topic Re: Discover LOVE/Capital One HATE in Credit Cards

Discover LOVE/Capital One HATE

CA4Closure — Thu, 29 Mar 2018 03:22:36 GMT

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?

Re: Discover LOVE/Capital One HATE

Anonymous — Thu, 29 Mar 2018 03:45:10 GMT

Apr reductions/request are based on the lenders guidelines.

Congrats on your discover apr decrease.

Re: Discover LOVE/Capital One HATE

Anonymous — Thu, 29 Mar 2018 14:37:34 GMT

Congrats!!

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

Re: Discover LOVE/Capital One HATE

Anonymous — Thu, 29 Mar 2018 18:24:34 GMT

@CA4Closurewrote:
How often do you folks call your CC companies to ask for an APR reduction?

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

Re: Discover LOVE/Capital One HATE

Dalmus — Thu, 29 Mar 2018 18:55:03 GMT

@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?

Re: Discover LOVE/Capital One HATE

Loquat — Thu, 29 Mar 2018 21:51:39 GMT

@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?

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.

Re: Discover LOVE/Capital One HATE

Meanmchine — Thu, 29 Mar 2018 22:50:20 GMT

@Dalmuswrote:
@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?

Re: Discover LOVE/Capital One HATE

Anonymous — Fri, 30 Mar 2018 00:22:44 GMT

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.

Re: Discover LOVE/Capital One HATE

CA4Closure — Mon, 30 Apr 2018 16:37:14 GMT

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.

@Meanmchine wrote:
@Dalmuswrote:
@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?

Re: Discover LOVE/Capital One HATE

shadanat — Mon, 30 Apr 2018 17:37:36 GMT

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.

Re: Discover LOVE/Capital One HATE

AverageJoesCredit — Mon, 30 Apr 2018 17:46:31 GMT

I think I've asked 4 times in my life. 2 for Boa, approved, once for Citi, approved, and once for Navy( actually once or twice that was too early), approved.

I know many here will go with I pay in full so who cares about apr but I look like it like this. If it's something they do offer, why not?. If one can chase cli , lowering ones apr should be ok too. Many times even with good to great credit, they give you a high apr which sometimes you can get lowered so it can make one feel good. In my case lowering my apr is another method showing me my credit is improving. I do try to adhere to pif on my second stint with credit but there's only so much we can do on getting limits etc. Apr redux for me please