Capital One Progress Card

Silvafox

Hi, I have had one of these cards for about 4 months now. I got a letter yesterday informing me that the rate had been reduced by 5% down to 29.9%. That's great, and it's what I expected. Another 5% reduction will be performed in 6 months.

However, it then goes on to say that as I made no transactions for the first 3 months - they would be unable to make a credit limit increase.

The problem is that I made loads of transactions in the first 3 months and called them up to check this. After being on hold for a while, I was told that yes I had made loads of transactions and that I had ran my account perfectly - however, they were unable to offer a credit limit increase until the account gets reviewed at a separate date. They couldn't confirm when that would be or if it was even more than once a year.

So, if anyone is thinking of taking this card out to get the rate reduction AND a credit limit increase alongside it - then that's not what you'll get.

I have read in load of places on this forum of people thinking they will get an automatic increase on the xth statement but it simply isn't true - and if it was, then it certainly isn't now.

Very frustrating for me as I was after both the rate decrease and credit limit increase.

izools

Thanks for pointing this out... although tbh I was expecting this as I took out my Progress card after they tweaked their product lineup slightly -

Mine started at 29.9% and goes down 2% every six months, so a lower start rate but a much slower pace for APR reductions. No bother as I pay this in full each month anyway but I still hold out hope for the occasional limit uplift.

Even if it's only once a year great if not I might ditch it after a year.

Others have commented here before stating they have found if they close their Cap One account and then reapply as a new customer they get a much bigger limit; just hear say though so don't take my word for it

KingElvis

Crap 1 limit increases are a very rare breed, one was spotted a few months ago but not confimred.

Silvafox

izools wrote: »

Thanks for pointing this out... although tbh I was expecting this as I took out my Progress card after they tweaked their product lineup slightly -

Mine started at 29.9% and goes down 2% every six months, so a lower start rate but a much slower pace for APR reductions. No bother as I pay this in full each month anyway but I still hold out hope for the occasional limit uplift.

Even if it's only once a year great if not I might ditch it after a year.

Others have commented here before stating they have found if they close their Cap One account and then reapply as a new customer they get a much bigger limit; just hear say though so don't take my word for it

Yeh it's swings and roundabouts really with the older and newer Progress card.

I did indeed close an account with them about a year ago. It only had a £200 limit and it didn't get increased over 2 years. Opened the Progress card and got a whopping £300 limit! So, as you say - limit increases are a rare breed and the closing and opening of accounts makes hardly any difference.

Silvafox

KingElvis wrote: »

Crap 1 limit increases are a very rare breed, one was spotted a few months ago but not confimred.

True! Rare as hens teeth.

KingElvis

I think Crap 1 has exposure to some rare old customers so that risk probably means the normal everyday customers get shafted on small limits.

I think my Crap 1 has stalled on 1200 and hasn't gone anywhere for years

Locana

Ive been a customer for 6 years, with a start limit of 200.. They increased it to 600 about 4 years ago... lol! Crap one indeed...!