Anyone use Capitial One ?

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Anyone use Capitial One ?

Postby Bearcat fan » Sun Apr 13, 2008 11:05 am

They are offering very good five year and seven year rates on CD's. Just curious if their service is good.

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Postby 144mph » Mon Apr 14, 2008 4:22 am

I've used them for my credit card provider for about 7 years now and I'm not thrilled, but I've never tried their CD's.

My major complaint is that they keep changing up my payment date for the credit card bill as well as when the payment is due. When I first joined, the invoice period ended on the 31st, and the payment was due on the 1st of the next month. (e.g. charges placed from 01-Mar to 31-Mar would be due on 01-May, allowing me the entire month of Apr to make the payment). That's changed several times without explanation or warning, and now the invoice period seems to run from the 8th to the 8th with payments due on the 1st of each month. Basically, they're cutting me out of a week of earning interest on their money and I don't like it. If I wasn't very mindful of their tactics, I would have ended up paying numerous late payment fees.

No hassle points - HA! Their rewards system is weak and very difficult to use. I'm sitting on about $300 worth of Mobil gift vouchers that were my best alternative.
Customer service is dodgy. You'll get the standard long hold times and pass-the-buck 'Let me transfer you to someone who can best assist' shell game.

However, this is just another immensely huge entity that I feel powerless to fight. I could get all worked up and throw a fit each time they change something and threaten to use a different service, but it's just not worth the bother.

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Postby mpacuk » Mon Apr 14, 2008 7:31 am

In reference to their credit cards, I couldn't stand them and actually canceled.

I'm not sure if this is still true, but for the longest time they never revealed your credit limit to the credit bureaus, so the credit bureaus only knew your credit limit to be the maximum amount you ever charged. (For example, if you had a $5000 limit and only used $500, the CB would assume your credit limit was $500, and that you were at 100% utliization.)

Again, not sure about the CDs, but I try and stay away from them all together. I used LendingTree to find an auto refinance loan, and I wouldn't even take a refinance loan from Capital One which was .5% lower than the offer I accepted elsewhere, because I didn't want to have to deal with them.

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Postby Anne » Mon Apr 14, 2008 7:40 am

I've been happy with my Capital One credit card. I keep it mainly because AFAIK they are the only card issuer that does not charge a foreign currency transaction fee. Meaning, not only do they not charge their own fee, but they eat the fee that MC/Visa levies.

But I also find their "no hassles" cash back program to be truly hassle-free. Unlike other programs that require you to build up a certain number of points before you can redeem them, Capital One will let you apply the 1% cash rebate to your account balance at any time. Even if it's $4.89.

Haven't had any bad luck with them yet (knock wood) so I haven't had to call customer service.

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Postby ptviperz » Mon Apr 14, 2008 10:50 am

I have a money market account and a credit card with Capital One and I've never had issues with either.

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Postby LittleMissNoName » Mon Apr 14, 2008 11:51 am

Last edited by LittleMissNoName on Mon May 05, 2008 11:01 am, edited 1 time in total.

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Postby Zulu113 » Mon Apr 14, 2008 11:56 am

One place that Capital One has a clear edge is with their adverts. Those Vikings crack me up!

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Postby marsman57 » Tue Apr 15, 2008 6:51 am

I haven't used Capital One for anything but a Credit Card which I cancelled. I feel that it is worth noting that their 5 year APY is 4.50% and their 7 year APY is 5.50%. While this is better than what you can get from a high-yield savings account now, I would be tentative in telling you to jump the gun on investing in such a long-term CD at the current time with interest rates at such a low point. I believe (supported by others, but I don't have any handy citations) that the Fed will have to raise their intrerest rates again before too long to keep inflation from kicking in and at that point, it is likely that CD rates will start to bump up again as well and your money will be locked in for 5/7 years at a somewhat low rate.

Of course, this could be nearly a year from now and you'd miss out on the good returns in the mean time, and we may not have hit the lowest point of interest rates yet. So maybe this would be a good idea after all if you really don't need the money now. I just figured I would throw it out there.

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Postby Bearcat fan » Tue Apr 15, 2008 11:45 am

Thanks for the replies.

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Postby IMPAQ » Tue Apr 15, 2008 12:34 pm

I have a CC with them. That's about it. I wouldn't do a CD with them. Rates are so low that they have nowhere to go but up. I wouldn't want to lock myself into that.

Good luck with whatever decision you make. :D

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Postby rhino » Sun Apr 20, 2008 10:37 pm

I have a CC with them... it's "ok".

Their Money Market Account is pretty good.
Free checks, good rates, good customer support.

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