Cease and Desist" order on the bank not to contact me, so my account automatically went to collections. I informed them I never did that, and why should I, since my account was, and always has been in good standing. The representative had no answers for me, but would have to once again transfer me to another department to have the order removed.
This time I'm transferred to a gal who is the type you always read about as the service representative from Hell, a customers worst nightmare, someone that would be better suited in life working with dead people in a morgue so as not to torture the living. First she comes off with an attitude that I'm some kind of deadbeat as I put a "Cease and Desist" order on my account which I had not. Then she wants to know why I had placed such an order, which I had not. Then she refuses to tell me when and who placed such an order because of "Security Reasons".
Then she refuses to give me the name of her supervisor for "Security Reasons", and also refuses to transfer me to that person, "as they won't be able to help you anyway". It was obvious she was trying to control me and the conversation, but having been a police officer for over 30 years in a large city that wasn't going to happen, so she finally let it slip that the order was placed on my account August 30, 2010, but refused to say who placed it, only saying it may have been placed in error.
By this time I was worn out, having been on the phone for 1 1/2 hours. I finally convinced her to remove the order, but then she had to add insult to injury and told me I would have to speak with Customer Service to have my new cards re-issued. I told her of my conversation with the Fraud Dept. and they said they would be sent out in the next 2 days. She informed me (like she was doing me a favor) that she would authorize new cards to be sent out instead of customer service but my waiting time would be 5-7 days, not two, take it or leave it.
If a "Cease and Desist" order was placed on my account why was I contacted twice by the Fraud Division and also sent emails by them, even though I hadn't placed the order in the first place? Why have I been able to use my card since August 30, 2010 if my account had been sent to collections at that time?
Why was I refused the name of the person who placed the cease and desist order, or even the date when it was placed, even though I am the only account holder? Why was I refused to speak with a supervisor, or even their first name? Is there someone within Capital One that placed the cease and desist order setting be up for future scams? If anyone out there can answer any of these questions, I'll be glad to listen. Thanks. Confused in Texas.
MCLEAN, VIRGINIA -- WAY TO GO CAPITAL One CREDIT CARD COMPANY - First off Capital One is only out to destroy people! And what you are doing is condoling Capital One and all the financial company to do so by this action. As far as I am concern Capital One raised the credit limit on their own! I found out that Capital One seized my account by attempting to buy groceries for myself. Not only was I surprised I was humiliated by Capital One's their actions by doing this! I also do not have any money to put gas in my car nor attempt to pay bills. Also, not able to have food on my table until this issue is resolved. I have not eaten since Saturday May 2nd.
I would like to know what you are going to do about this. It burns me up that these people as humans can condole this! As far as I am concern, this financial company is out to destroy people. I do wonder how you can personally live with yourself as a person. I do not wish harm on anyone since I am not God to judge! But I will pray for these people to be judged. Not only have you frozen my account, but you have frozen my pension money! I am very upset that Capital One has not even returned my call for the last three days with answers to this matter. I have been told with one conversation that they will return my call within five to ten days.
I am not sure what it take to have compassion for people. With no food, not being able to get to work! I would never be a customer of Capital One as a whole ever again. Capital One seem to be very proud of what they are doing! All they have to do is really look on the Internet and search many of the negativity about Capital One! I have seen a very unbelievable complaint about Capital One about a family losing everything and are homeless because of Capital One. I have to say that I do believe what people write about Capital One as review! The only reason is what they have done to me! Please everyone boycott Capital One as a whole! Stay away from these people!
FLORIDA -- Have had both the QuicksilverOne card and the Platinum card for about a year. I use them both regularly and pay off and charge up normally 2 times a month each due to limit and use for business. So after I made this payment on both cards of over 2100.00 total to bring both account balances to 0.00, they reject my payment. I ask the customer service girl why and they say something was wrong with the payment, so we get the bank on the phone and bank admits fault.
