1. Home
  2. UK Finance Discussions
  3. Capital One marketing

Capital One marketing

I obtained a Mastercard from Capital One Bank over a year ago - it had a low credit limit of £200 but was the only card I could get at the time. I've used the card wisely over the past year - never exceeding the credit limit and always paying on time. Last week I decided to apply online for an increase in my credit limit to an incredible £300. This was refused and I was told:

"Thank you for your secure message about increasing the credit limit of your Capital One account.

At this time we're unable to give you a credit limit increase. This decision has been made using set guidelines as a means of assessment and at the moment your account does not meet the criteria.

This doesn't mean that you can't apply for a credit limit increase in the future. However we do advise that you wait seven months before re-applying.

Thank you for using our internet services. Amanda Warriner Customer Relations Manager"

Fair enough, I thought, if thats how they feel, I'll close the account.

The next day in the post arrived a letter from Capital One. It told me that because I had managed my existing account so well, I had been "preselected" to receive a Capital One Visa card with a credit limit of £400.

Now, am I missing something? They won't give me a £100 increase in credit limit on my existing Mastercard, but will give me a new Visa card with a £400 credit limit. Why?

Or is their marketing just crap?

Alan

Don't reply to this e-mail address - messages will be deleted unread. To reply to me take away the news and substitute alanc

Reply to
Alan Norris
Loading thread data ...

Call and speak to someone.

Or, just miss a payment. I did this accidentally on a cc a year or two ago, and their reaction was to raise my credit limit from (AFAICR) from 3k to

4.5K.
Reply to
Tumbleweed

In article , Tumbleweed writes

Not sure why he needs to speak with anyone - just take the £400 card, and he has £600 of credit. Then keep using it responsibly, and the same will probably happen again in the not too distant.

I have always found that, if I run a card to close to its' limit, leave it there for a while, then pay it off, and up goes my limit.

Missing a payment could be risky as it may appear on your credit references, and may not have the desired effect.

Reply to
Richard Faulkner

The day after the failed application - the letter was undated but must have been sent out at about the same time as the failed application.

Alan

Don't reply to this e-mail address - messages will be deleted unread. To reply to me take away the news and substitute alanc

Reply to
Alan Norris

If they were allowing for a credit that hadn't already been authorised and the phrase 'pre-selected' is meaningless marketing crap (pre-selected isn't the same as authorised) then their systems are crap imo.

Alan - checking your credit record with the credit reference agencies may be an idea. Link here -

formatting link
Daytona

Reply to
Daytona

No - because I hadn't actually applied for the new card - and won't be doing so, especially with an APR of 24.9%!

Alan

Don't reply to this e-mail address - messages will be deleted unread. To reply to me take away the news and substitute alanc

Reply to
Alan Norris

They would probably write back saying we didn't say you could have it; you were pre-selected to receive the offer (ya boo sucks to you).

Daytona

Reply to
Daytona

In message , Alan Norris writes

What's the APR on your existing card?

Reply to
john boyle

Several years ago, my business and life went down the pan and I opted for bankruptcy to clear debts of around 20,000. Not something I'd recommend, but there you go.

The interesting point is, despite being a creditor and losing over 3,000 (not very gracefully, I might add) Capital 1 continually sent me letters inviting me to apply for a card. The situation was reversed i.e my original card had been a visa card, I think.

Worse was to come. Obviously I lost my house, and had to move. As a bankrupt, I didn't have a bank account or any financial dealings at all, though I obviously had to keep various people informed of my address.

Capital 1 STILL sent me letters imploring me to apply for a credit card.

The best advice I can offer you is to cut up the card and throw it in the bin, then attach their reply paid envelope to a cheap but reliably heavy object such as a paving slab and send it back to them clearly marked with your address. I have found that this is an effective way of dealing with junk mail.

Reply to
Andrew

24.9%. But at the time, it was the only CC I could get.

Alan

Don't reply to this e-mail address - messages will be deleted unread. To reply to me take away the news and substitute alanc

Reply to
Alan Norris

Marketing ? - it's more attractive to talk in actual amounts rather than hypotheticals for their customer base.

They have a fixed sum of funds to lend & they know what the average proportion of the credit limit is used by customers ?

Reply to
Daytona

In message , Alan Norris writes

So why decline the new one if its the same rate as the one you wanted to increase the limit on?

Reply to
john boyle

In message , Tim writes

Yes. Me.

Reply to
john boyle

In message , Alan Norris writes

Thats what I thought, you would get the card!

But you were offered the Capital One Visa before that though werent you? Only the day after you asked for an increase in your mastercard limit?

No, one was Visa and one was Mastercard.

Reply to
john boyle

"john boyle" wrote

Looks like it may have just been Daytona mis-reading the original post. Thank God *I'm* not losing my mind!

Reply to
Tim

No - I've had the Barclaycard for some months

But both from the same company!

Alan

Don't reply to this e-mail address - messages will be deleted unread. To reply to me take away the news and substitute alanc

Reply to
Alan Norris

In message , Alan Norris writes

So why ask for the higher credit limit from Capital One then?

Doesnt matter if its a different distributor.

Reply to
john boyle

No, I would take that to mean that it really is approved (but I suspect they still reserve the right to change their mind).

Reply to
Stephen Burke

Just for completeness - I wrote to Capital One on 25th August asking for some explanation - they haven't bothered replying so, in Usenet terms they've been "plonked", and I've cancelled the account.

Alan

Don't reply to this e-mail address - messages will be deleted unread. To reply to me take away the news and substitute alanc

Reply to
Alan Norris

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.