Wednesday, May 11, 2011

Dear CapitalOne

Dear CapitalOne,


I'm breaking up with you. You were my first credit card ever. I signed up for you when I landed my first job the month after college graduation. Since I had no credit history, you gave me a $500 limit. I was excited because I knew how to handle you! After only three months, you increased my limit to $750. I had read so many personal finance articles on the topic and every 6 months thereafter I called about credit limit increases.

Which you denied me. Every single time. Even though I've always paid my balance in full and on time every month. I called and called, but you didn't listen.

Almost three years later, this is getting a little ridiculous! So, I took matters into my own hands. I had been receiving offers from other credit cards but had always just put them in the shredder. One day I decided not to shred the offer...and I went online to apply for a shiny, new credit card.

Now I'm the proud owner of a Chase Freedom Card. With rewards! And a $100 bonus if I spend $500 in the first few months! And over 5x the credit limit! Yay! (Of course, I'm sure I'll never go anywhere near that limit in a single month...but it's good to know it's there.)

CapitalOne, you are now being banished to the depths of my wallet. I'll keep you active since, after all, you were my first credit card and I can never get rid of you completely. You're part of my history! So, you'll be swiped once every few months to keep you on the end of my string. But I really could care less about you.

Hello, Freedom!!!!

Love,
MoneyMaus
[image via]

10 comments:

Frugalista May 11, 2011 at 11:15 AM  

Ha, ha! I have both. I can't believe Cap 1 refused to raise your limit. That is ridiculous. I'm a big fan of points. I Love it that I make money off of them but they don't get a dime out of me for the most part.

Counting all my stars and saving it May 11, 2011 at 1:18 PM  

I have a Cap 1 as well and haven't used it in years because the lack of rewards and customer service. I'm thinking of Chase freedom now since you've mention the bonus 100$ LOL

Anonymous May 11, 2011 at 1:19 PM  

Their limits are pretty ridiculous. My husband had an old Capital One with a $750 limit. We're traveling soon & they're one of the few with no Foreign Transaction Fees. They wouldn't raise his limit, so I applied for one. Boom, $7K of credit for our overseas trip. We have combined finances, so the exact data produced limits that different!

chipsforsupper May 11, 2011 at 2:38 PM  

Maybe the $750 card is a "student" card that they will only raise to $750 max.

The Financialite May 11, 2011 at 4:14 PM  

They wouldn't increase your limit? That's crazy, but maybe its because you were a good customer. You paid your balance on time and in the eyes of the credit card company, they make no money off of you and the interest. I'd like to think that they would love for you to spend more though!

My first credit card is tucked away in my jewelry box for emergencies. I only use it if something doesn't take AmEx. I'd also recommend the JetBlue AmEx card as I get free flights frequently and their customer service is fantastic!

MoneyMaus May 12, 2011 at 12:05 AM  

@Frugalista - It's silly that they don't! Oh well, a loss to them anyway ;)

@Counting stars - Yep, I was getting a lot of those offers in the mail! Check it out!

@Anonymous - I agree. My brother's going through the same thing right now! I have heard they are good for travel though...but really, $750?!

@chipsforsupper - Nope, it's one of their basic cards! Cap1 Platinum. Odd.

@Financialite - Perhaps, that's a good point. Wouldn't they at least want to give me more credit if I was asking for it, assuming (to them) that I wanted to use it?? Thanks for the JetBlue AmEx rec, don't think I would qualify yet though, but AmEx in the future for sure! :)

scn May 12, 2011 at 12:53 PM  

CapitalOne was one of my first credit cards when I was in college over 10 yrs ago...and my credit limit stayed at $500 for a long, long time! Even long after I got other credit cards, and those credit cards eventually raised my limits...and raised them again... I never contacted CapitalOne directly to raise my limit, but how come they never automatically raised my limit like my other credit cards did? Not that I ever maxed out my cards, but there were purchases that I wanted to make that were $500+! Annoying. I just stopped using the Cap One card. You snooze, you lose! LOL

Enjoy your new credit card! tee hee

Jerry May 20, 2011 at 4:41 PM  

I HATE THEM!! I used to take their offers and stuff everything that came with it back into the postage paid envelope and send it back to them because I'd get offers, literally, every day. I even called and asked them to stop to no avail. Your only insurance from those jerks is to get another card and throw Cap 1 away which you did! I hope this new card will lead to years of credit card happiness!

Anonymous May 21, 2011 at 6:44 PM  

I actually canceled my cap1 because the credit limit of $1500 was too low. I don't want a low limit card on my credit report because issuers look at the limits other issuers give u, so i don't want an initial limit limit of $1500. Ever since I canceled it my lowest limit card is $5k and my highest limit is $25k.

Jaden Allred May 20, 2013 at 2:50 PM  

Looking at it positively, through the years that you had a Capital One credit card, you didn’t have any trouble in settling your credit card bills. But it is good to know that you found a credit card which provided you a higher credit limit with rewards! Do be careful with your purchases though because you might not be able to pay it in full by the end of each month and put you in debt later on.

Jaden Allred

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