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Cap1 QS APR reduction

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BluePoodle
Valued Contributor

Cap1 QS APR reduction

So I called Cap1 today to see if I could get my interest rate reduced. It was at 22.9% for purchases and they reduced it to 18.9% but only for 7 months. Not sure why only 7 months but at least that is good. I am PIF but still, I want the lower rates!

 

Anyone else have experience with why only for a limited time to offer reduced rates? I can understand for new cards with an introductory offer, but this was a bit new for me for a card that I have had for a 13 or 14 months.

CapOne $7500 | Discover $8500 | Amex ED $25K | Barclay SM $5700 | Chase Disney $500 | Chase Slate $5K | Target $3K | Hilton Amex $2K
Gardening Since 4/3/2017
Message 1 of 12
11 REPLIES 11
pip3man
Valued Contributor

Re: Cap1 QS APR reduction

lol u should be happy u were able to get them to lower the rate whether temporarily or permanently. Now take a look at this, I've had mine for like 4yrs or thereabout and recently PC'ed from the Platinum no AF to the Quicksilver no AF. Well I contacted them to see if there was a possibility of reducing the APR which currently sits at 24.9% and I was flat out denied. Not even a temporary reduction was offered so u gotta count ya blessings buddy - cos I wish I was in ya position lol. Gotta love Cap One and their backwardness!

Message 2 of 12
BluePoodle
Valued Contributor

Re: Cap1 QS APR reduction


@pip3man wrote:

lol u should be happy u were able to get them to lower the rate whether temporarily or permanently. Now take a look at this, I've had mine for like 4yrs or thereabout and recently PC'ed from the Platinum no AF to the Quicksilver no AF. Well I contacted them to see if there was a possibility of reducing the APR which currently sits at 24.9% and I was flat out denied. Not even a temporary reduction was offered so u gotta count ya blessings buddy - cos I wish I was in ya position lol. Gotta love Cap One and their backwardness!


Yes, I hear you. Cap1 seems to love you or not. Sorry for your denial.  I have had good success with them, they have given me 3 cli's, PC'd my card to QS. (I never applied for the AF card, so I pc'd from the no AF platinum to the QS with no AF) and now most recently the APR reduction. I do use the card a lot and now that the 0% rate if overwith, I PIF every month. But I do like the 1.5% cash back and will probably alternate between it and my Amex for my everyday cards.  I am not sure if they will ever approve another CLI with me as I seem to have a high CL with them compared to many here on the forum.

CapOne $7500 | Discover $8500 | Amex ED $25K | Barclay SM $5700 | Chase Disney $500 | Chase Slate $5K | Target $3K | Hilton Amex $2K
Gardening Since 4/3/2017
Message 3 of 12
pip3man
Valued Contributor

Re: Cap1 QS APR reduction

it seems they love ya!!! reading about u share ur success with them got me even more jealous now lol... cos for the years I been had my card I never saw a CLI until like last month and I mean for the first time!! worse more the CC has been my primary card for use so I really cant tell why they wont just show me some luv - then again at some point I was maxed out so that might be a reason. Well I got the Freedom & Discover It so I'm thinking I might just SD the CapOne and hopefully if they change their mind bout me in the future, I might pick them up again. I'm only digging the way the cashback on the QS adds up like real quick. But anyways never say never - at 6months interval play some love games with that luv button, u might be surprised what may be thrown backatchu. For me I def know I'm not getting nun outta them so off to the drawer it goes lol.

Message 4 of 12
BluePoodle
Valued Contributor

Re: Cap1 QS APR reduction


@pip3man wrote:

it seems they love ya!!! reading about u share ur success with them got me even more jealous now lol... cos for the years I been had my card I never saw a CLI until like last month and I mean for the first time!! worse more the CC has been my primary card for use so I really cant tell why they wont just show me some luv - then again at some point I was maxed out so that might be a reason. Well I got the Freedom & Discover It so I'm thinking I might just SD the CapOne and hopefully if they change their mind bout me in the future, I might pick them up again. I'm only digging the way the cashback on the QS adds up like real quick. But anyways never say never - at 6months interval play some love games with that luv button, u might be surprised what may be thrown backatchu. For me I def know I'm not getting nun outta them so off to the drawer it goes lol.


I can't say why I have had such good results. I have had my util up to about 65-70% on the card. But I didn't carry it long before I paid it off. Maybe two months but it was during the 0% time.  I do pay my balance down a couple of times a month before the statement cuts. But I use it a lot and I think that is why. Best of luck to you with yours!

