Discover LOVE/Capital One HATE

[CA4Closure]

Tonight I called Capital One to seek a credit line increase. Rejected. I currently have a $3,500 balance on their Capital One Mastercard from a new car purchase I made in February (extended warranty). My APR is 9.9% and it has a $5 monthly 'membership fee'. I asked for this to be removed. REJECTED.

I called Discover to get a credit line increase and a lowering of APR. Currently I am at 19.9%. Discover reduced my APR to 17.49%. I will be taking advantage of a d Discover ZERO % balance transfer of that Capital One $3,500 balance. This will give me 18 months interest free!

My plans will be to mothball my two Capital One credit cards. I can't close the account because I have a 17 year relationship with them. If they close these accounts for non-use, then that will have to be.

I am on a path to get my credit cards APR reduced to a respectable rate. I will not spend a lot of money on APRs over 15%. That is why I used my Capital One card. But no more. I am going after that almighty lowest APR!

How often do you folks call your CC companies to ask for an APR reduction?

[Anonymous]

Apr reductions/request are based on the lenders guidelines. 

Congrats on your discover apr decrease. 

[Anonymous]

Congrats!!

I think i've asked twice before...ever.  APRs (IMHO) are not really a problem unless one carries a big balance for months. 

[Anonymous]

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@CA4Closurewrote:

How often do you folks call your CC companies to ask for an APR reduction?

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I never do as I always pay in full every month.  

[Dalmus]

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@CA4Closurewrote:

Tonight I called Capital One to seek a credit line increase. Rejected. I currently have a $3,500 balance on their Capital One Mastercard from a new car purchase I made in February (extended warranty). My APR is 9.9% and it has a $5 monthly 'membership fee'. I asked for this to be removed. REJECTED.

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I've never heard of any Cap1 cards having a monthly membership fee...  Sounds more like a CreditOne type card!

But then, I also have to ask how you got a 9.9% APR on a Cap1 card?

[Loquat]

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@CA4Closurewrote:

Tonight I called Capital One to seek a credit line increase. Rejected. I currently have a $3,500 balance on their Capital One Mastercard from a new car purchase I made in February (extended warranty). My APR is 9.9% and it has a $5 monthly 'membership fee'. I asked for this to be removed. REJECTED.

I called Discover to get a credit line increase and a lowering of APR. Currently I am at 19.9%. Discover reduced my APR to 17.49%. I will be taking advantage of a d Discover ZERO % balance transfer of that Capital One $3,500 balance. This will give me 18 months interest free!

My plans will be to mothball my two Capital One credit cards. I can't close the account because I have a 17 year relationship with them. If they close these accounts for non-use, then that will have to be.

I am on a path to get my credit cards APR reduced to a respectable rate. I will not spend a lot of money on APRs over 15%. That is why I used my Capital One card. But no more. I am going after that almighty lowest APR!

How often do you folks call your CC companies to ask for an APR reduction?

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I don't.  Honestly, I couldn't tell you the APR on any of my cards.  I will say that some of my cards were opened during my rebuild so I'm sure the APR is extremely high.  I don't carry a balance unless it's at 0% so I guess I really don't have a need to know the APR on a card. 

[Meanmchine]

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@Dalmuswrote:

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@CA4Closurewrote:

Tonight I called Capital One to seek a credit line increase. Rejected. I currently have a $3,500 balance on their Capital One Mastercard from a new car purchase I made in February (extended warranty). My APR is 9.9% and it has a $5 monthly 'membership fee'. I asked for this to be removed. REJECTED.

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I've never heard of any Cap1 cards having a monthly membership fee...  Sounds more like a CreditOne type card!

But then, I also have to ask how you got a 9.9% APR on a Cap1 card?

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ditto

You have been paying a $5/month fee for 17 years?

[Anonymous]

Depends on the CCC you with, and your history with them, on whether they will or not. But you can call in and ask for an APR reduction. 

It's only a factor if you have to carry balance, and most of them offer 0% APR on BT's for 12 months. So there's that.

CC's really shouldn't be used to carry large Balances anyways, that's what fixed loans are for. 

[CA4Closure]

No, after my foreclosure in January of 2012, Capital One changed my account and added that $5 monthly fee. I was never late on their payments but they said that Foreclosure necessitated the $5 fee. I had no choice but to accept because all my other VISA and Mastercards quickly closed my accounts even though I was current with them. I needed the credit at the time as it was my only credit card not to abandon me. So 12 years was no annual fee and 9.9% interest rate.

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@Meanmchine wrote:

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@Dalmuswrote:

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@CA4Closurewrote:

Tonight I called Capital One to seek a credit line increase. Rejected. I currently have a $3,500 balance on their Capital One Mastercard from a new car purchase I made in February (extended warranty). My APR is 9.9% and it has a $5 monthly 'membership fee'. I asked for this to be removed. REJECTED.

---

I've never heard of any Cap1 cards having a monthly membership fee...  Sounds more like a CreditOne type card!

But then, I also have to ask how you got a 9.9% APR on a Cap1 card?

---

ditto

You have been paying a $5/month fee for 17 years?

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[shadanat]

I don't carry a balance so I have never call. I do however remember a couple of years agao Chase automatically lowering my rate. They sent a letter explaining why but it was so long ago I don't remember what they said.

Not to jump off topic but have you considered replacing the Capital One card with another card? I was under the impress that if you closed the card but had another card with a similiar credit line, you wouldn't take a huge hit on your score because you payment history would still be reflected and your utilization would be the same. Someone correct me if I'm wrong.

You are paying $60 a year just to have the card.