Posted by William Charles on February 9, 2016
Credit Cards

Published on February 9th, 2016 | by William Charles

144

22 Things Everybody Should Know About Capital One Credit Cards

Capital One isn’t the most popular credit card issuer (due to #1 on this list) but sometimes they offer big sign up bonuses so they are still worth considering (especially when you combine #2 and #3 for multiple cards with frozen reports). Here are some things everybody should know about Capital One credit cards.

Contents

The List

  1. Capital One pulls your credit report from all three credit bureaus. This matters because new applications on your credit report affect your FICO score, other issues will usually only pull from one of the three bureaus meaning you get a chance to spread those new inquiries out.
  2. Capital One will still approve you if you have one credit report frozen. This goes back to the point we made above, but basically you can freeze either your TransUnion or Experian credit reports and still get approved. Freezing Equifax doesn’t look like it’ll work.
  3. You can get the sign up bonus on Capital One cards more than once. As long as you’re approved, you should get the bonus. There doesn’t seem to be any minimum waiting period.
  4. Capital One has limits when it comes to how many cards you can have with them. Maximum of two personal cards, but only Capital One branded cards (e.g not co-branded cards like the Sony card) count. Cards that have been product changed due to other cards being discontinued do not count either (even if they are Capital One branded cards).
  5. Capital One does not match higher sign up bonuses. So make sure you’re applying for the best offer.
  6. You can request a credit limit increase with Capital One online, once every six months. It’s a soft pull as well.
  7. They also allow you to do credit limit reallocations online. Unfortunately we still do not know if it’s a hard or soft pull, both cards need to have been opened for at least six months. (Update: Seems to be a soft pull)
  8. You can view what cards you’re pre-approved for online. Although I haven’t seen anybody saying they were offered a higher than publicly available bonus using this.
  9. Capital One doesn’t really have a reconsideration department if you’re denied for one of their credit cards. You need to receive an official e-mail from them with the status of your application you can then try calling one of the many numbers available for them. If you’re new to reconsideration calls, we recommend reading this first.
  10. They do not expedite new cards. If an existing card is lost or stolen, they might expedite a card but you’ll need to kick up a fuss and sometimes even pay a fee.
  11. Capital One will report your statement balance as your credit used to the credit reporting agencies. So if you want to lower your credit utilization, pay your card off before your statement closes.
  12. They do not have a referral program. Unfortunately you can’t refer friends to Capital One cards & get rewarded for doing so.
  13. They do allow product changes between different cards. But they have a weird set of rules that we don’t understand, sometimes they’ll process the request and sometimes they deny it. Either way, there is no hard pull. You can also check for potential product changes here.
  14. Minimum spending requirements start as soon as the card is approved.
  15. They will refund the annual fee if the card is cancelled within 30 days of the annual fee posting.
  16. Capital One doesn’t really offer retention bonuses, but they’ll usually waive the annual fee on your cards.
  17. Capital One business credit cards DO get reported to the personal credit bureaus. Keep this is mind as these cards will show up on your credit report.
  18. You won’t usually be able to reinstate a Capital One credit card which you closed voluntarily if you later change your mind.
  19. You cannot check your credit card application status online, instead you must call (800) 903-9177.
  20. Capital One will always proceed to do the auto-pay for the full statement balance, even if you make payments beforehand.
  21. It is possible to get an instant credit card number by downloading the app.
  22. You’re limited to one Capital One card per six months.

Things We Aren’t Sure About

  • Currently there isn’t anything we are unsure about, we will update this section if there is.

Final Thoughts

Hopefully, you learned something new, we’ve done a similar thing for the majority of the other credit card issuers. I’d recommend reading those posts (linked below):



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Tim
Tim

My wife applied for two Capital One cards that were targeted to her. I was listed as an authorized user on both cards. There was a hard pull done on my credit report even though I didn’t apply for them.

Wei
Wei

That’s horrible, thanks for your data point.

Evan
Evan

Did you dispute it with the bureaus?

Tim
Tim

No I did not dispute it. From the research I did online the bureaus are allowed to report authorized users in their files. Even though the accounts are not in my name, I now have two additional accounts in my credit report! They are at 50% usage and are negatively affecting my score!

Jon
Jon

Is it possible that you’re really a co-borrower on the account? An AU doesn’t get a credit check because they have no obligation to repay. In fact, if someone makes you an AU and you don’t want the account on your credit report, you can just dispute it with the CRAs.

Tim
Tim

My mistake. There was not a check, or hard pull. However, if you are an authorized user on someone else’s account, their account will be listed with your other accounts in your credit report. This will impact your credit score either positively or negatively, depending on how the account is used.

chuck
chuck

I was able to get my annual fee on the Spark Card waived when I mentioned that the there was no annual fee on the Citi Double Cash Mastercard, an otherwise identical card in almost every way.

harvson3
harvson3

Similarly, was able to change from Venture One to Quicksilver (oldest, barely used) by mentioning that we had another 1.5% card we preferred.

Phrost
Phrost

permanently waived? or just for the year?

Drew R
Drew R

5) Capital One has limits when it comes to how many cards you can have with them. Maximum of two personal cards, but only Capital One branded cards

Is this a recent rule? I’ve had three active CapOne branded cards for around two and a half years now – Platinum, VentureOne, and Quicksilver. Maybe only for CapOne branded rewards cards?

