topic Re: Cap1 QS APR reduction in Credit Cards

Cap1 QS APR reduction

BluePoodle — Fri, 23 May 2014 20:15:52 GMT

So I called Cap1 today to see if I could get my interest rate reduced. It was at 22.9% for purchases and they reduced it to 18.9% but only for 7 months. Not sure why only 7 months but at least that is good. I am PIF but still, I want the lower rates!

Anyone else have experience with why only for a limited time to offer reduced rates? I can understand for new cards with an introductory offer, but this was a bit new for me for a card that I have had for a 13 or 14 months.

Re: Cap1 QS APR reduction

pip3man — Fri, 23 May 2014 20:39:34 GMT

lol u should be happy u were able to get them to lower the rate whether temporarily or permanently. Now take a look at this, I've had mine for like 4yrs or thereabout and recently PC'ed from the Platinum no AF to the Quicksilver no AF. Well I contacted them to see if there was a possibility of reducing the APR which currently sits at 24.9% and I was flat out denied. Not even a temporary reduction was offered so u gotta count ya blessings buddy - cos I wish I was in ya position lol. Gotta love Cap One and their backwardness!

Re: Cap1 QS APR reduction

BluePoodle — Fri, 23 May 2014 20:51:22 GMT

@pip3man wrote:
lol u should be happy u were able to get them to lower the rate whether temporarily or permanently. Now take a look at this, I've had mine for like 4yrs or thereabout and recently PC'ed from the Platinum no AF to the Quicksilver no AF. Well I contacted them to see if there was a possibility of reducing the APR which currently sits at 24.9% and I was flat out denied. Not even a temporary reduction was offered so u gotta count ya blessings buddy - cos I wish I was in ya position lol. Gotta love Cap One and their backwardness!

Yes, I hear you. Cap1 seems to love you or not. Sorry for your denial. I have had good success with them, they have given me 3 cli's, PC'd my card to QS. (I never applied for the AF card, so I pc'd from the no AF platinum to the QS with no AF) and now most recently the APR reduction. I do use the card a lot and now that the 0% rate if overwith, I PIF every month. But I do like the 1.5% cash back and will probably alternate between it and my Amex for my everyday cards. I am not sure if they will ever approve another CLI with me as I seem to have a high CL with them compared to many here on the forum.

Re: Cap1 QS APR reduction

pip3man — Fri, 23 May 2014 21:55:06 GMT

it seems they love ya!!! reading about u share ur success with them got me even more jealous now lol... cos for the years I been had my card I never saw a CLI until like last month and I mean for the first time!! worse more the CC has been my primary card for use so I really cant tell why they wont just show me some luv - then again at some point I was maxed out so that might be a reason. Well I got the Freedom & Discover It so I'm thinking I might just SD the CapOne and hopefully if they change their mind bout me in the future, I might pick them up again. I'm only digging the way the cashback on the QS adds up like real quick. But anyways never say never - at 6months interval play some love games with that luv button, u might be surprised what may be thrown backatchu. For me I def know I'm not getting nun outta them so off to the drawer it goes lol.

Re: Cap1 QS APR reduction

BluePoodle — Sun, 25 May 2014 14:22:59 GMT

@pip3man wrote:
it seems they love ya!!! reading about u share ur success with them got me even more jealous now lol... cos for the years I been had my card I never saw a CLI until like last month and I mean for the first time!! worse more the CC has been my primary card for use so I really cant tell why they wont just show me some luv - then again at some point I was maxed out so that might be a reason. Well I got the Freedom & Discover It so I'm thinking I might just SD the CapOne and hopefully if they change their mind bout me in the future, I might pick them up again. I'm only digging the way the cashback on the QS adds up like real quick. But anyways never say never - at 6months interval play some love games with that luv button, u might be surprised what may be thrown backatchu. For me I def know I'm not getting nun outta them so off to the drawer it goes lol.

I can't say why I have had such good results. I have had my util up to about 65-70% on the card. But I didn't carry it long before I paid it off. Maybe two months but it was during the 0% time. I do pay my balance down a couple of times a month before the statement cuts. But I use it a lot and I think that is why. Best of luck to you with yours!

Re: Cap1 QS APR reduction

Ghoshida — Sun, 25 May 2014 20:36:01 GMT

@BluePoodle wrote:
So I called Cap1 today to see if I could get my interest rate reduced. It was at 22.9% for purchases and they reduced it to 18.9% but only for 7 months. Not sure why only 7 months but at least that is good. I am PIF but still, I want the lower rates!

Anyone else have experience with why only for a limited time to offer reduced rates? I can understand for new cards with an introductory offer, but this was a bit new for me for a card that I have had for a 13 or 14 months.

Hi BluePoodle,

Yes, I've got the same offer (4% reduction for 7 months).

My rates are atrocious to start with - 24.9%. Made sense when it was a starter card (about 15 months ago, started as a Cap One Platinum with $500 limit). The credit steps took it to $2k and I got it PCed to QS MC (no AF) just before the anniversary.

I asked for an APR reduction through chat, this 7 month limited offer is all I got. They told me that I can ask for it again after this 7 month period ends, but that's all they can do. Apparently, there are "offers" that are applicable to my card at any point of time. I also don't pay interest on this card. I PIF, but not before the statement is generated.

