Capital One Accounts Closed for Perk Abuse
 

My Capital One credit card accounts were closed today. I have been doing a lot of purchase transactions with the bank that some members refer to as "Bank of the Spook". I really like everyone here on the Board but I will not disclose who Bank of the Spook is. The deal is too fragile. But I know that a lot of posters do this same transaction and I thought I would give out a shout to not go overboard.

I did not think that Cap One closed accounts for perk abuse, so I was really using this card a lot for these transactions. That being said, they were really nice about it and they said they will use my outstanding point balance as a credit on my statement.

I hope that my case was an isolated incidence.

Much classier act than Citi confiscates people'e earnings, even on earnings from years past.

How much is a lot of purchase transactions?

Why did OP use the capital one card? it's just x1 , right?

Im guessing its the 2x one

I was using a combination of the 1.25 and 2.0 cards. I put 15K-20K on the 1.25 card per month, and it had a 15K limit. I put 15K on the 2.0 card and it had a 5K limit. I made payments constantly, so the balance was never over 5K on either card at any point in time. These transactions were coded as purchases and I believe they were in fact purchases. I did not have a better Visa or Mastercard to use, and I wanted the travel credits for the many travel expenditures for which miles/points cannot be used for. I loved the Capital One cards and I will miss them, but what can someone do if the Powers say you are gone?

making charges (over the span of a month with many quick payments in between) well in excess of the limit on the card is never a good idea if you aim to stay off the radar. it makes you look much more likely to go in default and like you *need* credit

I agree entirely. I am careful not to do this on my Chase and Amex cards where I have higher credit lines because of the reports of account closures. I had not previously heard of a Cap One account closure, so I was reckless. I posted so others can be more careful with Cap One.

Thans for the additional info.

Not to be an insult towards the OP, but I never realized Crapital One actually had real perks/rewards.

Terrible lender. Pulling all 3 credit reports, denying me a card. Only to have $75,000 in credit extended to me from other banks since then. Sorry to hear op.

So only the hard pulls, and not the actual denial, affected you ability to get credit at other banks?

My Capital One Venture got closed today also.

spook
 

this place like a lot of other CUs used to be bread and butter until chase shut me down. btw, i thought spook put in place a tight limit on amount that can be funded by CC .. is it $500 now? or more lucrative?

My closure might not be related to this "Spook" thing. I don't even know what that is. I was doing the Cap1 for Simon mall and Amex Gift Cards.

Yikes! How much were you doing? I was doing about $20k - $25k a month for about 3-4 months to prep for a trip. Got shut down a few times, but always called and they would clear me. Even got a nice credit limit increase from $5 to $20k on my 6 month anniversary.

I had a fraud alert on my account the other day when purchasing mall GCs, thought it was interesting since I had done the same transaction many times before but this was the first time an alert came up.

I also thought it was strange that the agent said "let me take a look at the notes on your account." I had never called Cap1 so the "notes" they have aren't from conversations that I have had with them.

May need to stay under the radar for a little bit, I have a 20K line and have been pushing between 10-12K/mo for the past couple months.