After it's all said and done, Capital One management tells me that because of the bank's mistake they will have to show an isf notice on my cards! I asked why when it was a bank mistake, the girl said sorry it's a new policy. Well what that does if you don't know is gives them the right to jack your interest rate up more. Do not do business with Capital One!
I opened a secured card 33 months ago, made every payment on time and decided I no longer needed the card. I called Dec 16th to cancel and ask for my deposit to be returned. I was told 14 days, however I needed to call back in 5 days to verify the account had closed. I did that. I was then told no refund would be issued until 15 Business days. I called back and was told "No sorry that was incorrect." I needed to wait 9 more business days. A complete mind game as they continue to lie and apologize for the fact that they have my $2,500 dollars and I will get it when they feel like it's time for the game to end. NEVER USE THIS SERVICE, THEY ARE DISHONEST LIARS.
ATLANTA, GEORGIA -- It started out with a $300 Visa offer with a opportunity to bump after 5 months. After 5 months got a bump to 2300. Then another within 5 months to $4300.00. Next, I was sent a pre approval for a Quicksilver Visa with a CL of 3000.00, then a Venture One with a CL higher than the other two combined. My credit score has increase by 100 points since I started my relationship with Capital One and I'm so loyal to them.
One thing I will point out, I paid my bill sometimes twice a month and at a much higher amount than the minimum payment. I have read that paying higher than the minimum also shows a creditor that you are able to pay more if your credit line is increased. it worked for me! I'm so grateful that Capital One gave me a chance! My interest rate is in the middle. definitely under 18 percent! I have always been handled with respect and professionalism! I love what's in my wallet.
LONG BEACH, CALIFORNIA -- The Capital One Credit card company advertises and frequently sends promotion checks to customers allowing them to use checks for purchases, cash, or transfers with no transaction fees. However, their system automatically put on hold customers credit account for trivial/wrong reason. Consequently, customers suffer charge back for returned checks and fee for cancelled checks even they have never spent over limit on their Capital One credit accounts.
On 7/17/2012 I paid $2000 for my credit line of $2000. Capital One accepted this payment and my balance became -$90. That meant Capital One owed me $90 and my balance had $2000 available. The next day, 7/18/2012 I wrote a Capital One promotion check #** of $1800 and deposited to my checking account at Bank of America. However, until 5 days later, on 7/23/2012 I knew the check was denied. Bank of America charged back $12 for returned check and subtracted $1800 from my bank account. I also suffered fees from other cancelled checks due to insufficient checking account at BOA.
On 7/24/2012 my account balance is $0, my available credit $2000. I wrote another check #** of $1820. Still, again my account is on hold due to other banks deposit $3000 into my account on 7/26/2012. I contacted Capital One five times about this problem. They said: "An account will be put on hold if there is (1) Large amount of payment or (2) Multiple payments. It is automatically system, they cannot change it. These are wrong reasons because Capital accepts large amount and multiple payments from customers. Why did they accept payment and then put on hold their customer account?
They can put on hold the amount deposited until it is cleared but they should not put on hold consumer credit line or their entire credit account. Put on hold credit line and put on hold the check is different matter. Capital One said they want to make sure the amount received is cleared. However, the amount should be cleared before posting the transaction. They should post only after the amount is cleared and should give the accurate balance on their customer credit accounts. For example, it is very confused for customer having balance negative -90 after paying $2000, but credit is not available as if they paying late.
The payment from customer in large amount to Capital One is not customers' fault. Customers do not spend over limit on their account. Instead, customers pay to increase the amount available on their account. It is different from late payment. Capital One also failed to notify me about their decline as they stated in section “Important Information About this Offer” on the info how to use Capital check promotion.
I believe hundred thousand customers have been suffered such wrong and unfair practice. FTC and STATE should investigate to protect other Citizens from this error. I want Capital One pay back any charge back fee by Bank of America, other cancelled check fees, and other lost due to Capital One system error.
