Watch out for the Capital One FF credit card

Old Sep 28th, 2004, 08:16 PM
  #41  
 
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Ah, but my credit cards

1) don't cost me anything,
2) refund 1% of the amount I charge back to me,
3) give me assistance in case of fraud or theft
4) give me rental car and travel insurance, and
5) I get to float the amount of my purchase for about 6 weeks (earning high interest)until I make my payment.

All you get with a debit card is immediate access to your money.
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Old Sep 28th, 2004, 08:43 PM
  #42  
 
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Nice try. The debit card I have carries the same protection a VISA credit card carries. I've seen too many lives and marriages in turmoil b/c of CC debt. No thanks. Not needed. My parents survived just fine without them, and so will I.
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Old Sep 28th, 2004, 09:17 PM
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Your credit limit, actually, is determined by your credit "score". Even so, you can immediately, usually, have that limit significantly increased.

Any which way, the "fine print" counts. It's up to you to read it.

Though I have my own personal significant quibbles with Capital One (and I've closed all my accounts), no matter what card you plan to use, you really do have to pay attention to all that "fine print", where nothing is actually "hidden".
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Old Sep 28th, 2004, 09:36 PM
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Easy there, Patrick, no one's insulting your mother. Some of the comments above indicate that some people believe there may be a universal problem with this hidden limit and, in other cases, fee structures. My point is that in the AmEx case it's not a policy to limit all new customers, it's not a universal issue. What happened to your client happened, I'm sure. But if a new customer gained clearance for an expensive set of charges and the ball was dropped, I'm willing to bet this was an internal SNAFU (which no one would likely 'fess up to), not an intentional contradiction. I'm quite sure that whomever is in charge of AmEx Plat would not have been happy with the company's performance during the incident you describe.
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Old Sep 28th, 2004, 10:48 PM
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If I had a new credit card and was about to go on vacation where I intended to use the card I would have contacted the CC company to verify what my limit was. Nearly all the cards I have ever had allowed me to go slightly over the limit and then charge an over limit fee so better to be safe then sorry. I am surprised that the limit wasn't clearly indicated somewhere whether it be in the introductory offer or when the card came in the mail.
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Old Sep 29th, 2004, 12:11 AM
  #46  
 
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There are a great amount of misconceptions and almost-truths on this thread.

bmillersc is almost correct. Take notice of the movers 'n' shakers in the world and do what you can for yourselves and your families by investing in real estate. No matter the size of the investment you make.

k_999_9 is correct. "hidden" in the fine print.
For every card in everyone's wallets : Your cardholder's agreement can be revised at will. The revisions are mailed to you with your statement. Most people do not read them. Same as your mortgage docs. Have you read them, yet?

There are several tiers of cards granted to customers. Not only gold, silver, platinum, diamond, etc. Internally, we use software models, incomes, FICO scores, (and more), to determine eligibility and to determine layers of benefits.

If you're planning on making a late payment, watch out for the default rate(s) on your card(s).

Anybody in business who has customers cares about their customers. You know this is true. Due to quotas and other internal promotions, there are times during the month/quarter that a CSR on the phone may sound apathetic to a cardholder. This is one reason why we record the calls.

Yes, a person can spend millions on a card while another is limited to, say, $35,000.

I work in credit.
If you'd like to ask me a clearly stated question I will be able to post answers to questions when I return to work Monday, October 4th.
I'm on vacation now and was searching for something else when I found this thread. It's after 2a.m. and you can appreciate that after firedancing and rum that I'm beat tired - here in paradise.
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Old Sep 29th, 2004, 12:13 AM
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Ha bmiller: wine has ruined so many lives..do you think people should never have a drink?

mortgages have caused some personal bancruptcies, so would you only rent?
Sex has caused... well, you know what I'm saying.

Responsible use is always the key.
Just because you and your parents are not willing to trust yourself with credit cards doesn't mean they are bad.
you only got 1 of 4 benefits listed above. Getting 1% back of all I spend would be great. Which card do you have lcuy?
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Old Sep 29th, 2004, 03:04 AM
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I don't get some of the above problems. k9999, do you charge more than you are able to pay in the end of each month? Why?
I agree with got2travel2 <Responsible use is always the key>

We paid in full EVERY month for many years since we got our first credit cards. Never had any problem!
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Old Sep 29th, 2004, 03:45 AM
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In defense of Capital One - most of the posts above who've had complaints don't pay off their cards each month, and/or didn't bother to know their limits. Knowing your credit limit - which is NOT in the fine print - it's right there next to the card when you get it - seems like a pretty obvious thing to do. I know I don't read all "32 pages of fine print" - actually it's only about 6 pages, but still. But I certainly always know my credit limit.

My capital one card has allowed me to fly on any airline I choose on any date I choose. I don't have to think about blackout dates or worry about certain airlines going under. Last summer I flew to Italy for free - all I ever did was charge my usual purchase like groceries, gas, cabel bill, etc for a few years and I got a free trip to Europe. I think that's a great deal.

I've also made use of extended warranties on cameras, used the VISA car insurance, etc. There are many advantages of charging as many of your regualr purchases as possible.

If you can't control your spending habits, and can't be bothered to understand the terms of credit cards then by all means do yourself a favor and use cash. But for the rest of us, responsible use of frequent flier miles cards like the MILES ONE from Capital One is a great deal.
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Old Sep 29th, 2004, 05:11 AM
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bmillersc said:
"My parents survived just fine without them, and so will I."

Congratulations, it's nice to know some people couldn't care less about "modern" things and improvements. I'm sure along with that you are fine with an oven that doesn't self-clean; automobiles without power windows, automatic transmission, or power steering; no TV, VCR, DVD, or cell phones; no computers (I'm curious how this post appeared here without one, though) -- should I go on?

