Capital One Changing Cards

aimingforadebtfreelife

Can anyone interpret a message I got from Capital One please

I have the classic card with the 34% interest rate, had for 4 years, perfect history. Asked about the card they have which decreases in interest rate as you pay on time down to 17 or 18% at the lowest.

Their reply was I can't be transferred onto it as I have to apply again for the card and go through the application and credit checks. But I cant do that they said until I close my other account down. I said there was a balance on it and could I xfer it across as a balance transfer. No they say. You have to pay the current card off in full, close down and then reapply again for the new card and they stressed there is no guarantee of getting one and if declined you cant ask for your old account back.

:rotfl::rotfl::rotfl:

BugsyBrowne

aimingforadebtfreelife wrote: »

Can anyone interpret a message I got from Capital One please

I have the classic card with the 34% interest rate, had for 4 years, perfect history. Asked about the card they have which decreases in interest rate as you pay on time down to 17 or 18% at the lowest.

Their reply was I can't be transferred onto it as I have to apply again for the card and go through the application and credit checks. But I cant do that they said until I close my other account down. I said there was a balance on it and could I xfer it across as a balance transfer. No they say. You have to pay the current card off in full, close down and then reapply again for the new card and they stressed there is no guarantee of getting one and if declined you cant ask for your old account back.

:rotfl::rotfl::rotfl:

Mate if your credit is good don't even bother with the progress card it will take blo0dy 2 years to get a low rate,

Apply for a different card.

lisyloo

Well to be fair, at least they've been honest with you and warned you on the risk.
I think they should be congratulated fot that at least.

PNPSUKNET

capital one as long as you have been good give it back to you on a new app, but wait 6 weeks as they declined my first saying I still had one open even as the letter said I hadnt

tammy73

I've had exactly the same response from Capital one when i asked about the progress card. They said I need to pay off current balance, close account, wait 6 months? then apply. They said it could only be done that way due to the new laws. I was thinking that this can't be in the customer's best interests so would FSA be able to intervene?

PNPSUKNET

what a load of rubbish

premierfella

tammy73 wrote: »

I was thinking that this can't be in the customer's best interests so would FSA be able to intervene?

I don't see any reason why the FSA would be particularly interested. Capital One are not obliged to offer an existing customer any new card and the customer still owes money on a card at an interest rate they presumably agreed to. If they were stopping the customer paying off the existing card and closing it, then applying for a new card the FSA would of course be interested, but that isn't the case here.

Dabooka

tammy73 wrote: »

I've had exactly the same response from Capital one when i asked about the progress card. They said I need to pay off current balance, close account, wait 6 months? then apply. They said it could only be done that way due to the new laws. I was thinking that this can't be in the customer's best interests so would FSA be able to intervene?

Why the bloody hell would the FSA give a toss about this?

KingElvis

Just apply for something decent, you must qualify by now.

Barclaycard Gold?

derby2010

tammy73 wrote: »

I've had exactly the same response from Capital one when i asked about the progress card. They said I need to pay off current balance, close account, wait 6 months? then apply. They said it could only be done that way due to the new laws. I was thinking that this can't be in the customer's best interests so would FSA be able to intervene?

When I applied to Capital One I took out their 'Classic Card' with the APR of 34.9%.

Then I saw the 'Progress Card';closed my 'Classic Card' account and proceeded to apply for the 'Progress Card.'

But I wasn't told to wait six months between applications, and they didn't decline me when I applied the week I got my letter saying my Classic account had been closed....

I think the six month advisory is more to do with being declined for applying for a credit card; this is pretty much standard with most banks and credit companies, doesn't Martin also advise waiting six months between applications?

System

What about a mainstream card like Halifax Clarity?

Even is you don't get lowest rate initially, even the 17.9% and 20% something is better than 34%.