After having a Capital One credit card with the same credit limit for almost 20 years, and hovering near that limit for most of the last 5 years, I withdrew from an IRA to pay off the balance. (Why keep money in an account earning less than 1% when paying close to 20% on a credit card?)
One month after paying off the balance, they call and say they are lowering my credit limit from $5,000 to $500 (yes, 90%). They say because I have too many cards with balances. Doh, I paid off most of my other accounts at the same time, so I have a lower total balance than I have had in over ten years.
OK, I know the credit line is their call, whether fair or not. Still, I am bitter at their recent action.
capital one .com invited me to sign up for credit tracker.. yesterday I did and today I get email of change in my score. therefore today I log on to capitalone.com only to find NO LINK to the service now that I had signed up.. better yet customer service (nonservice) said they couldn't help me with it because the tracker is provided by a third party. So once again capital one is only interested in signing you up for something with no intent to ever service the idem.
Yes, they are a money-fee hungry beast. ING was great but now that they merged with Capital One, you should dump them both or expect fees that touch the legal limits.
Go to a Credit Union, they are fair and easy to join these days. Capital One and ING now enjoy a revenue model that caters to people with no options..You can do better.*