Entrepreneurship & Small Business

How to get a limit increase on my capital one credit card

  • Last Updated:
  • Dec 8th, 2011 8:47 pm
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Sr. Member
Jul 30, 2008
647 posts
1 upvote

How to get a limit increase on my capital one credit card

I use the 1.5% cash back capital one card for my business. I would spay I spent about $200,000 on it in the last year or so. I always pay the bill on time. The first year anniversary went by, and there was no automatic increase in credit. I also called after the anniversary, and they said they can't do it.

I have money on hand, but the problem is if I overpay the card, they don't simply give me more credit - they give me the maximum credit, and then when I purchase something, it takes about 3-4 business days for the credit to go back to the maximum.

Is there anything I should say/ask someone to talk to to somehow be able to get a credit increase?
10 replies
Deal Addict
Aug 28, 2007
1786 posts
212 upvotes
Calgary
Card issuers are no longer allowed to automatically increase your credit limit. That changed when they were all required to put that stupid note on your statement that says if you only pay the minimum payment it will take 97 years and 3 months to pay off your debt. Aren't you glad politicians are working so hard to do useful things for us!

To get an increase, either you have to make a request (which causes a hit on your credit bureau) or they send you a letter saying that you are pre-approved and asks you to call and make that very request (still causes the credit bureau hit!) If you've already called and they have refused an increase then you're already at the max for your profile. You'll have to wait.

Those dolts at CIBC were in such a panic in 2008 to reduce CC liability they unilaterally cut large chunks of unused credit from people's cards. The trimmed two of mine by over $20K. Now they're sending me letters every month telling me how good I am and how I should apply for an increase. They've realized they can't increase them automatically anymore. All the Big 5 banks make goofs now and again, but if there is ever a fiasco going on in banking you can be sure those clowns at CIBC are at the front of the line every time!
Member
Oct 5, 2009
469 posts
38 upvotes
Calgary
tribe1689 wrote:
Oct 25th, 2011 6:17 pm
I have money on hand, but the problem is if I overpay the card, they don't simply give me more credit - they give me the maximum credit, and then when I purchase something, it takes about 3-4 business days for the credit to go back to the maximum.

This really bothers me. even if we prepay the card with more money than the limit, we cannot do a large purchase if the amount is over the limit. IMO it's ridiculous since it'S already prepaid!!!
Sr. Member
Mar 3, 2010
588 posts
38 upvotes
theBeachBoy wrote:
Nov 1st, 2011 3:41 am
This really bothers me. even if we prepay the card with more money than the limit, we cannot do a large purchase if the amount is over the limit. IMO it's ridiculous since it'S already prepaid!!!

+1, have same problem as OP as well. Have Aspire World and only 10k for limit. In first year of having card we spent more than 170k on the card and are forced to pay 3-5 times a month in order to keep going. Asked for increase several times and they said every time that it is automatic on anniversary. Well, anniversary passed by, gone with wind and no increase.

Thing that pisses me off to madness is if I have 5000 dollars balance and add 8000, remainder of 3000 sits somewhere and gets applied much later when almost doesn't matter any more. Needless to say, impossible to pay larger bill. $10005.00 dollars bill have to pay with RBC Avion Visa (have 40k limit there).

4 day lead in applying payment to card is story by itself. We live in time where e-mail (electronic payment) makes it in few seconds from place A to B and my payment from Scotia - Toronto to Capital One - Toronto takes 4 days?! It is obvious that they are holding money. it disappears from my bank acc. same moment when I pay, it is nowhere for 3-4 days and gets posted to card after that.

All this is driving me away from that Capital One, need advice ... can anybody suggest better card than Aspire World. I'll do the switcheroo
Jr. Member
Nov 5, 2010
107 posts
9 upvotes
Burlington
+1 yes, what the f^#£* is wrong with Capital One people? Small limit, no increases even with tens of thousands spent and paid, delaying payments, money sitting somewhere in cyberspace.
Have to find better card and get rid of this one, suggestins?
Deal Addict
Oct 7, 2007
2318 posts
351 upvotes
I have had the exact same problem as OP with requesting a credit limit increase on my cap one card but have never received it. I think I have requested an increase maybe four times in the last three or four years but my credit limit today is the same as it was on day one. Also, I have always paid my bill on time and have never violated any of the terms and conditions of the credit agreement. I suspect that Cap One limits the credit amount to limit the cashback or rewards amount they might have to pay out. I am curious to hear of any situations where a cardholder was able to successfully have their limit increased.

When in need of additional credit, I have simply charged the balance to an alternate cashback credit card. The best of my alternatives are 1% cash back (e.g. MBNA) so it doesn't really matter which other one I choose.
Deal Addict
Aug 28, 2007
1786 posts
212 upvotes
Calgary
Don't dwell on one card. You can apply for lots of cards and keep them in your filing cabinet until you need them. Just because you have them doesn't mean you have to use them. And certainly don't apply for ones that have a fee. All your credit cards should be free ones.

Use a variety of banks and a variety of issuers (Visa and MC). Most cards have one or two particular advantages (renting cars, booking flights, cashback, gas price reductions etc), so having a stable of them allows you to apply the various advantages at the opportune time & circumstances. It is particularly useful if your wallet or purse is stolen or lost... just cancel the stolen ones pull a few new ones from the drawer to use while you wait for replacements.

They are particularly easy to get during the boom times and are particularly useful in tight credit times.
[OP]
Sr. Member
Jul 30, 2008
647 posts
1 upvote
This is a card purely for business purchases, and all i care about is that the % cash back is as large as possible, with no limit. I can't find a better card than the Capital One with that in mind, and I literally spend hundreds of thousands on it, so every little percentage point adds up.
Deal Addict
Oct 7, 2007
2318 posts
351 upvotes
tribe1689 wrote:
Nov 7th, 2011 9:21 pm
This is a card purely for business purchases, and all i care about is that the % cash back is as large as possible, with no limit. I can't find a better card than the Capital One with that in mind, and I literally spend hundreds of thousands on it, so every little percentage point adds up.

I agree with your logic.
Just curious what card you use when you have maxed out your credit card limit on your Cap One.
Deal Fanatic
User avatar
Nov 18, 2002
6497 posts
432 upvotes
Toronto
Don't know about Cap One but CIBC is giving away money right now on their business cards. Mind you no cash back.
Newbie
Mar 31, 2008
6 posts
Ottawa, ON
I use BMO card ... I can over pay the card if I want, and it becomes available credit ... and if your account is with them, you can just transfer onto the card and the credit is available immediately.
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