Report: #14854

Complaint Review: Capital One - Richmond Virginia

  • Submitted:
  • Updated:
  • Reported By: Cheyenne WY
  • Capital One PO Box Richmond, Virginia U.S.A.

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I received a "pre-approved" notice from CAPITAL ONE for a "platinum" MasterCard. I submitted their request for information. Sure enough, I got the card, but no information on the credit limit. I called the customer service number on the back of the card to find out the limit so I could make a decision about whether I wanted the card or not. Instead, my card was activated for a grand limit of $500. This tactic is deceptive - one has to obtain the card BEFORE they can know its value and whether it makes sense for their financial situation. Of course one's credit report will reflect the account - which in my case is not desirable. I'll cancel the card immediately and see if it can be removed from my credit report. Meanwhile, the public should know about this one.
Cheyenne WY

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This report was posted on Ripoff Report on 02/22/2002 12:00 AM and is a permanent record located here: https://www.ripoffreport.com/reports/capital-one/richmond-virginia-85512/capital-one-bait-and-switch-14854. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#2 Consumer Comment

Credit Limits

AUTHOR: Ed - ()

POSTED: Tuesday, July 02, 2002
All of the following is my opinion only....

Capital One boasts ad nauseum about its Information-based strategy that "intelligently" uses data mining to pre-select offers to individuals. Before it sends an offer, it has already applied its IBS. Indeed, according to Cap One, it logs intricate information from its previous offers, including the color of the envelopes. The only conceivably missing information is the offeree's income. (Although Cap One may actually know that from, for instance, prior applications from the offeree.) Should Cap One include in its offers information such as credit limit ranges to correspond with income ranges? Sounds reasonable to me.

Although I do not know the numbers across the board, it appears that the vast majority, if not all, sub-prime offerees receive at most a $500 credit limit. Yet, Cap One continues offering "up to $2,000" or "up to $5,000" to members of this group.

All the other card issuers doing the same thing neither justifies it nor disqualifies it as "baiting and switching." More accurately, it may portray a systematic problem in this industry.
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#1 UPDATE Employee

Credit Limits

AUTHOR: Virginia - ()

POSTED: Monday, July 01, 2002
I'm trying not to sound rude here...

But of course you can't know your credit limit til you apply. Credit card companies send out millions of their applications. An applicant with a $20,000 income and only fair credit is not going to get the same credit limit as someone with an $85,000 income and excellent credit. Your credit limit is based on your income and credit history.

If you see an application that says "Up to $50,000 credit limit" you can assume that is for people with optimal credit and very high income. The average person will not qualify for this. This is not bait and switch...this is how all credit card companies work.
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