Personal Finance

What's your opinion on Capital One?

  • Last Updated:
  • Oct 3rd, 2014 7:04 am
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Poll: how do you rate capital one

  • Total votes: 74. You have voted on this poll.
they've always been great to me
 
27
36%
their customer service is top notch
 
4
5%
they're alright I guess
 
13
18%
I'm torn between them and other issuers
 
0
0%
I've never had luck with Capital One
 
4
5%
their credit limits stink and cannot switch cards or upgrade
 
16
22%
I would never apply for a Capital One card ever
 
5
7%
they should pack up and move back to the U.S
 
5
7%

Poll ended at Dec 18th, 2014 8:01 pm

Deal Addict
User avatar
Aug 9, 2013
2693 posts
235 upvotes
Markham
It was great when I was in debt. I was at like 7.99% interest rate with no yearly fee. Once I got out of debt there was no more need for it.
Be Happy
Deal Addict
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Mar 31, 2007
4120 posts
1096 upvotes
They really helped me with a low APR balance transfer card for debt consolidation. I was also surprised they would give me such a high limit at the time to allow me to do that.
In any case, never had any issues with them. I also enjoy their optional periodic surveys which help you feel more in-touch with the company -- also sent me a $100 cheque for completing one of them.
Deal Addict
Sep 15, 2008
1353 posts
3247 upvotes
Pawtucket
I've never had an issue with them. The Aspire Travel World is my primary card and I use it for all my Canadian purchases. No issue with Credit Limit as mine is over 15k. My only complaint was the lack of paperless statements but that has been resolved so I am a happy camper.
Member
User avatar
Jan 26, 2009
294 posts
88 upvotes
Niagara Region
They really helped me out awhile back getting a high limit on a low interest card. Never had any issues and there customer service is good.
Newbie
Apr 19, 2012
91 posts
31 upvotes
Prince George
I have no opinion on this topic, but kudos to all for actually spelling Capital One properly so far in this thread! There aren't enough numbers on my keyboard to reveal the multitude of times I've seen 'Capitol One' written by various people on other internet forums, and, rightly or wrongly, it greatly annoys me! This website certainly seems to have the best spellers!

LB1275
Deal Addict
User avatar
Oct 7, 2012
1339 posts
221 upvotes
Montreal
They've been excellent to me as well. Got a 10 k limit with the 1.5% card, and always treated well with customer service.
Sr. Member
May 1, 2011
986 posts
335 upvotes
Near GTA
lovefreemoney wrote:
Sep 19th, 2014 10:12 pm
120k a year spend, and you need a card from a sub prime lender? Something stinks here.....
Not sure what this means? What's a better option?

I thought this was the best card at 2% travel and 1.5% cash back with a small yearly fee after point bonus. Don't care about forex charges as I claim it all at work. Categorized purchases (gas/grocery/etc) that could be higher reward on other cards all seem to come in as travel items when overseas.

Don't want to hijack the thread so if there's something better feel free to PM :) thanks!
Deal Addict
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May 19, 2005
3482 posts
486 upvotes
Markham
I don't get the sub prime lender comment. For some people the offer great low interest rate cards for others they offer the best rewards.

I don't understand why it matters how much you spend and why you wouldn't want a card from CapitolOne if you're spending is high. That is unless the high level of spending creates better rewards in a different card. If I scale uo my personal spending to $120,000 a year, the Aspire Travel will still be one of the best cards to use.
Some people just don't get that online forum posts shouldn't always be taken seriously.
Deal Fanatic
Aug 27, 2004
6503 posts
141 upvotes
Toronto, ON
Jonavin wrote:
Sep 20th, 2014 12:10 pm
I don't get the sub prime lender comment. For some people the offer great low interest rate cards for others they offer the best rewards.
CapitalOne's business traditionally was subprime lending, including secured cards for bankrupts, etc. The 'best rewards'/'great low interest cards', as far as I can tell, represent an effort on their part for some number of years now to move away from subprime lending towards high-credit-score customers. The Costco deal is undoubtedly another part of that strategy...
Deal Addict
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May 19, 2005
3482 posts
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Markham
VivienM wrote:
Sep 20th, 2014 12:12 pm
CapitalOne's business traditionally was subprime lending, including secured cards for bankrupts, etc. The 'best rewards'/'great low interest cards', as far as I can tell, represent an effort on their part for some number of years now to move away from subprime lending towards high-credit-score customers. The Costco deal is undoubtedly another part of that strategy...
Already know this. What this this have to do with the level of spending? If I don't feel like they are a good company to deal with it doesn't matter if I'm spending $100 a month or $100,000. If I'm not happy I wouldn't use them even if my spending was low.
Some people just don't get that online forum posts shouldn't always be taken seriously.
Deal Addict
User avatar
Sep 7, 2004
4088 posts
822 upvotes
GTEH!
CAP1 is OK. I have the Aspire Cash World card. BUT, with 3K CL. :mad: wish it was higher. Use it mainly for travel charges and the travel benefits that come with it.
😎
[OP]
Banned
Sep 10, 2014
694 posts
144 upvotes
Jonavin wrote:
Sep 20th, 2014 12:10 pm
I don't get the sub prime lender comment. For some people the offer great low interest rate cards for others they offer the best rewards.

