redtop43

I have several cards I MS on, all 2% cashback. I've got the pedal to the metal, doing about $120K/mo, cycling all my cards. Starting this month, I'm working on paying them off in such a way that each one has a near-zero balance on the statement date, so that my credit report shows me not owing much.

I got a Spark Cash card about 8 months ago. It had a $10K credit limit. I've asked for increases several times but have only been able to get it up to $11K.

I got an email from John Doe at Capital One introducing himself as my relationship manager. I have no reason to think the email isn't legit. He asked me to meet with him to discuss how they could best meet my needs.

I know I'm a great credit risk for them, and the bigger a credit limit they give me the more I'll use their card and the less I'll use others. I have a high-700's credit score and when I use the card I pay it off within days. But I don't know if it's worth the risk to explain exactly what I'm doing.

I've always wondered who's losing money here. I know I'm making money so someone much be losing. I've always figured it was either the people I buy the CG's from paying more in credit card fees than I pay them in purchase fees, and perhaps the GC vendors like Metabank sell them for less than 100 cents on the dollar, figuring they will get float on the money and some money will never get spent. I think the cc vendors must be making money, because I don't think they could afford to put 2% CB out there as a loss leader. From what I've seen, merchant fees on rewards credit cards go from 2.3% to 3%. I'm sure the cc vendors make a pile on the minority who carry a balance (much like I figure that the casinos aren't paying their bills on my $5 blackjack playing book strategy - they're relying on the people who double on 8's and play the side bets that have a 25% house edge).

And I also figure that the cc companies must know about MS, especially given the Fed's "Know Your Customer" policies. We know the Walmart personnel, at least below the corporate level, are clueless, but I'm sure the financial institutions risk management departments look at what I'm doing and say "OK, he's not money laundering."

The bottom line is, should I contact this guy? I'm leaning somewhat strongly against it because there's no imperative reason to go above the radar. The only thing that inclines me toward it is that logically he should have already looked at my account and seen what's going on so the fact that I'm MSing shouldn't be a surprise.

Opinions? Anyone have specific experience with Capital One on this?