FRUITLAND PARK -- I am cutting and pasting my consumer complaint I have with Capital One Credit Card company that I wrote at Consumer Affairs. I would implore and beg someone from your office to read what hundreds, if not thousands of people are having to deal with concerning Capital One. Basically they are the most greedy, unscrupulous, and corrupt company I have ever had to deal with. I am not the only one. There has to be some way of stopping their predatory lending and collecting practices. Below is what I wrote:
Back in the Late Summer of 05. I was a small business owner and my business was not doing well at all. My wife and I came very close to filing bankruptcy. Were 3 months behind on our mortgage and at least 4-5 months behind on all our credit cards. (I believe we had at least 5 credit cards). Then we had a slight turn around with enough money to get caught up on our mortgage (1st priority).
We cancelled our bankruptcy proceedings and worked with all our creditors in trying settle our debt. I only had so much money to do this. All our credit card lenders were willing to settle the accounts except for Capital One. I explained that I only had so much money and that I could pay the principle and interest but would not and could not pay the late fees.
They were the rudest, most condescending people I have ever dealt with. They were adamant that they wanted everything like right now to include all the late fees. I had maxed out my limit of $500. But with all the fees they wanted close to $900 to settle. I said I could pay the $500 principle and possibly up to $200 in interest. They said no way. I wrote them a very lengthy detailed letter explaining my situation but never heard back from them until in late 07 I get a court summons indicating that Capital One is suing me for $1200.00 and that to avoid judgment they recommend mediation.
I went to the mediation in Aug 07 and it was a joke. The lawyer representing Capital One had his marching orders and indicated that they would not settle and now wanted the whole amount, but would take payments. At that time my business was on life support. I was working a $10/hr job just to put food on the table for my family. I said no. I can't afford those payments and I did not agree with the amount owed.
I was sued, the judgment for Capital One for roughly $1500 w/ lawyer fees added on. I have not yet paid back the judgment. I have shut down my business and am currently working a commission only job. Had Capital One been willing back in 05 to work with me. They would have gotten their money plus interest.
But after researching Capital One. I realize their goal in making money/profits is in the late fees. They are aggressive beyond belief, almost bordering on predatory lending practices. I know What is NOT in my wallet and I will never, ever, ever get a Capital One card again. And I am almost making it a one man crusade to stop people from getting a Capital One Card, without at least doing a google search under Capital One Consumer Complaints.
WILMINGTON, DELAWARE -- Since December I've been trying to contact someone, anyone, within Capital One that has both the ability to think and make decisions. Going back to November, I was told I had 2 offers, 1 for each cap one card I have. One offer was to have my annual fee eliminated and the other offer was to have my annual fee reduced. I called in, talked to the representative about the offers and ultimately I was told the changes would be made momentarily. Now March and I still have not received my fee reduction.
After many calls, many online chats, and complaints to OCC/CAG, I'm still not getting any response from Cap One. I talked to **, Executive Response Committee, and she told me she would respond by phone or secure message/email in 1-2 days with answers to all my complaints. Now over a week later, She hasn't responded. There are more complaints! I've had 1 card for over 2 years, and asked for a credit limit increase, since 2 new cards I've opened within the last year (chase slate & Citi preferred) offered 3-5 times an initial credit limit than cap one, a card I have had for nearly 3 years. I also asked for a CLI for the other card, a card I had for 1.5 years, both were denied.
In short, I was real interested in knowing why I was denied, simply because my credit is fairly excellent. According to MyFico.com, Equifax and TransUnion has me at 744 & 782. My Experian Plus Score is 759. I have never been denied credit, mainly because I only request it when it makes sense. My credit file has a nice mix, low utilization and all accounts (except with cap one) have competitive rates (used car loan at 4.7%, mortgage at 4% and credit card rates ranging from 10.9 to 13.9%).
