Should I close Cap One card?

abc.xyz

Somehow I've gone from only being able to get a Cap One/Aqua/Vanquis/etc card with a £200 limit 6 months ago, to now having a Virgin card with an £1,800 limit and a Halifax card with a £3,700 limit. I only use the cards for petrol, food, etc then pay them off in full each month to create a credit history, and because I had a Very account with high credit utilisation. Is there any good reason I should keep the Cap One account open? They haven't offered me an increase yet.

mustiuc

Just close it. I did it to mine, £200 limit for 2yrs, never been increased and when I rang then to close it the girl at the end of the phone just said "ok, no problem, have a nice day".
Basically they only need poor/desperate people who lacks credit history and get cought in their 39.99% apr making minimum payments.

cymruchris

I'm in a similar position - have a Luma by Cap One card with a credit limit of £400 that's never moved - but used it monthly and paid it in full - now getting more decent limits, and more decent APR's (not that I pay interest) - so considering closing this one down when the direct debit clears the balance in a few weeks time.

Mrs_Ryan

I’ve taken Cap 1 to the FOS as they’ve made such a mess of my account, had the account a year and no sign of an increase, clear the card in full but the crappy £200 limit is neither use nor ornament to me. They were incredibly patronising and tried talking to me like I was stupid but they didn’t realise that I used to work for them and absolutely wiped the floor with them. I have two Cap 1 cards and both of them are getting closed next month.

[Deleted User]

Mrs_Ryan wrote: »

I’ve taken Cap 1 to the FOS as they’ve made such a mess of my account, had the account a year and no sign of an increase, clear the card in full but the crappy £200 limit is neither use nor ornament to me. They were incredibly patronising and tried talking to me like I was stupid but they didn’t realise that I used to work for them and absolutely wiped the floor with them. I have two Cap 1 cards and both of them are getting closed next month.

How have they “messed up your account”?

chanz4

cap1 never messed myn up, never gave a rise in limit or decrease in apr tbh their products are expensive compared to others

adindas

chanz4 wrote: »

cap1 never messed myn up, never gave a rise in limit or decrease in apr tbh their products are expensive compared to others

[FONT=&quot]I do not know what card do you have with Capital one, but if you have the one which give you 0.5% cashback for purchase for both in Sterling and foreign currencies, Also, if you have such card there is no fee for purchase in foreign currencies. This is already a good reason why you should keep it.[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]If the limit is the problem, there is very simple solution to i.e. Shuffle the limit between the cards you already have, and then close one of the cards with the lowest limit.[/FONT]

Mrs_Ryan

!!! wrote: »

How have they “messed up your account”?

They gave me incorrect information on multiple occasions, one of which caused a needless search of my credit file and another caused a late payment marker (the payment was not late, it was on time). It took them a week to inform me of what they deemed to be a fraudulent transaction and my card keeps getting declined when it shouldn’t be- on one online transaction they tried to blame my phone and told me to use a different browser when in fact it was the previous ‘fraud transaction’ that it took them a week to tell me about!

boo_star

Mrs_Ryan wrote: »

They gave me incorrect information on multiple occasions, one of which caused a needless search of my credit file and another caused a late payment marker (the payment was not late, it was on time). It took them a week to inform me of what they deemed to be a fraudulent transaction and my card keeps getting declined when it shouldn’t be- on one online transaction they tried to blame my phone and told me to use a different browser when in fact it was the previous ‘fraud transaction’ that it took them a week to tell me about!

Ditch and switch IMO.

My dealings with them years ago weren't exactly positive either.

chanz4

adindas wrote: »

[FONT=&quot]I do not know what card do you have with Capital one, but if you have the one which give you 0.5% cashback for purchase for both in Sterling and foreign currencies, Also, if you have such card there is no fee for purchase in foreign currencies. This is already a good reason why you should keep it.[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]If the limit is the problem, there is very simple solution to i.e. Shuffle the limit between the cards you already have, and then close one of the cards with the lowest limit.[/FONT]

I ditched them for amex

adindas

adindas wrote: »

[FONT=&quot]I do not know what card do you have with Capital one, but if you have the one which give you 0.5% cashback for purchase for both in Sterling and foreign currencies, Also, if you have such card there is no fee for purchase in foreign currencies. This is already a good reason why you should keep it.[/FONT]

[FONT=&quot]If the limit is the problem, there is very simple solution to i.e. Shuffle the limit between the cards you already have, and then close one of the cards with the lowest limit.[/FONT]

chanz4 wrote: »

I ditched them for amex

In term of cashback, you could only beat Capital one (e.g cashback 0.5%+) If you could spend £5000+. Also Anex as not as widely acceptable compared to Mastercard.

But Amex is not a subsitute for capital one to be used as a travel creditcard.

It is your money anyway so do what you think the best for you.