New Capital One 5% Cashback card refused

dwileflunker

I've just had my application for the new Capital One 5% cash back for 3 months card refused. When I phoned to ask why when initially it had been accepted they said it was because I already had a Capital One cash back card. This is a card I have had for a number of years for 1% cash back which I was going to upgrade, but apparently that's not on so I have been refused. When I applied I didn't see anything about them refusing current card holders, but I may have missed it. I shall now close down the card I have (their loss) and switch to someone else. Maybe I could even apply again for the 5% card as I then wouldn't be an existing customer. Anybody any other ideas?

dwileflunker

Just spoke to Capital One again and if I close my current credit card then I will lose all the cashback I have earned so far as this is only paid to accounts open in January. As I have over £150 due in cash back they've got you by the short and curlies as it's not worth losing it.

knoxvillain

wait til Jan, get cashback, close account, open 5% cashback card on account closure is finalised.

YorkshireBoy

dwileflunker wrote: »

When I applied I didn't see anything about them refusing current card holders, but I may have missed it.

They have 2 application links on their website, one for new customers and one for existing customers. Which did you use?

(their loss)

Rarely, as you've subsequently found out, will the card company lose!

dwileflunker

I used the existing customer sign on to apply so it's not as if I was trying to deceive them or anything.

jonesMUFCforever

I have not visited Capital one's website but I would expect them to have the policy of only letting you have one type of cashback card.

reclusive46

YorkshireBoy wrote: »

They have 2 application links on their website, one for new customers and one for existing customers. Which did you use?Rarely, as you've subsequently found out, will the card company lose!

Indeed, will probably be quite content with keeping more of the discount rate :P Although World MasterCards did bring in an extra 1% but I definitely agree, that if they were going to be making more money they'd do it.

dwileflunker

jonesMUFCforever wrote: »

I have not visited Capital one's website but I would expect them to have the policy of only letting you have one type of cashback card.

I've had a scout through their web site and can't find anything about having more than one cashback card, although it's possible I've missed it in the small print somewhere. It seems to me they make it up as they go along to suit themselves.

SnowTiger

dwileflunker wrote: »

I've had a scout through their web site and can't find anything about having more than one cashback card, although it's possible I've missed it in the small print somewhere. It seems to me they make it up as they go along to suit themselves.

http://www.capitalone.co.uk/creditcards/aspire-worldTC99.jsf:

We're not likely to accept you if:

• You already have cashback on your Capital One card
• You have missed repayments in the past
• You've had any CCJs or defaults

caxia

Same thing has happened to me today. I have had a capital one card for about a year. I will make a note to wait till jan, collect my cashback then cancel my card. After a while I will re apply for the 5% cashback card if it is still available.
Its not worth getting too upset about really. Treat it as a game to see how much money you can squeeze out of the credit card companies before they squeeze more out of you.

lisyloo

Thanks for the heads up.
As there was an "existing customer" link, I assumed it was ok.