Thumper
08-06-2019, 09:46 AM
When I started my own business in 1989, I opened a business account with Capital One as I gave each of my employees a company credit card for gas and business related incidentals. I did a TON of business with Capital One during those years. The card was personally guaranteed by me and the business was a sub-chapter S corporation, so when I shut the business down in 2009, I simply continued using the card as a personal card and have never missed a payment (I pay the total balance monthly). Last month I called their Customer Service Dept. for something (I can't even remember why) and during the conversation I mentioned I'm now retired and the business has been closed for 10 years. You'd have thought I'd bombed their frigging office or something! I was informed they were closing my account IMMEDIATELY (in fact, they closed it as I was on the phone with them!). I just paid the balance on that card this morning, so it's history.
Oh well, back to the phone conversation. I asked if I could simply "roll" the business account over into a personal account. After all, NOTHING has changed ... name, mailing address, phone numbers, banking info ... all has been the same for the past 30 years and will remain the same. I was told it could not be done and the best thing for me to do is go on-line to look at their products, then open a new account. I asked if my 30 years of (perfect) credit history with them would be retained with the new card and they said no, my history would simply start over as a new account. That pissed me off a bit, but they didn't seem to care.
Ok, I swore them off and figured I'd open a new account with ANYBODY, other than Capital One. BUT ... as I was perusing the i-net, I happened to spot an ad for a Capital One account offering 0% interest for 15 months when a NEW account was opened. Hmmm, I figured I'd have a fresh hit on my credit report no matter which card I get, so the wheels started turning. A few years back, Lynn had just started a new job and 1 week before her company insurance was to kick in (there was a 90-day period before it took effect), she had a medical problem and I had to take her to the ER. Three days and $87,000 later, we were told they couldn't find any reason for the problem!!! I had to take out a second mortgage (LOC) to pay those medical bills and it's been a pain in my side for years, but I've been slowly chipping away at it. I now have that down to $30,000.
Lemons to lemonade? I studied that Capital One offer and a light bulb went off. I signed up for a new card and they immediately issued it with a $10,000 credit limit. So, this morning, I transferred $10,000 from my LOC to Capital One! Now I have 15-months of 0% interest on that $10,000. I'll make the minimum payment for the next 15-months, then pay the balance off in one lump sum once the benefit is ready to expire. To add a little more sugar to that lemonade, Cap One is also offering another perk to that same card. If you charge $500 to the card within 30-days of opening the new account, they will give you a $150 credit! Ok, the plan is now in effect. I have to pay the balance of our next cruise off around the middle of October. I'll make sure there is enough room on the Cap One account to add exactly $500 for the $150 rebate. Then my next payment will be the minimum due plus the pay-off for the $500 charge. In the next 15-months, they will have made ZERO percent interest, plus they will have paid ME $150.00! Needless to say, once this 15-month period is over with, that account will lay (lie?) idle and I will have managed to actually screw THEM for a change! :lmao
Oh well, back to the phone conversation. I asked if I could simply "roll" the business account over into a personal account. After all, NOTHING has changed ... name, mailing address, phone numbers, banking info ... all has been the same for the past 30 years and will remain the same. I was told it could not be done and the best thing for me to do is go on-line to look at their products, then open a new account. I asked if my 30 years of (perfect) credit history with them would be retained with the new card and they said no, my history would simply start over as a new account. That pissed me off a bit, but they didn't seem to care.
Ok, I swore them off and figured I'd open a new account with ANYBODY, other than Capital One. BUT ... as I was perusing the i-net, I happened to spot an ad for a Capital One account offering 0% interest for 15 months when a NEW account was opened. Hmmm, I figured I'd have a fresh hit on my credit report no matter which card I get, so the wheels started turning. A few years back, Lynn had just started a new job and 1 week before her company insurance was to kick in (there was a 90-day period before it took effect), she had a medical problem and I had to take her to the ER. Three days and $87,000 later, we were told they couldn't find any reason for the problem!!! I had to take out a second mortgage (LOC) to pay those medical bills and it's been a pain in my side for years, but I've been slowly chipping away at it. I now have that down to $30,000.
Lemons to lemonade? I studied that Capital One offer and a light bulb went off. I signed up for a new card and they immediately issued it with a $10,000 credit limit. So, this morning, I transferred $10,000 from my LOC to Capital One! Now I have 15-months of 0% interest on that $10,000. I'll make the minimum payment for the next 15-months, then pay the balance off in one lump sum once the benefit is ready to expire. To add a little more sugar to that lemonade, Cap One is also offering another perk to that same card. If you charge $500 to the card within 30-days of opening the new account, they will give you a $150 credit! Ok, the plan is now in effect. I have to pay the balance of our next cruise off around the middle of October. I'll make sure there is enough room on the Cap One account to add exactly $500 for the $150 rebate. Then my next payment will be the minimum due plus the pay-off for the $500 charge. In the next 15-months, they will have made ZERO percent interest, plus they will have paid ME $150.00! Needless to say, once this 15-month period is over with, that account will lay (lie?) idle and I will have managed to actually screw THEM for a change! :lmao