Re: Cap1 QS APR reduction

B335is — Sun, 25 May 2014 21:07:51 GMT

I've never tried with Cap1, outside of store cards I just have a Venture card with 20.9% APR, which would be nice if it was lower. How long have you had your card?

My Citi TYP has been open 3 years at 22.9% and recently agreed to lower it for 12 months to 18.99% I suppose I shouldn't complain, but it was kind of frustrating given the perfect acct history it has.

Re: Cap1 QS APR reduction

BluePoodle — Sun, 25 May 2014 21:27:21 GMT

@Ghoshida wrote:
@BluePoodle wrote:
So I called Cap1 today to see if I could get my interest rate reduced. It was at 22.9% for purchases and they reduced it to 18.9% but only for 7 months. Not sure why only 7 months but at least that is good. I am PIF but still, I want the lower rates!

Anyone else have experience with why only for a limited time to offer reduced rates? I can understand for new cards with an introductory offer, but this was a bit new for me for a card that I have had for a 13 or 14 months.
Hi BluePoodle,

Yes, I've got the same offer (4% reduction for 7 months).

My rates are atrocious to start with - 24.9%. Made sense when it was a starter card (about 15 months ago, started as a Cap One Platinum with $500 limit). The credit steps took it to $2k and I got it PCed to QS MC (no AF) just before the anniversary.

I asked for an APR reduction through chat, this 7 month limited offer is all I got. They told me that I can ask for it again after this 7 month period ends, but that's all they can do. Apparently, there are "offers" that are applicable to my card at any point of time. I also don't pay interest on this card. I PIF, but not before the statement is generated.

Yes, it's the same. I think the "offers" is kind of strange but whatever. I would not carry a balance on the card with the reduction. But I like to keep it low regardless.

Re: Cap1 QS APR reduction

BluePoodle — Sun, 25 May 2014 21:29:20 GMT

@B335is wrote:
I've never tried with Cap1, outside of store cards I just have a Venture card with 20.9% APR, which would be nice if it was lower. How long have you had your card?

My Citi TYP has been open 3 years at 22.9% and recently agreed to lower it for 12 months to 18.99% I suppose I shouldn't complain, but it was kind of frustrating given the perfect acct history it has.

B335, I have had my Cap1 card for going on 14 months. I asked almost two months ago and they said no to the apr reduction but they did PC my Platinum to the QS. So I figured I would call now about the apr being reduced and they did but only for the 7 month duration.

Re: Cap1 QS APR reduction

Ghoshida — Sun, 25 May 2014 21:35:16 GMT

I love speculation, and my guess here is this:

APR is an underwriting decision (given it's part of the entire risk-reward game for the bank) and a major change (that too, long-term) cannot be taken by the CSR.

These promo "offers" are probably customer retention tools that have been handed over to people who are maybe a position higher than frontline CSR and when we are in a position to press the frontline CSRs, we get routed to these guys.

These are not UWs, for sure Cap One never lets me talk to a UW when credit line is involved; they won't allow me to chat with one for APR reduction.

Others can support or deny this claim

Re: Cap1 QS APR reduction

BluePoodle — Sun, 25 May 2014 21:47:55 GMT

@Ghoshida wrote:
I love speculation, and my guess here is this:

APR is an underwriting decision (given it's part of the entire risk-reward game for the bank) and a major change (that too, long-term) cannot be taken by the CSR.

These promo "offers" are probably customer retention tools that have been handed over to people who are maybe a position higher than frontline CSR and when we are in a position to press the frontline CSRs, we get routed to these guys.

These are not UWs, for sure Cap One never lets me talk to a UW when credit line is involved; they won't allow me to chat with one for APR reduction.

Others can support or deny this claim

So the question is, then....do you get stuck with the APR you were given when you first applied? How do you get a permanate APR reduction? For many of us here, our credit improves over time and although it is in their best interest to keep the APR high, it is not in OUR best interest. I realize the idea is to PIF but things DO happen and just for future applications, having a lower APR (if that info is reported) is preferred.

I am probably overthinking things...but it all interests me. LOL

Re: Cap1 QS APR reduction

Ghoshida — Mon, 26 May 2014 05:42:51 GMT

@BluePoodle wrote:
@Ghoshida wrote:
I love speculation, and my guess here is this:

APR is an underwriting decision (given it's part of the entire risk-reward game for the bank) and a major change (that too, long-term) cannot be taken by the CSR.

These promo "offers" are probably customer retention tools that have been handed over to people who are maybe a position higher than frontline CSR and when we are in a position to press the frontline CSRs, we get routed to these guys.

These are not UWs, for sure Cap One never lets me talk to a UW when credit line is involved; they won't allow me to chat with one for APR reduction.

Others can support or deny this claim
So the question is, then....do you get stuck with the APR you were given when you first applied? How do you get a permanate APR reduction? For many of us here, our credit improves over time and although it is in their best interest to keep the APR high, it is not in OUR best interest. I realize the idea is to PIF but things DO happen and just for future applications, having a lower APR (if that info is reported) is preferred.

I am probably overthinking things...but it all interests me. LOL

Honestly, I don't think that APR reduction is as systematic as CLI; I've read in these forums that Discover gives APR reductions (permanent). But Cap One is known to be dodgy with CLIs themselves, APR reduction might not be a planned thing for them.

Again, it's speculation. Ideally, APR reduction should be handled the same way as CLI, but there seems to be some disconnect.