I received a mailer from Capital One (mastercard platinum), with a $ 3000.00 limit pre-approved. The 0% interest until November, and a 12.9 interest (flex) starting after initial period ends, was a perfect solution to transfer my providian visa card (with a $2,500 limit that I was close to maxing out on), if I paid the Capital One card aggressively until November.
In the mailer it also stated (along with their internet site) that applications could be submitted and approved in 60 seconds in most cases. Low and behold I was not a part of that most cases ratio. That was my 1st red flag. I should have followed my instincts, but I didn't. After 8 days I received a Capital One platinum in mail. The intro package included a lot of fine writing that was never mentioned in the mailer I received, and there wasn't even a credit limit stated yet. It said I had to call, get a pin # and find out my credit limit offered.
I really got nervous from this dog and pony show, and called the ph# given for my magical, mysterious surprise that I believed was the truth on my pre-approval limit from the beginning. I learned they approved me for $300.00 instead! What an insult! I have learned since then that Capital One does this with everybody that signs up. (in other words, don't feel bad) my credit report they claim to have pulled had no bearing on the limit decision they said. "great a "ding" for nothing.)
I am deeply insulted, and will pursue this issue with every means possible. If I had known this offer was targeted towards high risk applicants, I would have never replied to their offer. (no offense to those legitimate low scorers). What a bait and switch for the wrong audience. There is so much more involved in this, but rest assured, this will be exploited to help the next victims of this trap... Thank you mark a [removed].
0 comments