Thank you, Capital One Chief Executive Rich Fairbank

You don’t know Fairbank? Let me introduce you:

Must be nice to be the king

Must be nice to be the king

You’ve been at the helm of Capital One a few years longer than I’ve been a Capital One customer. Not too many, really, but a few.
In the time I’ve been a Capital One customer, I’ve bought college textbooks, paid for Master’s classes, gone to Europe, played in San Antonio, learned in New York, sent my daughter to Europe, and Vegas, man, I’ve loved Vegas.
I’ve been a great customer. I never missed a payment, paid above the minimum due, paid it off a time or two. My Capital One card was my friend, but I wasn’t irresponsible with it, unlike you and yours who insisted on giving cards to 18-yr-old college kids and credit crazy people with 10 maxed out cards and mortgages they couldn’t afford. Under your leadership, people like my daughter (a college freshman) were encouraged to open accounts and get “free gifts.” She got no less than 20 pre-approved Capital One card offers this school year. A family member of mine who’s deeply in debt to the point of disaster also has your cards. Notice the plural S. She got the cards AFTER her debt crisis.
So back to me.
I’m a great Capital One customer. Put me on your ads as an example of the kind of person you WANT. You make money off of me, but I’m a great risk.
By next week, I won’t be a Capital One risk anymore because today I got my Capital One bill and my interest rate has gone up by over 11 percentage points.
God help the poor person who’s a credit risk!
I called your account managers tonight. They were foreign and pleasant, and they let me know I didn’t really have any options here. Well, they’re wrong.
I don’t know what you and all your banking executives are thinking, but I hope all your good customers, people like me, do what I’m doing. I’m checking out of the Capital One market. Next week, I’m cutting up your card, and my husband is cutting up his business card (it never carries a balance, so you didn’t make much off him).
Once again, let me make sure I say it: thank you, Mr. Rich Fairbank. Under your watch, the US became a credit crazed society, and I joined right in. And under your watch, I’m checking out. You have a great day.

(fitting that this was blog post 1000)


2 responses to “Thank you, Capital One Chief Executive Rich Fairbank

  1. I heard that was coming down the road. Truly what the heck are they thinking? Some people can’t get rid of them. But then again, some of them will not pay off their debt. Others, will and cut up the card. In the long run, I think this is going to cost them money. People are pulling back from credit cards, paying down their balances, and only buying what they can afford.
    Their stupidity knows no bounds.
    Congrats on the 1K post

  2. I think you’re right. I heard it was coming too, but I didn’t expect 11 points when I’m a “good” risk, long-term customer, who’s never missed a payment. It’s a shame. But you know, credit cards are bad, and the banks have purposefully “stalked” high risk candidates. Today DD got a pre-approved 0% interest app in the mail. I’m shredding it. She has a summer job, is a full-time student and has a student loan. WHY would she get pre-approved for ANYTHING right now. I think the government needs to let them fail. I can’t believe I’m saying that, but there have to be consequences to the BANKERS not just the consumers.
    1K post: I love that I can look back at my blog and re-live the years DD was in high school with me, plus the job, plus the writing. 🙂

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