Question
Long-time FT reader . . . this is my second post ever.
I've been inundated w/offers from Capital One/Wachovia lately about CC's that accrue point/no blackout dates, etc. and have no annual fees. I am tempted due to First USAs annual fee ($60?) which I don't like paying. Has anybody left First Usa for the same reason or had any luck getting the fee reduced when 'threatening' to close the accout?
any suggestions/comments on the Capital One cards would be appreciated!
Thanks,
tbone73
Answer
Long-time FT reader . . . this is my second post ever.
I've been inundated w/offers from Capital One/Wachovia lately about CC's that accrue point/no blackout dates, etc. and have no annual fees. I am tempted due to First USAs annual fee ($60?) which I don't like paying. Has anybody left First Usa for the same reason or had any luck getting the fee reduced when 'threatening' to close the accout?
any suggestions/comments on the Capital One cards would be appreciated!
Thanks,
tbone73
Had cards with Capital One in the past. Frequently, they give out toy limits to customers with good credit and they are not very good about raising them. If you end up with a $500 limit card, you are not going to accrue very many miles. Also, with the MP Visa, your credit card miles are combined with miles from other sources such as hotels, dining and air travel. You will accrue miles much faster with MP.
Another problem with Cap.1 is that they don't report your credit limit to the credit bureaus. This negatively affects your FICO score because it artificially inflates your debt to limit ratio, a major component of your score.
Go to www.creditboards.com for many discussions about this.
Answer
The Capital One cards I've seen boil down to 1% cash back, when you do the math. For example, they say 'free travel' but what they mean is that you buy your "free" ticket, and they convert points at a 1000:1 ratio and give you back cash.
Bottomline, if you want just cash back, there are better deals (the Fidelity MC pays 1.5% of all purchases, some others pay 5% of gorceries and gas.....).
My 0.02
Answer
1. Open up a United Visa account with a free the first year offer.
2. Have BankOne/FirstUSA/Chase merge your existing account's credit line into the new card.
3. Towards the end of the fee-free year, go back to step #1.
--> United Visa with no annual fee, plus a signup bonus each year