Jason
Jason

Just an FYI. I have 3. A quicksilverone, a quicksilver and a venture one. I’ve received all of them within the last year so I’m not sure how accurate that 2 card rule is.

Elliot
Elliot

Does anyone have any first-hand experience (or can mention others’ data) about churning the Venture and VentureOne sign-up bonuses? I know DoC is saying there’s no wait period, but I’d love to hear actual reports.

Steve
Steve
Dan
Dan

For the Venture: I currently have 2. 1st one issued March ’15 and 2nd was issued Sept. ’15. I received the sign up bonus on both after meeting the spend requirements.

Mark
Mark

Capital one will generally waive the annual fee the next year if you ask, though they’ll first try to get you to downgrade

I too have three cards: quicksilver, venture one, and venture.

Does anyone know if I can get a signup bonus for the venture again if I already have another venture?

Steve
Steve
Secretary Toaster
Secretary Toaster

Re: (3) — This is NOT always the case. They only merge if you receive instant approval on both. The alternative is that one gets approved instantly and the other goes to pending. In that case, you’ll get a total of 6 hard inquiries spread out over 2 days and all 3 bureaus 🙁

Dukie02
Dukie02

I have both a Venture and a QuickSilver. I don’t really use the QuickSilver (other than the ongoing 30% off Uber promo), but the Venture is one of my go-to cards. I’ve noticed that the CapOne site has shown for months that I’m pre-qualified for the Venture and Venture One cards. I’ve been tempted to see if I could get the Venture bonus again, but never pulled the trigger. Any idea if the pre-q offers from banks take into account what we already hold? Or is it just a formula based off their latest FICO pulls?

Steve
Dukie02
Dukie02

Thanks!

korrinda
korrinda

CapOne shut me down for churning Visa Buxx cards and it looks like they blacklisted me.
They keep sending me preapproval offers, they even approved a new card, but closed it within few days.
Any idea how to long this blacklist will last?

Mark
Mark

They take credit cards over the phone.

Mark
Mark

Sorry, that would be debit cards!

Yasir
Yasir

After how long of account opening can request a product change? I got their platinum MC as my first unsecure card, with 300$ CL 3months back ,assuming wont be approved for quicksilver but seeing reviews I might have been.
Got approved for Discover IT card after that and have BofA Partially secured Cashback rewards card also.
Should i wait for them to increase CL via steps (I barely use this card) or ask before that?

brteacher
brteacher

Do Capital One business cards show up on personal credit reports? I seem to remember that they do.

Eric Marsh
Eric Marsh

I would guess yes, if it’s a sole proprietorship business but not sure?

CJ
CJ

I have 3 personal cards: World Mastercard (since ’12), Quicksilver (’13), and Venture (’15). I don’t think any of them have ever had a product change

dan
dan

sub

dan
dan

for the venture card, anyone knows that some regular purchases are needed first before they approve 1 large transaction for $3k-4k? saw on FT that the spark biz card got declined for a large purchase even calls had been made in advance for a notation

Chris

“If you apply for an authorized user card, they will also receive a hard pull on all three of their credit reports.”
– So you can mess with somebody simply by asking to add them on your cap1 card? Do they ask/include an SSN?

…On that note, does getting an AU on Capital One cards HELP the person being added, Credit Score wise if you have say an 800 rating? Or does the hard pull x3 nullify that benefit?

Jeff
Jeff

My mother put me as an AU on her Chase card and I immediately started seeing an increase in my credit score. I had no cards or credit line of my own at the time.

Aloe
Aloe

Anyone have any thoughts on how to have the discussion about lowering your APR? I’ve spoken with them several times and talked to a district manager who claims she wasn’t allowed to see my information to reevaluate me. Have scores between 750-760 with a 23.29% APR rate. Had the card since July 2014.

David
David

Getting an APR reduction is difficult. The best I’ve been able to do is get a promotional reduction of 4% for seven months at a time and sometimes even that’s not available.

Giving advice that I don’t follow myself is something I like to do so I’ll suggest you contact the executive office and try working them. They’ve been known to get things done in stubborn situations. I haven’t done it for my APR which is too high also but I did get the EO to double my CL from 10K to 20K after a series of denials for bogus reasons. One reason I haven’t gone to them yet is during the seven years I’ve had the card, I haven’t paid a penny of interest so this is more a matter of principle rather than dollars for me. It is my APR though and I would like to see it chopped down.

No one with your score should have to pay 23.29% unless there’s something else going reflected in their records but not on the reports (a late less than 30 days or making only minimum payments, etc.)

Kevin
Kevin

Applied for Cap1 Spark card and was denied due to “based on your credit report from Transunion, there are too many new accounts.” Based on this experience and reading about others with similar accounts, we need to add that Cap1 now has a 5/24 rule like Chase. There is no way to recon this either (I tried EO and credit specialist numbers, no luck).

M
M

It does seem that CapOne must have something like 5/24. I recently applied for a card and the reason given for rejection (in the letter) was:

“Based on your credit report from Trans Union, number of bank cards tradelines opened in the last 24 months”.

mik
mik

Me too…

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