Originally Posted by
mrthrifty
I feel your pain ... I'm in the process of working my way out of this card and moving balances to 2 other cards I now have. I've had the card for over 5 years and when they devalued the points I had accumulated I bargained them down to a 7.9% fixed rate.
Once the balance is paid off (it will be soon), I'll be asking for another reduction just for safekeeping if my balances creep up again.
I signed up for a Capital One card in 2005 when I received a good offer: for every 8000 miles, you could receive a ticket worth $100. In other words, the payoff was $1.25 for every $100 spent on the card. Factoring in 20,000 bonus miles, it seemed pretty good. Well, four months later, Capital One changed the whole program, devaluing the miles so that the best possible payoff was $1.00 per $100 spent. And because of the tiers of rewards (15,000 miles for all tickets up to $150; $35,000 miles for all tickets between $150-$350), it is difficult to get the full payoff. So, I dumped the card--almost any cash back card will give you 1% or more, so there's no need to fool with Capital One.