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Capital One annual fee


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Guys:

i recently got a capital one mastercard with an annual fee of $39. initially ithought the card would have 2 years max of expiration date but this card has a 4 year expiration date. I really dont' want to pay $39 dollar every years for 4 years. I did talk to them and they said that after the yearly review i can tell them my concern and they will be willing to talk to me but they can't say anything for certain yet. It's really frustrating how they can take advantage of people who are new to credit. I have established the accoutn 5 months ago and have been consistent with my payments. Now, I am getting much better offers with no annual fees and a much higher credit line from different companies.

My question to you is that SHould I cancel my capitalOne get one of the better cards from the recent offers? I realize that it's not good to close my oldest revolving accounts.

Please advise :x

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Crap1 is bad in a couple ways. One is they don't report your CL to the CRA's so it always appears you have 100% utilization.

I held onto my first Crap1 for about a year then threatened to cancel and they brought on a "retention" specialist - not one of those yabbdabbas but a real life American person - and she started bargaining on the annual fee. Finally I got the fee removed and kept the card.

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It all depends on how many revolving credit lines you have... And how many you plan on getting...

As for national credit card companies, my personal opinion is that they suck big green donkey [EXPLETIVE DELETED]...

I am a member of six credit unions and two of them, I have a MasterCard and VISA... Better interest rate, good customer service, no annual fee, and just good all around deal...

I love doing business with them especially when I told Providian to go kiss my [EXPLETIVE DELETED] years ago...

It does play a role in removing old accounts but the big picture is a different story. Obtaining "awesome" credit takes years to develop... You are not going to get it overnight so if your score is already low (like below 620), then I don't see it making that much of a big difference if you ditch them and go to some REAL financial institutions that will treat you right... That is what I did with Providian...

But it all depends on your financial situation. My personal opinion is that if you have goals that are years away (joining the 700 or 800 club), then you at least ought to start now and start trying to get better financial deals going...

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BUT.... If you're just building your credit, you're probably not going to have much luck with the higher tier cards - especially if you go it alone...

Also keep in mind that just because you get an invitation to apply, does not mean you're getting the card. Because hard inquiries cost you score-wise, and creditors flag 'credit shopping', you'll be doing more damage than good.

CAP1 is not as predatory as some of the other issuers out there, but they do cater to the sub-prime consumer, which sounds like where you're at. I had 2 accounts with them and dumped them after 36 months when my credit was sufficient enough to move up to the next tier of cards.

Also, $39 a year is like $3.25 a month - you can prolly scrounge up that kind of dough recycling beer cans. You'll be paying $120 over the next three years, but if you keep payments on time, what you've earned in FICO history will far outweigh that cost. Then you can move up to the next level.

What most do with CAP1 is max the card once and pay that amount off. That way, as Grim pointed out, your high credit will show up as the card limit, and your current limit will be low (say, keep it under 20%).

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Well, I broke my own rule and received a Capital One card this week. I don't really know why i applied, but I received a $2K platinum with a $19 annual fee (though the fee hasn't shown up on my balance yet?). I am now done applying for new credit till i purchase a home in Nov 06. Time for the TLs to age and the inquiries to fall off....

QUESTION: I thought Capital One only screwe with the credit limit on Equifax. Is this not the case? Also, I charged it up this week. Close to $1000 already. Should I let this thing actually report before paying in full? Maybe that way it won't show up as a $0 credit balance?

Sorry to piggyback on this thread- I forgot I had this card till I saw CapOne on the thread!

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No, it's the Target Guest Card that screws with the limit on EQ only. C1 is an equal-opportunity screwer.

Doesn't matter when you pay it back. As long as the $1000 has posted to your account, it will report as your high balance/limit. Even if it was only your high balance for an hour. Pay it back the day after it posts and save yourself the interest.

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I will do that. Plan on paying it on Monday online. Thanks. I really didn't want to go the route of Crap1, but I needed one more card to add to the arsenal and I was having trouble finding that last creditor to give me another credit card. Crap1 would give a card to just about anyone...I knew I could count on those lowlifes!

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Actually just two years ago all i could get was cap1 and probably cards like orchard,etc. After the first year call them before the next annual fee hits to see if they can waive it.

Pay ontime for a while and then with the positive history you should will eventually be able to get something like amex or citi and then you can ditch the cap1.

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Statgeek, if you're a student try applying for a student card with your bank. Wells Fargo and BofA both offer student cards. Other national credit card companies offer student cards like Citi and Amex. Though I'm not sure if the Amex student card would harder to get than the other student cards.

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Well, I broke my own rule and received a Capital One card this week. I don't really know why i applied, but I received a $2K platinum with a $19 annual fee (though the fee hasn't shown up on my balance yet?). I am now done applying for new credit till i purchase a home in Nov 06. Time for the TLs to age and the inquiries to fall off....

QUESTION: I thought Capital One only screwe with the credit limit on Equifax. Is this not the case? Also, I charged it up this week. Close to $1000 already. Should I let this thing actually report before paying in full? Maybe that way it won't show up as a $0 credit balance?

Sorry to piggyback on this thread- I forgot I had this card till I saw CapOne on the thread!

I am doing it again as well. I received "convenience checks" from Crap 1 offering NO TRANSACTION FEE (saving me fifty bucks!) and purchase, not cash advance, APR. My card has a limit of $5750 but is reporting only $3245 (which cost me the aforementioned fifty bucks to fake up from $1835 last month... grrrr...). I plan to write myself a $5000 check, pay it back the day after it posts, pay little or no interest, no fees, and finagle myself a reported $5000 limit. Looks better on my CR, and helps utilization.

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Same thing that happned with the rest of my credit - my ex- decided to quit working (couldn't handle the "stress") and we were just getting by one two incomes, and one income wasn't cutting it. My ex- thought like the government - spend her way out of debt. I don't think she's changed she f**ked me about a year ago by not making payments and getting 120 days late on a vehicle we jointly owned. Luckily the bank quit reporting that to the CRA on my report since they knew what happened.

She's in a different vehicle so I think it was given back to the bank and she got something that wasn't so expensive.

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Grim's a proud member of the vast right-wing conspiracy, which means he is adamant about preserving the sanctity of marriage. I'm sure he's standing by his vows, despite her behavior... :wink:

LNY <------ happily single now, and will never walk the last mile again!!! :twisted:

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