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Thursday, 15 September 2016

How Frustration is Compensation ($$)

Image result for capital one canada ihg card
My favourite "go-to" credit card has been discontinued.  :(
Last September, Capital One Canada stopped offering the Cap 1 IHG (Intercontinental Hotels Group including Crowne Plaza, Staybridge Suites, Candlewood Suites, Holiday Inn, Intercontinental, etc.) credit card which I was going to recommend on my blog, but it was too late.  This was a $120/yr card with premium features, but the best thing about it was that not only were you getting 2 IHG points per dollar, but it had a built in spending threshold with no limit--for every $10K spent, not only get 20K IHG points, but a bonus 5K IHG points.  25K IHG points is enough, on their "Point Break" deals on hotels worldwide, for 5 free nights--plus it came with Platinum Elite status, which would allow you to get upgrades based on availability--including for my family to a 2 bedroom suite in Staybridge, Candlewood, and sometimes Crowne Plazas have them too.  It was a super deal--spend $10K, get 5 free nights.
So, I called them and complained.  Got nowhere.  Wasn't satisfied with that so I put in for a callback from a supervisor--supervisor offered me $50 for my frustration.  Why wasn't Cap 1 offering its loyal customers another card like AMEX did after their divorce with Costco?  AMEX offered a cashback card (ironically with Capital One) so why are they offering a customer with a premium credit card nothing?  "Just apply for another Capital One product"--and get an unnecessary credit hit AND have to go through the trouble of applying?  Oh, and BTW, Cap 1 is the only bank that does TWO credit checks (with both credit agencies, Equifax and TransUnion) so that's like a double hit.
They offered I speak to the supervisor's supervisor.  He called me, I returned the call, and spoke to that person who offered me apologies for the inconvenience (pre-authorized payments have to be redone with another credit card--grrr) and gave me another $50--this is also after my last statement did not charge me the annual fee of $120 because they knew (before I did) that the card was going to be discontinued.
Never settle when a bank disappoints you--it's an opportunity to follow through and get appropriate compensation!

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