topic Re: Anyone had any luck asking for a lower Interest Rate from Capital One? in Credit Cards

Anyone had any luck asking for a lower Interest Rate from Capital One?

Anonymous — Sat, 24 Oct 2015 19:40:52 GMT

I have 3 Capital one accounts and they have 19.8%, 22.9% and 24.9% interest rate. the oldest is 3 year old and the newest is over 6 months old. I'm thinking about calling and asking for a lower interest rate on my 20K Venture card at 22.9. Anyone had success with that?

Re: Anyone had any luck asking for a lower Interest Rate from Capital One?

Skye12329 — Sat, 24 Oct 2015 20:42:03 GMT

Cap1 is kinda like Chase, practically impossible to lower. Usually just need to apply for new card.

Re: Anyone had any luck asking for a lower Interest Rate from Capital One?

OmarGB9 — Sat, 24 Oct 2015 22:14:40 GMT

Re: Anyone had any luck asking for a lower Interest Rate from Capital One?

Anonymous — Sat, 24 Oct 2015 22:15:30 GMT

@Anonymous wrote:
I have 3 Capital one accounts and they have 19.8%, 22.9% and 24.9% interest rate. the oldest is 3 year old and the newest is over 6 months old. I'm thinking about calling and asking for a lower interest rate on my 20K Venture card at 22.9. Anyone had success with that?

They rarely do it. But you don't lose anything by asking. All they can say is yes or no.

Re: Anyone had any luck asking for a lower Interest Rate from Capital One?

jacetx — Sat, 24 Oct 2015 22:32:34 GMT

This year I was able to get a permanent reduction from 22.99% to 19.99%. I had to go through the EO to get it.

Re: Anyone had any luck asking for a lower Interest Rate from Capital One?

Anonymous — Sun, 25 Oct 2015 01:08:56 GMT

@jace8602 wrote:
This year I was able to get a permanent reduction from 22.99% to 19.99%. I had to go through the EO to get it.

That's still high but it's definately an improvement.

Thank you all for your responses!

Re: Anyone had any luck asking for a lower Interest Rate from Capital One?

takeshi74 — Sun, 25 Oct 2015 04:16:01 GMT

How willing a creditor is to lower is one thing but your credit will also have to justify the APR reduction.

Re: Anyone had any luck asking for a lower Interest Rate from Capital One?

Anonymous — Sun, 25 Oct 2015 09:26:18 GMT

I have been unsuccessful in getting Cap 1 to lower my interest rate. I'm not saying it can't be done, but make sure you have a back up plan if your unsuccessful.

Re: Anyone had any luck asking for a lower Interest Rate from Capital One?

willwar14 — Sun, 25 Oct 2015 09:44:08 GMT

I believe frontline reps can temp lower the APR for like 6-12 mons, but for a perma APR redux you have to go through the EO.

Re: Anyone had any luck asking for a lower Interest Rate from Capital One?

Gunnar419 — Sun, 25 Oct 2015 12:39:40 GMT

@takeshi74 wrote:
How willing a creditor is to lower is one thing but your credit will also have to justify the APR reduction.

My scores are all over 800, but CapOne still has me at a 19.90 APR and the best I could get from them was a temporary six month drop to 15.xx% Meh. OTOH, Barclays and Discover both quickly and happily dropped my already decent APRs to 9.99 and 11.24 respectively. So with CapOne I have to conclude that good credit has little to do with it. With them, it's more a matter of fixed policy.

Re: Anyone had any luck asking for a lower Interest Rate from Capital One?

chrisw1968uk — Sun, 25 Oct 2015 13:36:29 GMT

If that rate was the best they could give you with a score of over 800 - I would be looking to move camp!

My Citi DC has a 12.99% after intro period - and my scores aren't as good as yours

Re: Anyone had any luck asking for a lower Interest Rate from Capital One?

Gunnar419 — Sun, 25 Oct 2015 13:44:26 GMT

@chrisw1968uk wrote:
If that rate was the best they could give you with a score of over 800 - I would be looking to move camp!

My Citi DC has a 12.99% after intro period - and my scores aren't as good as yours

I actually like CapOne despite their stubbornness on APRs. They gave me a good CL and their cashback policies are flexible. I use my QS card for the 1.5% cashback and I never, ever, but never run a balance on it, so the crazy high APR doesn't matter. It annoys me because it's so much higher than my other APRs, but in a practical sense that APR has no effect other than to ensure that I run zero balances on that card, which is probably a good thing.

Re: Anyone had any luck asking for a lower Interest Rate from Capital One?

Thomas_Thumb — Sun, 25 Oct 2015 14:18:00 GMT

@chrisw1968uk wrote:
If that rate was the best they could give you with a score of over 800 - I would be looking to move camp!

My Citi DC has a 12.99% after intro period - and my scores aren't as good as yours

I can't speak for Cap One but Citi appears to have some flexibility. I have an AT&T Universal card serviced by Citi. I saw they had published rates (not promo rates) quite a bit lower than mine. I spoke with a CSR and was able to get my rate dropped 1.6% by referring to rates they had published while on the phone.

I suspect card companies drop rates to be more competitive from time to time but leave established customers at their higher APR (even if they "qualify" for the lower APR). No request no change.

Re: Anyone had any luck asking for a lower Interest Rate from Capital One?

Anonymous — Mon, 26 Oct 2015 03:35:11 GMT

Thank you all for your inputs!

In the Garden since May 2015!

Re: Anyone had any luck asking for a lower Interest Rate from Capital One?

Boragard — Mon, 26 Oct 2015 04:25:40 GMT

I just had all 3 of my capital one cards APR temporarily reduced for 7 months via chat. I asked if the reduction can be permanent and they said no, only temporary APR reductions are allowed.

Re: Anyone had any luck asking for a lower Interest Rate from Capital One?

ForumPheen — Mon, 26 Oct 2015 04:48:21 GMT

Recently, the thought to request a lower APR across the board on all my CCs dawned upon me, but in the end, I do not think I will go for it. I may keep them at the APR they are as a reminder to myself of my journey and why I should not let balances report (again).

As long as Cap One is doing something else for you, say incresing your limits automatically, the latter can be tolerated. Something must give though.

Re: Anyone had any luck asking for a lower Interest Rate from Capital One?

TiggerDat — Mon, 26 Oct 2015 16:01:43 GMT

Never had any luck with the front line reps in lowering the APR. I don't think I have ever tried the EO for this, but it does appear this might be the only good way to get it done.