CapOne $7500 | Discover $8500 | Amex ED $25K | Barclay SM $5700 | Chase Disney $500 | Chase Slate $5K | Target $3K | Hilton Amex $2K
Gardening Since 4/3/2017
Message 5 of 12
Ghoshida
Valued Contributor

Re: Cap1 QS APR reduction


@BluePoodle wrote:

So I called Cap1 today to see if I could get my interest rate reduced. It was at 22.9% for purchases and they reduced it to 18.9% but only for 7 months. Not sure why only 7 months but at least that is good. I am PIF but still, I want the lower rates!

 

Anyone else have experience with why only for a limited time to offer reduced rates? I can understand for new cards with an introductory offer, but this was a bit new for me for a card that I have had for a 13 or 14 months.


Hi BluePoodle,

 

Yes, I've got the same offer (4% reduction for 7 months).

 

My rates are atrocious to start with - 24.9%. Made sense when it was a starter card (about 15 months ago, started as a Cap One Platinum with $500 limit). The credit steps took it to $2k and I got it PCed to QS MC (no AF) just before the anniversary. 

 

I asked for an APR reduction through chat, this 7 month limited offer is all I got. They told me that I can ask for it again after this 7 month period ends, but that's all they can do. Apparently, there are "offers" that are applicable to my card at any point of time. I also don't pay interest on this card. I PIF, but not before the statement is generated. 

Message 6 of 12
B335is
Moderator Emeritus

Re: Cap1 QS APR reduction

I've never tried with Cap1, outside of store cards I just have a Venture card with 20.9% APR, which would be nice if it was lower.  How long have you had your card?

 

My Citi TYP has been open 3 years at 22.9% and recently agreed to lower it for 12 months to 18.99%  I suppose I shouldn't complain, but it was kind of frustrating given the perfect acct history it has.

Message 7 of 12
BluePoodle
Valued Contributor

Re: Cap1 QS APR reduction


@Ghoshida wrote:

@BluePoodle wrote:

So I called Cap1 today to see if I could get my interest rate reduced. It was at 22.9% for purchases and they reduced it to 18.9% but only for 7 months. Not sure why only 7 months but at least that is good. I am PIF but still, I want the lower rates!

 

Anyone else have experience with why only for a limited time to offer reduced rates? I can understand for new cards with an introductory offer, but this was a bit new for me for a card that I have had for a 13 or 14 months.


Hi BluePoodle,

 

Yes, I've got the same offer (4% reduction for 7 months).

 

My rates are atrocious to start with - 24.9%. Made sense when it was a starter card (about 15 months ago, started as a Cap One Platinum with $500 limit). The credit steps took it to $2k and I got it PCed to QS MC (no AF) just before the anniversary. 

 

I asked for an APR reduction through chat, this 7 month limited offer is all I got. They told me that I can ask for it again after this 7 month period ends, but that's all they can do. Apparently, there are "offers" that are applicable to my card at any point of time. I also don't pay interest on this card. I PIF, but not before the statement is generated. 


Yes, it's the same.  I think the "offers" is kind of strange but whatever. I would not carry a balance on the card with the reduction. But I like to keep it low regardless. 

CapOne $7500 | Discover $8500 | Amex ED $25K | Barclay SM $5700 | Chase Disney $500 | Chase Slate $5K | Target $3K | Hilton Amex $2K
Gardening Since 4/3/2017
Message 8 of 12
BluePoodle
Valued Contributor

Re: Cap1 QS APR reduction


@B335is wrote:

I've never tried with Cap1, outside of store cards I just have a Venture card with 20.9% APR, which would be nice if it was lower.  How long have you had your card?

 

My Citi TYP has been open 3 years at 22.9% and recently agreed to lower it for 12 months to 18.99%  I suppose I shouldn't complain, but it was kind of frustrating given the perfect acct history it has.


B335, I have had my Cap1 card for going on 14 months.  I asked almost two months ago and they said no to the apr reduction but they did PC my Platinum to the QS. So I figured I would call now about the apr being reduced and they did but only for the 7 month duration.

CapOne $7500 | Discover $8500 | Amex ED $25K | Barclay SM $5700 | Chase Disney $500 | Chase Slate $5K | Target $3K | Hilton Amex $2K
Gardening Since 4/3/2017
Message 9 of 12
Ghoshida
Valued Contributor

Re: Cap1 QS APR reduction

I love speculation, and my guess here is this:

 

APR is an underwriting decision (given it's part of the entire risk-reward game for the bank) and a major change (that too, long-term) cannot be taken by the CSR.

 

These promo "offers" are probably customer retention tools that have been handed over to people who are maybe a position higher than frontline CSR and when we are in a position to press the frontline CSRs, we get routed to these guys. 

 

These are not UWs, for sure Cap One never lets me talk to a UW when credit line is involved; they won't allow me to chat with one for APR reduction. 

 

Others can support or deny this claim Smiley Happy

Message 10 of 12
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