Run Around
Written: Jul 23 '01
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Pros: Good for students and others with no or bad credit
Cons: pushiest "sales people," account services aren't that great, bad system
The Bottom Line: As with dealing with most all financial institutions, keep a written record of everything, including, if it's not illegal in your state, a record of phone conversations.
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| baby.baby's Full Review: Capital One |
I recommend Capital One to build your credit, although many more cards are coming out for that purpose too. If you are young, and finishing up high school, also look in to Citibank student cards.
I haven't had any great big problems with Capital One so far, but the small things can be frustrating and other things are just plain silly.
In the beginning... it was slow
I know snail mail is called that since it is slower than our high tech e-mail systems. But it doesn't have to be as slow as they make it seem. I applied online for the card. My letter of approval arrived a week later than estimated. Oh well. But the card was not in there, it was coming in a later envelope. Talk about wasting paper, ink, and time. Eventually I received the card, if you aren't on your toes when going about calling up to use it (and perhaps this is the same for all cards) you will incur many charges that are quickly brushed over. Be wise.
Online banking - how cool
Although it's easy to gain access to your account at their site, be weary. I did get a higher credit limit pretty quickly, and to my amazement it had been posted online around the same time, which I was glad to see because I didn't know when it would take effect even though the letter said "Immediately." Most things get up their relatively quickly, you're available credit goes up and down as it should, but it takes a while to see what transactions have been made - the money's gone, but where'd it go to? Just stay on your toes. I haven't paid through snail mail, I've simply made payments through my bank online to them, I expected it not to work out, but to my amazement it did. Awesome!
Am I dealing with customer service, or a sales representative from hell?
Oh yea, I loved hearing everyone else's conversation in the background, and it was great having someone yelling in my ear...
Not only do they not know what's going on, but they try to confuse it more after you call to find out something about your account by getting you to give in to their constant pleading and begging to accept this offer or try this out for free. DON'T DO IT. Once you want to cancel you're free period (that is, if you are smart enough to realize that you have to respond by snail mail (taking away a month of you're free trial) in order to receive your free trial, and smart enough to realize you haven't received it but they consider it all done) you can't go through them. Not only does it take them 10 minutes to find out what you're talking about, but you have to go and call another company who's worse than they are.
It's through talking with these pushier people you become even more confused. "This isn't an offer through Capital One" - wait, it was Capital One who called and begged me to sign up for this free offer because I was their customer. Finally after pleading with them to cancel it for a half hour, hearing why you should get there service, you decide to agree and try back later hoping to get someone "better," unfortunately, better means better at getting into your mind. Not only do you get billed on your Capital One account (if it's not through Capital One how do they have access to your account information in the first place) if you don't cancel in an adequate amount of time before it all expires, but you get charged even if they "don't know it's you who's requesting the service." You see, if you didn't send back that offer you got in the mail (which was a follow up from the phone call) you won't get your free trial credit report, magazine, etc. but you will be billed for it after that period is up, even though they claim they don't know if it was you who ordered it. Not that it matters, but you WILL need to place a stamp on the return envelope no matter what they tell you, that is if you don't decide to forgo this nonsense and skip the free trials. If you're not strong enough, have someone call up for you, and make sure it's canceled, or make sure you have solid proof that you canceled it and someone acknowledged canceling whatever it was you were offered.
This is a great country all it's own - lying, trickery, scandals, and people who are slimier than in-store reps. Sorry if that's what you do for a living and it's your job.
Funny, I must be two people in one body
I've had this card in my possession for about 3 months now, I applied for it so I could start building some credit to counter all the debt I'll incur with student loans.
About a month after I signed up for and received my Capital One credit card with a $200 credit line at my apartment in New York where I will be attending college, I received a Capital One credit card offer in the mail at my parents' house stating that I was pre-approved for $1,000 credit limit. Wow, either credit becomes good from nothing fast, or some system they use just doesn't work. I only recently received a letter upping my limit by $100 a week or so ago, which is fast considering how long other people keep that original $200 starting line.
My final words
I'm soon going to cancel my first account and try something else with someone else. I wonder how easy that will be...
If you can play the game or if you need to build up some credit, then by all means try to stay in this game until you've fixed your problem. Don't let your credit go sour while trying to build or get better credit. Best wishes to you all.
Recommended:
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Epinions.com ID:
baby.baby
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Reviews written: 26
Trusted by: 3 members
About Me:
I like reading, writing, gymnastics, swimming, and learning.
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