Over the last month or so I’ve been receiving credit card offers. Finally! My credit has improved enough to be even considered for a credit card! Well, in late October I applied for a First Premier credit card and when I did the application online the verification stated it would require a little more time for a decision, which in my mind tells me that I wasn’t approved. A few days later I received an application from Capital One and I was accepted (probably because my car loan is through Capital One).
Fast forward to 11/13, last night; Greg beat me home so he checked the mail (we’re still waiting for his letter – should be any day now) and when I got home, I went through the mail and was rather surprised it was all for me! My Capital One statement was there (already paid it online) and another statement from First Premier. What?!? I don’t even have a credit card from them! Before I panicked, I continued going through the mail and found my new credit card from First Premier. Huh, looks like I was approved. Why didn’t they tell me? So, I called the credit card company last night for an explanation. Jenny, the rep that I spoke with, wasn’t very helpful and basically stated that the card is active, as per the terms and conditions from when I applied, and the balance is what it is. I was like, “fuck. I don’t want another credit card” and Greg was just as annoyed as I was then we left it alone for the rest of the night.
This morning, I brought the credit card and all the papers from the envelope to work to read the disclosures and such. And, to my delight I found the following:
This contract is effective upon the earlier of (a) the first purchase made or cash advance taken on your Credit Account and (b) the expiration of 30 days from the date we issue the Card to you. You are not obligated to pay any fee for finance charge until contract is effective.
As soon as I read that paragraph I called the credit card company (spoke with Matt; nice chap) and when I requested to close the account, they transferred me to an Account Specialist Dan, which was his job to save me. Dan asked why I was canceling so quickly and I explained my reason and told him that Capital One had a better deal with the same APR, Dan tried to save me from canceling and even offered to credit the account $50 if I chose to stay. I declined, of course. Then he went on to say that the account is going on to my credit report as a quick open and close and that may harm my report and I said I was fine with that (scare tactic?).
Who would have thought that I would happy to not have a new credit card?
In other credit card related news; Capital One informed me that if I make three consecutive, on time, payments they will increase my credit limit by $200! Just in time for my birthday!