topic Capital One Prequalified Link in Credit Cards

Capital One Prequalified Link

SFLSpotter9210 — Sat, 21 Dec 2019 19:33:11 GMT

So just out of curiosity I decided to see if I was prequalified for any cards. Well yes I was on all 4 cards. But the crazy part is the apr it stated was outrageous. I can get better rates on the streets from the loan sharks 26.99% is insane. Yeah I’ll pass wasn’t going to apply anyways don’t feel like the triple dipper hit on my CR’s. Anyways anyone have any insight?

Re: Capital One Prequalified Link

Anonymous — Sat, 21 Dec 2019 20:20:07 GMT

Sounds like their new offers where they will give you the card but without a SUB and 26.99% APR.

Basically so that they can get cards for people that they don't believe to be profitable.

Re: Capital One Prequalified Link

Anonymous — Sat, 21 Dec 2019 20:43:12 GMT

I think it’s the opposite. It’s to get cards to people they see as very profitable because those people are likely to carry a balance.

It’s a two prong strategy. For people with higher scores the offer SUBS and 0% intro. They make money off of swipes with those customers. Lower scores are more likely to carry a balance so instead of outright rejecting them they offer a card with no SUB no intro and higher interest.

Re: Capital One Prequalified Link

Brian_Earl_Spilner — Sat, 21 Dec 2019 20:44:08 GMT

It's becoming pretty standard. Chase and amex are giving people those types of rates now. My cap1 cards have a better apr than my Amex. In fact, most of my cards do.

Re: Capital One Prequalified Link

M_Smart007 — Sat, 21 Dec 2019 20:54:54 GMT

@Brian_Earl_Spilner wrote:
It's becoming pretty standard. Chase and amex are giving people those types of rates now. My cap1 cards have a better apr than my Amex. In fact, most of my cards do.

What is your Cap1 better rates?

Re: Capital One Prequalified Link

SFLSpotter9210 — Sat, 21 Dec 2019 20:56:40 GMT

It’s not much better like 22.49% I believe.

Re: Capital One Prequalified Link

Brian_Earl_Spilner — Sat, 21 Dec 2019 20:58:12 GMT

@M_Smart007 wrote:
@Brian_Earl_Spilner wrote:
It's becoming pretty standard. Chase and amex are giving people those types of rates now. My cap1 cards have a better apr than my Amex. In fact, most of my cards do.
What is your Cap1 better rates?

I don't remember, but I do remember being surprised that my amex was the highest rate of almost all my cards, last time I checked.

Re: Capital One Prequalified Link

Brian_Earl_Spilner — Sat, 21 Dec 2019 21:02:15 GMT

I looked it up. 23.99 to 26.24

Re: Capital One Prequalified Link

SFLSpotter9210 — Sat, 21 Dec 2019 21:12:13 GMT

I just looked it up on my account it’s 24.65% variable rate. The pre qualified link says platinum preferred 18 months 0% after that 25.49% and the venture and savor states 26.99%.

Re: Capital One Prequalified Link

Anonymous — Sat, 21 Dec 2019 21:41:02 GMT

@Anonymous wrote:
I think it’s the opposite. It’s to get cards to people they see as very profitable because those people are likely to carry a balance.

It’s a two prong strategy. For people with higher scores the offer SUBS and 0% intro. They make money off of swipes with those customers. Lower scores are more likely to carry a balance so instead of outright rejecting them they offer a card with no SUB no intro and higher interest.

No it's to get the cards in hands of people who normally would just churn. Seriously, people with low scores still get the farm with Capital One because they're the ones who end up being profitable carrying balances and such.

Most of the people being offered this new no SUB nonsense card are people here with 10+ cards.

Re: Capital One Prequalified Link

Anonymous — Sat, 21 Dec 2019 21:44:57 GMT

@Brian_Earl_Spilner wrote:
I looked it up. 23.99 to 26.24

23.49% on Cash Magnet and 25.49% (the publicly published max) for BCP for me.

My BCP has the highest ongoing of any of my major credit cards with Capital One at 24.65% right behind it on my old QS.

Re: Capital One Prequalified Link

Anonymous — Sat, 21 Dec 2019 21:52:59 GMT

@Anonymous wrote:
I think it’s the opposite. It’s to get cards to people they see as very profitable because those people are likely to carry a balance.

It’s a two prong strategy. For people with higher scores the offer SUBS and 0% intro. They make money off of swipes with those customers. Lower scores are more likely to carry a balance so instead of outright rejecting them they offer a card with no SUB no intro and higher interest.

No one would look at my credit report and flag me as someone likely to carry a balance

Re: Capital One Prequalified Link

Anonymous — Sat, 21 Dec 2019 22:01:24 GMT

@Brian_Earl_Spilner wrote:
I looked it up. 23.99 to 26.24

My "Plan It" rates are much lower though.

