topic Re: Surprise SavorOne interest rate reduction offer in Credit Cards

Surprise SavorOne interest rate reduction offer

Horseshoez — Wed, 16 Aug 2023 11:53:25 GMT

Today I got an unexpected E-Mail from CapOne offering to lower the interest rate on my SavorOne card; honestly this really does me no favors as I don't carry a balance on this or any other card, but hey, it was a nice gesture. Once in place the new 26.74% will be my lowest interest rate card shy of my PenFed Platinum Rewards card which is sitting at 17.99%.

Hopefully CapOne will be extending this same offer to other folks who will be helped by the lower rate.

Re: Surprise SavorOne interest rate reduction offer

nytokyobred79 — Wed, 16 Aug 2023 13:17:48 GMT

That's great to know that they send out these offers. I got my Venture Rewards at the highest APR at the time and have been curious if Cap 1 would ever lower it. Good to know these offers exist even if I never got one.

Re: Surprise SavorOne interest rate reduction offer

Horseshoez — Wed, 16 Aug 2023 13:59:32 GMT

Thanks @nytokyobred79, what I find interesting about this is I have two CapOne cards, both have had a fair amount of usage history (always PIFed each month, so no interest was ever charged), my oldest is the Quicksilver obtained in December 2020 has only had the interest rate go up on numerous occasions; my SavorOne card obtained in April 2022 has the following interest rate history:

2022-04: 24.99%
2022-07: 26.24%
2022-10: 27.74%
2023-01: 28.99%
2023-04: 29.49%
2023-08: 26.74%

Re: Surprise SavorOne interest rate reduction offer

nytokyobred79 — Thu, 17 Aug 2023 14:43:52 GMT

@Horseshoez wrote:
Thanks @nytokyobred79, what I find interesting about this is I have two CapOne cards, both have had a fair amount of usage history (always PIFed each month, so no interest was ever charged), my oldest is the Quicksilver obtained in December 2020 has only had the interest rate go up on numerous occasions; my SavorOne card obtained in April 2022 has the following interest rate history:
2022-04: 24.99%
2022-07: 26.24%
2022-10: 27.74%
2023-01: 28.99%
2023-04: 29.49%
2023-08: 26.74%

That is interesting considering that it was the newer account. I've had my card for exactly a year and have always PIF but it only gets minimal usage. Seeing that you started off at a lower rate,assuming it wasn't highest APR, and that you probably use the card more, I can see how your card might be more likely to get that type of offer. Congrats again though. Motivates me to put a bit more spend next few months.

Re: Surprise SavorOne interest rate reduction offer

SUPERSQUID — Thu, 17 Aug 2023 17:11:42 GMT

@Horseshoez wrote:
Today I got an unexpected E-Mail from CapOne offering to lower the interest rate on my SavorOne card; honestly this really does me no favors as I don't carry a balance on this or any other card, but hey, it was a nice gesture. Once in place the new 26.74% will be my lowest interest rate card shy of my PenFed Platinum Rewards card which is sitting at 17.99%.
Hopefully CapOne will be extending this same offer to other folks who will be helped by the lower rate.

That is great !!!!

I wish I got an offer.

Re: Surprise SavorOne interest rate reduction offer

Zoostation1 — Thu, 17 Aug 2023 21:19:46 GMT

@Horseshoez- That's great on the lower APR! Did your SavorOne have the sub or was it the no sub version? Just curious since mine was the no sub which has a higher initial rate. I'm at 30.49% on S1, 31.99% on QS, and 28.99% on VX.

Re: Surprise SavorOne interest rate reduction offer

Horseshoez — Fri, 18 Aug 2023 02:04:18 GMT

@Zoostation1 wrote:
@Horseshoez- That's great on the lower APR! Did your SavorOne have the sub or was it the no sub version? Just curious since mine was the no sub which has a higher initial rate. I'm at 30.49% on S1, 31.99% on QS, and 28.99% on VX.

I didn't get a SUB, however, I suspect it was because I already had the Quicksilver (no SUB either), and I don't think CapOne gives SUBs to folks who are already customers.

Re: Surprise SavorOne interest rate reduction offer

Zoostation1 — Fri, 18 Aug 2023 16:28:06 GMT

@Horseshoez wrote:
I didn't get a SUB, however, I suspect it was because I already had the Quicksilver (no SUB either), and I don't think CapOne gives SUBs to folks who are already customers.

My VX has it's normal sub and I had the other two cards before getting it. They will give out subs they just won't let you double dip and get a sub for the same card if it's within 48 months. Having the QS no sub shouldn't directly impact whether you SavorOne was sub elegible.

Re: Surprise SavorOne interest rate reduction offer

Horseshoez — Fri, 18 Aug 2023 16:55:11 GMT

@Zoostation1 wrote:
@Horseshoez wrote:
I didn't get a SUB, however, I suspect it was because I already had the Quicksilver (no SUB either), and I don't think CapOne gives SUBs to folks who are already customers.
My VX has it's normal sub and I had the other two cards before getting it. They will give out subs they just won't let you double dip and get a sub for the same card if it's within 48 months. Having the QS no sub shouldn't directly impact whether you SavorOne was sub elegible.

Interesting, well, that makes me a bit annoyed; my FICO scores were all well over 800 when I applied for the SavorOne card; not only did I not get a SUB, I got a surprisingly low $2,000 SL as well.

Re: Surprise SavorOne interest rate reduction offer

SpaceCityCCuser — Sun, 27 Aug 2023 22:22:18 GMT

I'm waiting for my offer. Good to know though.

Re: Surprise SavorOne interest rate reduction offer

NoMoreE46 — Fri, 15 Sep 2023 00:17:25 GMT

Thanks for this post @Horseshoez. Don't see a lot of these unsolicited reductions from CapOne.