I'll be more specific. For me, it was three things:

1. They seem to have a max. credit limit of $15,000. I have some individual *charges* that are higher than that. So I was paying the card off completely twice a month just to be able to use the card. This brings me to...

2. They put a 10-day hold on all payments (at least the large ones which were the only kind I had). During this time, I couldn't use the card because my credit was maxed out. After a few days, I could call them, then they would 3-way me with my own bank to verify that the payment was going to be honored and removed the hold. This was for electronic payments made on the Cap One site! This leads me to...

3. Most of the time I tried to use the card, it was declined. If it wasn't a recent payment that they were holding, it was because they flagged my account for suspicious activity. True, I used the card primarily in Canada because the whole reason why I had the card was because they waived any foreign transaction fees. But after a few months, shouldn't their systems catch on?

I won't go so far as to say that they're unethical, but they cater to the low end of the consumer market, with all the pitfalls and hassles that entails. I dropped them as soon as I found a different card that didn't charge a foreign transaction fee.