Everyday Rewards and Blue Cash Everyday 25.49, 1.12 per month

Delta Gold 24.24, 1.07

In Canada they offer an "Everyday Essentials" card with 12.99% interest. It used to be 8.99% till this year.

Re: Capital One Prequalified Link

SFLSpotter9210 — Sat, 21 Dec 2019 22:02:17 GMT

I don’t keep a balance on the card. Small usage and PIF. It was my rebuilding card. When I first got it out alot through it and PIF due to interest rate. Now I have alot better cards so don’t use it rarely at all. I think my directv is paid each month that’s it. I should change that to another card with better rewards on Utilities.

Re: Capital One Prequalified Link

SFLSpotter9210 — Sat, 21 Dec 2019 22:04:47 GMT

I just got approved for the NFCU Amex with 25k reasons to use it with 11.15% the lowest. That’s going to be my go to card.

Re: Capital One Prequalified Link

M_Smart007 — Sun, 22 Dec 2019 00:14:14 GMT

@Brian_Earl_Spilner wrote:
@M_Smart007 wrote:
@Brian_Earl_Spilner wrote:
It's becoming pretty standard. Chase and amex are giving people those types of rates now. My cap1 cards have a better apr than my Amex. In fact, most of my cards do.
What is your Cap1 better rates?

I don't remember, but I do remember being surprised that my amex was the highest rate of almost all my cards, last time I checked.

Fair enough, I just looked at my lowest Amex APR ..sitting at 18.49%

I would not pay any interest, even at those rates.

I did use Plan-It at a Promotional rate of 0% APR .. otherwise PIF.

However I think I have seen someone with a Cap1 rate below 10% on this forum.

Be interesting to find out "How"? .. want to keep the thread on topic.

Re: Capital One Prequalified Link

SFLSpotter9210 — Sun, 22 Dec 2019 00:42:01 GMT

I totally agree. The NFCU card has 0% for 6 months then it’s 11.17%. And I have 3 other accounts with 0% so I am carrying some balances on 0%. All will be paid in full at end of those periods. Not to mention I keep getting offers from Citi and Discover so just food for thought.

Re: Capital One Prequalified Link

Anonymous — Sun, 22 Dec 2019 04:10:26 GMT

@M_Smart007 wrote:
@Brian_Earl_Spilner wrote:
@M_Smart007 wrote:
@Brian_Earl_Spilner wrote:
It's becoming pretty standard. Chase and amex are giving people those types of rates now. My cap1 cards have a better apr than my Amex. In fact, most of my cards do.
What is your Cap1 better rates?

I don't remember, but I do remember being surprised that my amex was the highest rate of almost all my cards, last time I checked.
Fair enough, I just looked at my lowest Amex APR ..sitting at 18.49%
I would not pay any interest, even at those rates.
I did use Plan-It at a Promotional rate of 0% APR .. otherwise PIF.

However I think I have seen someone with a Cap1 rate below 10% on this forum.
Be interesting to find out "How"? .. want to keep the thread on topic.

That might have been me. My Savor is 8.65% V. The card hasn't seen 10%+ in a long time, not since they offered it to me. They offered me the low rate years ago. 6.99% fixed initially I believe it was.

To keep it on topic, lol, I tried the prequalification link. No offers are available for me. But they thought I might be interested in the QS card lol. Nope.

Re: Capital One Prequalified Link

M_Smart007 — Sun, 22 Dec 2019 04:20:11 GMT

@Anonymous wrote:
@M_Smart007 wrote:
However I think I have seen someone with a Cap1 rate below 10% on this forum.
Be interesting to find out "How"? .. want to keep the thread on topic.

That might have been me. My Savor is 8.65% V. The card hasn't seen 10%+ in a long time, not since they offered it to me. They offered me the low rate years ago. 6.99% fixed initially I believe it was.

To keep it on topic, lol, I tried the prequalification link. No offers are available for me. But they thought I might be interested in the QS card lol. Nope.

You are the one! How sweet it is

Re: Capital One Prequalified Link

Anonymous — Sun, 22 Dec 2019 04:45:29 GMT

@M_Smart007 wrote:
@Anonymous wrote:
@M_Smart007 wrote:
However I think I have seen someone with a Cap1 rate below 10% on this forum.
Be interesting to find out "How"? .. want to keep the thread on topic.

That might have been me. My Savor is 8.65% V. The card hasn't seen 10%+ in a long time, not since they offered it to me. They offered me the low rate years ago. 6.99% fixed initially I believe it was.

To keep it on topic, lol, I tried the prequalification link. No offers are available for me. But they thought I might be interested in the QS card lol. Nope.
You are the one! How sweet it is

I had to go back and look it up (I have pdf copies of all my statements) just out of curiosity. I remember the email offer and link. I almost didn't take the offer because I figured it was good for about 2 years and then back to my normal rate. The email said that it was NOT a promotional rate, it would be my new standard rate.

It happened between my August 2010 and September 2010 statement. Rate went from 14.90% to 6.90% on my No Hassle Rewards card.