Watch out Capital One Quicksilver cards

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!!!

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Agree, if you are being declined the Promo card, they should tell you and let you decide if you still want the POS card.

Also a $500 Credit Limit for someone with good credit is insulting.

These limits are usually reserved for folks with bad credit.

Most of my cards carry a 20K limit… anything below 5K gets tossed no matter the Cash Back or Bonus.

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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).

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Update then on C1 quicksilver account…

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:

I have personal accounts with C1 (21/years) and have never had a problem with them. Their statements are clear and concise and I have found that their credit limits are reasonable. Their customer service is good and any issues are cleared up quickly.

That being said, with any bank there are going to be issues once in awhile. I’m sorry your experience with C1 has been less than you expected. I would let them know and see what they might be able to do to help you.

Well good for you CFO glad C1 has treated you well.

I did not really have a short relationship as I had an ING direct or whatever that was that they bought several years ago. No significant issues other than they were using a nasty pitch man. Customer interaction was pleasant, as described above. Also note that Price described essentially 3 levels of credit lines; Over 5K, Under 5K, and piddly. I did attempt to get them to behave, more than once as described above, and I am done. They LIED and they fouled my credit as inquiry and newest account statistics are in the “fair” range even though I have over 800 scores and over 35 years of history with no recorded missed payments. Here again is how it happened:

  1. Apply for QS card, based on an offer that was a lie.
  2. Got approved for Platinum card instead, with $600 credit line.
  3. Wait a few months; apply again for QS, based on the lie.
  4. Receive QS card with credit line of $500
  5. Complain to customer support and learn they issued a card that does not “qualify” for the offer.
  6. Terminate deposit and credit accounts. Lose $1100 credit line big whoop!

So, you see, C1 failed and refused to make it right. They don’t want my biz.
Happy to accommodate!

An interesting side note: I started with an ING Direct account which later became Capital One 360.

I have a small one-man business and would get checks written to my business name instead of a check made out to me. I am able to deposit those business checks into my account and then move the money to my bank account.

Thus I have a FREE business checking account which I don’t think you can get anywhere else. Credit Unions and banks appear to want to charge you for that.

The only drawback is that if I want to grab money at an ATM there is only one near me (Target) where I can withdraw, thus the electronic transfers.