Capital One has been around a good long time, and I have had a “360” savings account for a few years. At one point it paid decent interest and I had a fair balance. Interest tanked and they had an obnoxious pitch man (Samuel L Jackson) so I pretty much emptied the account but it didn’t get closed.
Fasf forward and C1 issues a wonderful offer – get a “quick silver” card and if you spend $500 within 90 days, we will credit you with a bonus of $200. Who can resist that? So I apply and they issue a “platinum” card with a $500 credit limit to their customer with top-bracket credit score. OK use it a little because it is little.
Moving right along, we see the same “come-on” offer and apply again. This time they really do issue a “quick silver” card, but again with a piddly limit! So I go and compare cards and what do I find?
YES the offer is there, but there are TWO identical “quick silver” card offerings with differing interest rates, one with the new account offer and one without! Victim has to call up to find out what he got. Lo and behold, they sent me a low limit card without the bonus!
So if you are thinking of applying to get that bonus, be sure before you try to collect. These guys are bait and switch artists!!!
I as a rule stay away from companies that advertise on TV, regardless of what they’re promoting. If they are spending all their money on advertising, they won’t be using it on giving you great rewards or lower interest rates, or even paying your claims (in the case of insurance companies).
Bank did call and write and I called them back. They explain that the spending bonus offered is for NEW accounts, and while my QS account is indeed new, as a customer I am NOT new. In other words, any existing account with Capital One disqualifies you from getting spending bonus on a new quicksilver card, as offered. To my knowledge, NOWHERE does the literature state that, so we have a case of FALSE advertising to add to the bait-and-switch scam.
The rep was pleasant and did get to the phone reasonably quickly. I did explain my concern about the level of credit granted to a customer with outstanding score and decades of history.
Considering how this bank has chosen to treat such a customer, I therefore consider any and all capital one offers to be bogus. Here is an example of the current excrement: