I've always heard Discover was a good company to work for and they had the best customer support. Capital One is the opposite of both of those things so I hope the government steps in here.
As a customer though you're right, Discover is leaps and bounds better than Capital One. Walmart of all people is suing them for their terrible customer service, and that speaks volumes. I will cancel my Discover cards if this goes through.
quota to pip 15% of the workforce, stack ranking, Amazon managers, downleveling by default, etc
That being said, all my eggs in one basket is terrible (though instant transfers + 4.35% savings is great - I keep about $30 in my checking and transfer over whenever a charge will go through, and thus maximize my interest gained!)
https://www.viobank.com/cornerstone-money-market-savings
I remember when people used to be excited about 1% gains...
I fear a bank locking my account(s) and unable to pay bills.
Only downside was their built in travel insurance didn’t cover me rebooking a flight because the first airline gave me a refund when they cancelled at 3am with me and my family staying in a hotel room across the street from the airport for a 6am airport arrival
Yes we got refunded but buying 4 tickets with a new airline the morning of our travel date cost me an additional $1800 over my refund. I guess there is no built in credit card insurance for that circumstance . (Screw you for leaving me stranded JetBlue!)
So you start getting notifications from vendors that they canceled your orders right before Christmas, because of trouble with your card. When you call AmEx and ask why the fuck you weren't notified of fraud on your account, they say (and I quote): "Oh we don't do that. We wait for the customer to get in touch with us."
The monumental stupidity and irresponsibility of this "policy" should be evident and disqualifying.
At least Bank of America sends me a text and a popup.
I have been proactively notified about fraud by Amex, Discover, as well as other banks. Amex seems to be the loosest with allowing questionable but valid purchases, and my Visa cards the strictest.
Here's another one that relegated my AmEx card to a drawer: To redeem airline-ticket benefits, AmEx forced you to use their own Web portal to book your flights. This inept portal considered LaGuardia and Newark a connection. As in... you can walk from a terminal in one to a terminal in the other to catch the next leg of your flight.
WTF.
For two years, they used the card routinely, paid if off religiously...sometimes having a monthly spend three times the limit.
They would periodically request either a security deposit refund or to have their credit limit raised - more security deposit or not. Constantly denied, automatically, even when trying to escalate it with customer service agents. I forget the term, but when you essentially trade in one type of card for another from the same company - tried that too. Denied.
Finally, on a whim they tried another company, and got instant approval for an unsecured $3,000 limit card.
They stopped using the Capital One card except for a service or two that totaled $10, maybe $20/month.
2-3 months later, Capital One did a soft pull where the new card showed up and within days of the pull, refunds the security balance and moves them to an unsecured card with $3k credit limit.
Once they had the additional data that another company evaluated them as trustworthy, their trustworthiness to Capital One seems to have gone up. They didn’t want to be the only one bearing risk.
My experience with the Capital One secured card is the same as their story.
And the difference between the two companies here is the difference between them in every way.
Even little stuff like when I give my info to Discover’s customer support robot before I talk to a human, the human has all the info. Meanwhile when I do the same with Capital One customer support, I usually need to give the same info to the human again.
They get the interest on the deposit and lower costs (fewer transfers per month paying off the balance of the card.) They didn't care.
They didn't have good credit, so the Capital One card helped them establish it.
Then they got a better card with another company based on that credit.
Now having two cards improves your credit further, as well as using a lesser proportion of your overall credit. So Capital One upgraded their card.
Literally all of this is working as intended and it's just credit score algorithms. Your friend didn't waste two years on the Capital One card -- they built credit history with it.
While I don't know exactly what's going on in your friend's case, this makes for an unprofitable customer from the credit card company's point of view.
Now, obviously they want to get paid, but for them the ideal customer is one who maxes out the card and then makes the minimum payment every month, thus incurring an interest charge, or better still, makes the minimum payment, but late, thus incurring a late fee on top of the interest.
Customers who pay off the card every month don't provide any interest to the credit card company.
I am biased, I worked for Capital One out of college for 4 years as a software engineer and had a wonderful experience. It was the best place for me to learn industry and professional engineering, and I felt the company culture / company itself was a fantastic place to work. So respectfully I disagree.
You want the government to step in because you don’t like what you’ve heard about capital one’s customer service and work culture?
And don't bother pretending to think that he wants the government to use his opinion as justification. That's obviously where you're going, so don't insult the rest of us by continuing.
The FTC should evaluate this deal just like any others and possibly slow/stop it if it finds major anti-trust issues.
1) It's hearsay
2) It's completely subjective
3) Even if everyone agrees its true including the companies, it doesn't constitute a legal basis for government intervention