Anyway, even though it is federally mandated to give a reason for denial, I have never received their reason. I asked for this CLI back in November, the same time I was told about the annual fee reduction. I brought this back to the attention of a cap one reps repeatedly, again asking for the denial reason or send it to me, and they told me they cannot. Ultimately, I'm now looking at legal avenues to remedy all the issues I'm having. Sure I can close the accounts, and may do that, but as you well known, closing accounts can have a negative impact on your score.
I'd rather just be treated fairly and continue having the accounts opened, then either use them or never use them. Small issues like the fact that cap one uses only overseas reps, mainly out of India, is annoying but not a huge issue. It usually takes going through the first 3-5 customer service reps just to get an adequate English speaking representative This isn't as big a deal, just a little frustrating! I'd stay away from these guys entirely. Go with a company like Chase or Citi, where customer service is truly customer service and when they offer something to you, they follow through on it.
According to Cap One reps, as of January 1, 2012, they will no longer offer annual fee reductions and because they didn't adjust my account throughout the month of December, they now cannot reduce my annual fee. In a nutshell, because of incompetence on cap one's end, I'm now stuck with an annual fee forever. I've tried to get some sort of response from anyone, but at this point, they simply do not respond. I've tried emails, secure messages via cap one's website, tweeted to @askcapitalone, repeated phone calls, and on and on. They all say they will have to get back to me regarding these issues but never do or simply never respond to the emails or tweets at all.
I also have learned that Cap One was involved in a class action lawsuit and lost the case! The findings: Cap one is/was involved in the unethical practices of keeping credit limits low, push consumers into opening another high annual fee, high rate, low credit limit card, instead of increasing the customers credit limit. It's an actual business model of Capital one, because the low credit limits hinder a consumers credit score, the additional hard pull inquiry lowers a consumers credit score, and the high annual fee and high interest rates, improve their bottom line.
By keeping their customer's credit score low the consumer has few choices in getting another card from a reputable card company, this is their way of entrapment. Back when I got my fist cap one card, I was surprised how low my credit limit was, especially considering I had other cards that had far better terms and much higher credit limits. After talking to a rep, I was told Cap One is more likely to increase your credit limit after you open a second card. So trusting them, I opened a second card a few months later. Now, several years later, I have still never received a credit limit increase. Plus that got me into having 2 annual fees.
I rarely, if ever, carry a balance. Cap One knows this and they see annual fees are their money makers. So even though I have spotless credit and even though I was granted an annual fee reduction, Cap One simply changed their mind on eliminating my annual fee without ever informing me about it. Trust me, you want to stay away from this company. I asked Linda if it's going to take another class action suit before you learn these and other unethical business practices they are involved in are predatory. I'm still waiting for a response.
On April 7 2011 I went to get my mail at home and was shocked to find out that I got five (5) letter from Capital One. All letters were address to me and my address. After opening each letter I found the letter stating that Capital One was mailing out new credit cards with chips to those who did not have chip credit cards and I would have to activate it or them. After opening all envelopes I found myself with FIVE CREDIT CARDS. I called Capital One to ask why they mailed me five (5) Credit cards and to my surprise they were OTHER PEOPLE'S CREDIT CARDS WITH THEIR ACCOUNT BUT THE LETTER WAS TO MY NAME AND ADDRESS.
They passed me along to the Fraud department where the representative took the info down. I asked why I was not sent my credit cards yet and if what happened to these people happened to me did FIVE PEOPLE GET MY CREDIT CARDS LIKE I GOT THEIRS!! And was my credit check for their info. I was not happy and very worried. The fraud representative said he can only pass me on to the accounting department to speak to a supervisor and that I would have to wait FIVE business days to get my new cards but I could not use my old card which did not expire yet.
I advised him this was not fair because this was CAPITAL ONE'S MISTAKE and I should not have to go through the hassle of this. The representative said he could not help me. I would have to speak to the supervisor in the accounting department. He passed me along and I had to explain the situation all over again. WOW.
