Capital One Accounts Closed for Perk Abuse
May 29, 2013, 6:19 pm
#1
Original Member
Original Poster
Join Date: May 1998
Posts: 1,139
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.
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.
May 29, 2013, 7:51 pm
#2
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,759
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.
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.
May 29, 2013, 9:13 pm
#4
Suspended
Join Date: May 2012
Location: ORD
Programs: AA, UA, AS, DL, BA, F9, IHG Plat, HH Gold, CC Gold, SPG Gold, MR Silver
Posts: 1,786
May 29, 2013, 9:35 pm
#5
Original Member
Original Poster
Join Date: May 1998
Posts: 1,139
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?
May 30, 2013, 7:27 am
#6
Join Date: Sep 2012
Posts: 104
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?
May 30, 2013, 8:08 am
#7
Original Member
Original Poster
Join Date: May 1998
Posts: 1,139
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.
May 30, 2013, 9:16 am
#8
Join Date: Jan 2010
Programs: AA EXP/LT PLT
Posts: 1,467
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.
May 30, 2013, 1:55 pm
#9
Join Date: Oct 2010
Location: LAS
Programs: Southwest, United, Marriott
Posts: 160
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.
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.
May 30, 2013, 4:03 pm
#10
Join Date: May 2009
Location: USA
Programs: Marriott Titanium -> United Silver
Posts: 936
Sep 11, 2014, 5:56 pm
#12
Join Date: Jan 2008
Posts: 95
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 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.
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.
Last edited by apuraja; Sep 11, 2014 at 6:00 pm Reason: oops
Sep 12, 2014, 7:34 pm
#14
Join Date: Mar 2014
Posts: 329
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.
Sep 12, 2014, 9:59 pm
#15
Join Date: May 2014
Location: PHL
Programs: SW CP, SPG Gold, Hilton Gold
Posts: 571
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.