I think it's fine that since credit cards are too complicated for you and you can't trust yourself to use them, that you avoid having one. That's very smart of you! In my case, I use one that gives tons of benefits including a number of free trips to Europe, Asia, and Australia/New Zealand so far, charges no fees of any kind ever (since I was able to figure out how to avoid them), and lets me keep my own money for up to six weeks longer as someone above noted. Yes, it takes a little bit of smarts to figure out how to do that, so if someone doesn't have those smarts, they are best not trying.

But I'm confused by your comment that seems to have some hidden meaning about the banks having the tallest buildings. Who owns the ATMs?
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Old Sep 29th, 2004, 05:21 AM
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By the way, bmillersc, you've shown your complete lack of understanding when you say "cash is King, baby" and then talk about your debit card protection. Clearly you don't even realize that using a debit card is NOT the same as using cash!!
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Old Sep 29th, 2004, 05:48 AM
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Different strokes for different folks. I'll do things my way, thank you very much.

Patrick, try decaf every now and then.
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Old Sep 29th, 2004, 05:54 AM
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Why has this turned into a cat fight? It is apparent that credit card limits and regulations depend on one's circumstances, proven by the people who have responded to this post swearing that they have never been charged for exceeding their limit.

So enough already!
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Old Sep 29th, 2004, 07:19 AM
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I can't imagine not having a credit card... if for nothing else than just for emergencies. My parents, for example, have a credit card and hardly ever use it, but there have been a few instances when it was the only way they could pay for something (they aren't wealthy and don't have much in savings). I think a credit card offers good peace of mind.

And you really can't beat the 1% return that some cards offer... I made over $200 just from using my Discover card last year. (And I pay it off completely every month.) That's a plane ticket!
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Old Sep 29th, 2004, 08:42 AM
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got2travel2,

There are a lot of cash rebate cards out there.

The one that I use is the Citi Dividend Platinum Select card. It gives you a full 5% back on grocery store, gas station, and drugstore purchases and a full 1% back on all other purchases. There's an annual rebate limit of $300 though which is pretty easy to hit. I use it as my secondary card after my Amex as the annual rebate limit is too low for me to use it as a primary card. For every $50 you earn, you can request a rebate check, you don't have to wait until the end of the year. Up until last month, I was getting a flat 2% back on all purchases but they finally pulled the plug on that offer.

I believe the Amex and Discover rebate cards have a tiered rebate % (as opposed to a full flat % rebate with the Citi program), and your actual % is based on your total annual spending. You'll want to read the offer details carefully to make sure you understand the difference. I don't know if these cards have an annual rebate limit.
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Old Sep 29th, 2004, 12:35 PM
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Patrick, lcuy, E: I, too, have an AMEX card with no limit and have had it since 1976. It's creepy the way they "track" you!

I always call before I go on a big trip or out of the country but recently I drove back home from a lengthy vacation in Southern California and got that tracking thing once again.

When I checked into a hotel near SFO, the clerk said AMEX wanted to talk to me. The AMEX rep said they were concerned because my card showed so much activity for one day - they wanted to make sure it was really me and asked a bunch of personal questions while I'm standing there in the check-in line.

They have also done this when I've purchased furniture or appliances - I guess my "model" is that I hardly ever shop. Yet they let me charge my $25,000 car several years ago without any kind of checking at all!

I never know when I'm going to be embarrassed by a sales person saying "The credit card company would like to talk to you . . ." It would be nice to think they're acting in my best interests but they are really not since I would only be liable for $50 had there been a theft.
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Old Sep 29th, 2004, 12:43 PM
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gualalisa, don't be embarassed. As a "cashier" I get this all the time, and never think anything less of the customer. Also, when cards are declined, if the customer seems very surprised, I offer to run it through again. More often than not, it is approved! (One caveat, my sales are usually under $100)
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Old Sep 29th, 2004, 01:07 PM
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I pay for everything that I possibly can with my AmexP (I also have Citibank AA mastercard for those that do not accept Amex). It is a great way to track your spending, and I always pay the entire balance when the statement comes due. I NEVER carry a balance. It just doesn't make good sense NOT to use a credit card IMHO. How else to you track your spending?
I also pay these cards on-line with my bank, and make the payments the day they are due. I currently have enough skymileage to make 5 free domestic flights (not to mention the many flights I have already made).

Also, how do you rent a car with a debit card? Do you realize that they place a hold on several hundred dollars from your account? Not smart if you only have a debit.
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Old Sep 29th, 2004, 01:38 PM
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Thanks, Joan. I always feel like I'm a wanted criminal or something or that I've been called into the principal's office. I have to answer all these questions and then hand back the phone to the clerk - makes me feel like a little kid!

I agree that you should pay off your CC every month if you possibly can. It cracks me up when people spend so much time looking for travel deals or sales and then let their balance ride while the interest piles up. If I can't pay it off, I don't spend it.

But you really do need a couple of credit cards in today's world - I do like AMEX for the way it has gone to bat for me when I've disputed a charge, for instance.
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Old Sep 30th, 2004, 09:20 AM
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Interesting. I was thinking of applying for this card so I brought the info to work with me today.

The disclosures statement on mine says that the minimum credit line is $5,000, but then the "Offer Conditions" section says that the credit line will be determined after the application is approved.

The APR after the introductory period is 13.9%, which doesn't seem all that fabulous. I don't know--I mostly use American Express, but for travels abroad would prefer to have a VISA. I thought this offer looked pretty good, but now I'm all confused. . .

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