I advised him that any criminal minded person would have taken advantage of this and Capital One would not know and the customer would not know either until it was too late. The supervisor told me he was pleased that I call it in and thank me. I asked if he would do something for me since I was honest enough to call and REPORT THEIR BIG MISTAKE!!
The supervisor told me all he could do was put a rush on the delivery on my card. BIG DEAL. THEY SHOULD HAVE DONE THAT BEFORE. I advised that I could go to the media too and let them know what DUMB MISTAKE THIS WAS ON CAPITAL ONE MASTERCARD'S PART this was. The so called supervisor seem to be grateful but would not do anything to help me, really. I advised him this kind of mishap should never happened.
I mean if they mailed me one (1) by mistake it is understandable BUT FIVE (5) credit cards. WOW. I advised that he make sure the departments responsible for this correct it and do better. After getting off the phone for 1 1/2 hrs I called back to speak to the supervisor again and was transferred to the fraud department where I spoke to a very rude female. After I told her to read the notes on my account in which I had to tell the supervisor before to write down she told me she could not. I told her that the representative before was able to and I did not understand why she could not transfer me.
I said to her she needed to be more helpful than rude and trying to have an argument with me since I can go to the MEDIA AND REPORT THIS MISTAKE TO THEM!! And this could bring the company down with their reputation. She was still very rude. I hung up and made the discussion to tell the media and warn other customers of this since this representative was rude considering it was CAPITAL ONE that mailed me five other peoples card with my name and address on the letter.
BE CAREFUL WITH CAPITAL ONE AND HOW THE DEAL WITH YOUR PERSONAL INFO AND WHO THEY GIVE IT TO with or without intent because the company itself is not careful. Still waiting to be comp for this goodwill I did.
How A Capital One Credit Card Can Destroy Your Credit Rating
If you routinely check your credit report with either Transunion, Experian or Equifax you may be surprised at what you find. Many people who pay their bills on time and have a good average length of credit history are shocked to see how low their credit scores are. Why is this happening? Companies like Capital One are notorious for shady credit reporting practices that actually hamper a consumer's ability to get credit. If you have a Capital One credit card it is important for you to understand what can go wrong.
Under normal circumstance and with normal credit cards, the user's credit limit is reported to the various agencies and kept on record. Each month as your balance is determined and reported these companies then determine your available credit and the percent that you are utilizing. For instance, if you have a card with a $1000 credit limit and a balance of $250 then the credit bureaus know that you are utilizing 25% of your available credit. It is far more ideal to be at a utilization rate under 20%. No problem. You pay $75 off next month and maybe you now owe $180 after interest. Great you are utilizing 18% and this helps your score. Right? Not so fast!!
Rather than report your credit limit, Capital One is still often only reporting the highest balance you have had on the card. So if the most you have spent on the card was $250, then that is reported as your credit limit. Next month after your $75 payment and with a few bucks of interest added your balance is $180. Now before you owed $180 out of $1000 available and had a utilization rate of 18%. With Capital One's method, the bureaus think you are using $180 out of $250!! A whopping 72% utilization of your credit!!
Why this hurts you and helps Capital One
FICO scores that are routinely used for all kinds of financing are generated from a proprietary formula, but part of that formula is credit utilization. By falsely showing your credit limit as your high balance, this drops your FICO score. This could cause you to miss credit opportunities or be given higher rates on future credit. This actually helps Capital One. They do not want you to receive better cards with lower rates. This helps prevent that from happening. Many customers who try to lower their utilization are forced to generate a higher balance and pay it off. This is the only way to increase the reported credit limit that the bureaus send to other businesses when you apply for credit.
Many people are unaware that this is occurring. If you are a Capital One customer be advised. You may want to pay off the balance as quickly as possible, cancel the card or both. Be sure to monitor your credit report to make sure the proper credit limit is being reported. The motto of "What's in your wallet?" should be changed to "What's in your sock drawer?" because that is the best place for this card besides the trash can.