Capital One (“Capone”) is acting like a gangster in many ways. In May I received a notice my Visa Rewards card was being switched to MasterCard, that my Visa account would soon become inactive and the new MC was already in the mail.
When I called to learn why this was done without prior notice, the CSR stated all Visa cardholders had earlier received an “opt-out” email to decline the MC. Looking back in archived/deleted emails I found no such warning and expressed extreme dissatisfaction with this ambush on a card I’d been pleased with for many years and one I use frequently at businesses that don’t accept MC.
Since wheels were already in motion the CSA offered this workaround :
when I received the new MC I could apply for a “new and improved” CapOne Visa as a new customer
receive a paper check for the accumulated Visa Rewards
cancel the MC
Despite these ridiculous hoops I was ready to take this approach until CSA informed me the “new” CapOne Visa card comes with a mandatory $400 annual fee! At this point I resolved to fire Capital One and never do business with them again. Only in followup calls did I learn Capital One had made a deal with MasterCard to force all its Visa cardholders onto the new platform.
I’ve since applied for a different Visa Rewards card with no foreign exchange fees nor annual fees and is accepted at the retailers (CostCo being the main one) where MC isn’t.
We came to C1 via ING direct which had decent savings as I recall, but got sold off to C1 in 2012.
Cap1 is good at making promises they don’t keep. Get $500 credit if you take this card and use it! In my case (with outstanding credit) they sent an entry level limit card, and would not pay as promised. Good faith 2nd application netted another low limit card and fouled up credit report (“too many inquiries”) that took over a year to clear off.
Needless to say they are FIRED; all promos go straight in trash. Chase is heading in same direction.
Another reason to never use Capital One: after I fired C1 for the above tactics, in the following weeks my credit score was downgraded 65 points from 800+ (exceptional) to 740+ (good). I don’t foresee a mortgage or other big-ticket loan in the future, but since insurance rates are also based on credit score, this retaliation by the rating bureaus will probably end up costing me $100’s more in premiums. These banksters truly are the financial mafia.
Years ago I swore I would never do business with Capital One after the way they treated my son who had chose them for his first credit card. We had to get the State of Florida involved. Anyway, I went back on my word and a year and a half ago I got a Capital One card in order to get 5% back at Walmart. But that deal is ending this month as Walmart sued Capital One.