Should I apply for a new card?

[Anonymous]

I have a credit score in the 750 range, i've never missed a payement and I've never carried a balance until recently.

The other day I realized my APR is 25.19% with Capital One. I know this is ridiculous, so I contacted them and they said they cannot lower my APR. How do I get a better APR or should I just apply for a card.

[Anonymous]

Capital One is rather notorious for not lowering APRs. Usually, the only way to get a better APR with them is another card. With a score like yours, maybe you should be looking for a new lender to carry a balance with. Good luck!

[Anonymous]

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@Anonymous wrote:

I have a credit score in the 750 range, i've never missed a payement and I've never carried a balance until recently.

The other day I realized my APR is 25.19% with Capital One. I know this is ridiculous, so I contacted them and they said they cannot lower my APR. How do I get a better APR or should I just apply for a card.

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From my experience, CapitalOne is not known for low APRs, but as is often asked here - does the APR really matter? 

...since you shouldn't be carrying a balance outside of a 0% APR period anyway, I mean. Obviously sometimes things come up and you dont' have much choice, but rather than try to fight with CapitalOne, I would suggest looking elsewhere for a low-APR card specifically, if that is what you're after.

Often times local credit unions are great for low APR cards, though they probably won't offer any sort of rewards in that case,

[Anonymous]

You should have another card regardless. The fact that they won't play ball on the APR is even more incentive.

[Anonymous]

Don't apply if you don't carry a balance. 

[takeshi74]

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@Anonymous wrote:

I know this is ridiculous, so I contacted them and they said they cannot lower my APR. How do I get a better APR or should I just apply for a card.

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You request a lower APR like you did.  APR is determined based on your credit profile at time of consideration.  If they won't lower it then you may need to look at applying for another card.  However, if you're carrying a balance and have high revolving utilization then you'll want to get it down before applying.  Again, your credit profile determines the APR you qualify for so if you have high revolving utilization then that could be at least part of the reason why they won't lower it for you.

You'd need to give us a better idea of your credit profile if you want feedback on whether or not it makes sense to apply for another card.

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@Anonymous wrote:

I have a credit score in the 750 range

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Which model, which CRA?  You don't have just one score.  There are many models used by creditors and for most models you have a score with each of the 3 major CRA's.  In this context, the score that matters is the model/CRA that Capital One uses in its decisions.  Is the score you're referring to the score that they use?  Also keep in mind that it's never just about score.  Your entire credit profile matters.

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@Anonymous wrote:

but as is often asked here - does the APR really matter? 

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OP is carrying a balance.

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@Anonymous wrote:

Often times local credit unions are great for low APR cards, though they probably won't offer any sort of rewards in that case,

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Not just with CU's.  Rewards cards generally come with higher APR's and the low APR cards are generally no frills cards.

Again, it's not just a matter of the creditor/product but one's credit profile.

[takeshi74]

Dupe thread in

http://ficoforums.myfico.com/t5/General-Credit-Topics/APR/td-p/4708373

[kdm31091]

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@Anonymous wrote:

I have a credit score in the 750 range, i've never missed a payement and I've never carried a balance until recently.

The other day I realized my APR is 25.19% with Capital One. I know this is ridiculous, so I contacted them and they said they cannot lower my APR. How do I get a better APR or should I just apply for a card.

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If you are not regularly rolling a balance, and therefore not paying interest anyway, there's no point in wasting 3 pulls to apply for a new card for a (somewhat) lower APR. You'd probably still be looking at 18-19%, as it's pretty rare to get  the lowest APRs with Capital One.

They do not do permanent APR reductions unless you are extremely lucky/go through the EO, but it's unlikely it would be worth the effort since you would almost certainly still be in the 20's.

I'd just not let it bother you, to be honest. If you are going to carry this balance for a long time, why not consider a BT to a different card? That will save you more vs a small APR reduction in most cases

[gdale6]

Hi there OP and welcome to the board

I have combined both of your threads on this subject into this one. Please refrain from cross posting in the future it leads to confusion by the members and its not inline with ur TOS, thanks for your understanding on this.