I don't understand why it matters how much you spend and why you wouldn't want a card from CapitolOne if you're spending is high. That is unless the high level of spending creates better rewards in a different card. If I scale uo my personal spending to $120,000 a year, the Aspire Travel will still be one of the best cards to use.
All i meant was, with spending in that range, I would think there would be better choices out there. Whether it be one card, or a combination of 2 or 3 cards. If Capital One does the trick for a high spender like that, than good for them.
Deal Fanatic
Aug 27, 2004
6503 posts
141 upvotes
Toronto, ON
lovefreemoney wrote:
Sep 20th, 2014 4:43 pm
All i meant was, with spending in that range, I would think there would be better choices out there. Whether it be one card, or a combination of 2 or 3 cards.
I'm not surprised that CapOne would be more generous, though. I suspect many high-spenders (in the $120K+/year range we're talking about) use some kind of private banking at one of the Big Five banks, and that private banking comes with the Avion for Private Banking-type card that's nowhere near the most competitive out there rewards/fee-wise. CapOne can't compete for that business, so if they want to move away from bankrupts as their base, they need to go after those who don't have those kinds of high-service relationships with the Big Five and entice them with rewards more aggressive than what the Big Five (or Amex) are willing to offer...
Deal Fanatic
Apr 16, 2007
7068 posts
1969 upvotes
Financial District B…
VivienM wrote:
Sep 20th, 2014 5:28 pm
CapOne can't compete for that business, so if they want to move away from bankrupts as their base, they need to go after those who don't have those kinds of high-service relationships with the Big Five and entice them with rewards more aggressive than what the Big Five (or Amex) are willing to offer...
I don't think CapOne would even consider doing what every other brink and mortor bank is doing. They have been very successful being a monoline issuer. There's many rewards on both ends with their sub-prime secured card.
Trust me when I say a few of the Cdn main FI's have been wrestling for years with whether or not to offer a sub-prime credit challenged credit product. Right now most have only been able to hop halfway over the fence by offering a secured revolving credit product for newly landed immigrants/students from abroad.
I know forsure our bank can't get over the fact of the negative connotation that sometimes comes when offering sub-prime credit.
----------------------------Licensed Credit Bureau member, S1, FI Automotive, CCP forums most banned = x 13 and counting, guess who that is?... stomped to the curb once again
Deal Fanatic
Aug 27, 2004
6503 posts
141 upvotes
Toronto, ON
mikeymike1 wrote:
Sep 20th, 2014 5:42 pm
I don't think CapOne would even consider doing what every other brink and mortor bank is doing. They have been very successful being a monoline issuer. There's many rewards on both ends with their sub-prime secured card.
Trust me when I say a few of the Cdn main FI's have been wrestling for years with whether or not to offer a sub-prime credit challenged credit product. Right now most have only been able to hop halfway over the fence by offering a secured revolving credit product for newly landed immigrants/students from abroad.
Oh, I am quite happy to believe you. Some news outlet (CBC? Toronto Star?) had a big article a year or two ago about TD aggressively doing sub-prime auto financing with sleazy used car dealers. It would not surprise me that the same banks would be eager to sell those same people highway-robberious credit cards rather than have clients like everyone on RFD who carefully choose their credit cards to get the most out of the banks and pay the least.

There's a lot of money to be made in subprime lending, at least if you manage it very carefully and your clients remain pseudo-bankrupt debt slaves forever rather than actually filing for bankruptcy (at which point, as an unsecured lender to someone with a massive pile of unsecured debt, you're screwed)

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