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Hilarious Capital One!! Thanks for the free $850 !!


kayvebear
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The last post in this topic was posted 1399 days ago. 

 

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So some years ago all my capital one accounts were closed in a single day.  Had never missed a payment and had excellent credit, but they didn't like that I was utilizing their fee free 0% balance transfer option on a monthly basis to basically loan myself interest free money.

 

Didn't actually use capital one products - so who cares right?

 

The Venture card 80k sign up bonus came out a few months back.  I assumed I was black listed, but no hurt in applying right?

 

Instant approval for $15k credit line.

 

Spent my $5,000 for the bonus and cashed out $850 in Amazon cards.

 

Paid the balance in full naturally.  Didn't use the card since February and was planning on canceling before the AF came due.

 

Woke up today.  Capital one closed the card on me.  No explanation as to why.  No notes on the account.

 

Capital One literally allowed me to open a credit card, cash out $850 in gift cards, and then closed the account on me.

 

I love this company

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9 hours ago, kayvebear said:

I'd feel bad if it weren't for the fact that their entire business model is by getting people who don't deserve credit to max out 30% APR cards and pay late fees for life.

 

Well, bear in mind that this "business model" meant that they extended me a lifeline card at a time when only they and Providian were willing to do so.    They were instrumental in my rebuilding (of course, I had little use for them thereafter, although I occasionally take advantage of their no-fee "purchase transfers" to temporarily park a charge).

 

In any case, if "guilt trips" for burning promos to the ground were the norm here, this place would be sadder than a mortuary ...

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On 4/8/2019 at 9:51 AM, hdporter said:

 

Well, bear in mind that this "business model" meant that they extended me a lifeline card at a time when only they and Providian were willing to do so.    They were instrumental in my rebuilding (of course, I had little use for them thereafter, although I occasionally take advantage of their no-fee "purchase transfers" to temporarily park a charge).

 

In any case, if "guilt trips" for burning promos to the ground were the norm here, this place would be sadder than a mortuary ...

Agree, they gave me credit soon after BK and I get a few 0% BT offers which I take advantage of here and there. Subprime, but they are MY subprime :)

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