I have a Capital One Visa Rewards credit card which I've been using for a long time. My wife and I put everything on our credit card which makes it easy to track, plus we get lots of rewards. She travels a lot for her job so our credit card bill is very high many months of the year. Her company reimburses her, so we get the 'free' rewards. The deal w/ this card is 1% back on everything, 2% on everything once you hit $1000 for that month.
We also have a Chase Rewards card which is 1% back on everything and 5% back on certain items depending on the month. We only use that one for the 5% back, Capital One for everything else..
Here's the issue.. We have a $5,000 limit on our Capital One card despite our excellent credit scores. Other cards have higher limits but we like the capital one for the simplicity of the rewards system and pretty good return (2% most months). We've had the card for probably 4 years. I called Capital One and put in a request for a higher limit and they denied it saying that you have to have the card at least 6 months to be considered. Fine. After 9 months I made the request again and they denied it again. I did the request every 6 months with no luck! I had to pay off the credit card twice in one month so that my wife could keep using it on her travels.. it's just a huge pain in the butt to have to worry about it. I finally spoke to a supervisor there and she just told me it's their policy not to raise the limits for a certain period of time. I threatened to cancel the card if they wouldn't raise it but they still wouldn't.
So I'm wondering if I just stop using it for a month or 2 if they'll raise it for me.. or if I actually call to cancel it if they'll ask why, I'll tell them, and they'll raise it to keep me?
I feel like I'm almost the ideal customer for them.. I spend a LOT on their card making them a small percentage with every purchase, then I pay it off every month. I know the ideal customer for them is someone who pays them a lot interest, but they're still making a fair amount of money off of me using their card so much.
Are there any other ways you'd suggest to get the limit raised? If they wont do it I'll actually cancel the card and move to something else since my wife's job is requiring her to start traveling more again.