topic Capital One and High APR in General Credit Topics

Capital One and High APR

ThisIsNotMyName — Sun, 07 May 2023 17:46:36 GMT

Hi guys. This is my first post and I have a question about high APRs on my Capital One cards.

A bit about me. I first established credit in 2003 and had good credit (FICO 789) until around 2012. I had some health problems and everything went south for me quickly. My FICO score fell to the 500s. I never filed for bankruptcy but all of my debt was eventually written off. I had a Wells Fargo, Washington Mutual, and a Capital One card before this. Lost them all. in 2015, Captial One offered me a card again with a high interest rate. I accepted and I've been paying everything I owe and my credit is now good again. My last derogatory is going to come off my reports in 7 months. It's already off of Experian. My Equifax score is 704. My TransUnion score is 759. My Experian score is 767. My established credit date now shows as 2009.

I have two Capital One cards, Platinum and Quicksilver. I also have a Discover card as of Sept of last year. My Discover card is 17% APR with a CL of $11,000. My Capital One Quicksilver card has a $4,000 CL and an APR of 27.49%. My Capital One Platinum has a CL of $2,000 and an APR of 27.65%. If I got a Capital One card today, my APR would most likely be lower, like my Discover card. I'm grateful that Capital One gave me another chance, but all of these years later and I'm still at such a high APR with their cards. Does anyone know if they lower their APR if asked? Or is that something I'm stuck with?

Edit on the Washington Mutual card. I think I got something to replace that when they went under, but I can't remember what it was.

Re: Capital One and High APR

GZG — Sun, 07 May 2023 17:44:57 GMT

@ThisIsNotMyName wrote:
but all of these years later and I'm still at such a high APR with their cards. Does anyone know if they lower their APR if asked? Or is that something I'm stuck with?

you can always ask, but it's extremely doubtful

even prime customers are routinely getting high APR's with the big banks, if you want a low APR card, consider a CU where they are capped at 18%, or specific CU's that offer even lower APR cards

as a finances over fico answer, is there anything you can change about your situation either money going in or money going out which could help you pay less in interest?

Re: Capital One and High APR

ThisIsNotMyName — Sun, 07 May 2023 18:00:52 GMT

Hi GatoradeZeroGuy and thanks for the answer. My finances are fine now as far as cash in/out. I very rarely carry a balance on any of my cards and if I do it's only for a month, so the high APR isn't actually affecting me. It just bothers me that it is so high. I make regular purchases using all three cards but always pay them off right away - things I could have paid cash for. My Capital One Quicksilver is a 1.5% cash back and my Discover has cash back schedules for different things, so they get the most use.

Re: Capital One and High APR

GZG — Sun, 07 May 2023 18:02:47 GMT

@ThisIsNotMyName wrote:
Hi GatoradeZeroGuy and thanks for the answer. My finances are fine now as far as cash in/out. I very rarely carry a balance on any of my cards and if I do it's only for a month, so the high APR isn't actually affecting me. It just bothers me that it is so high. I make regular purchases using all three cards but always pay them off right away - things I could have paid cash for. My Capital One Quicksilver is a 1.5% cash back and my Discover has cash back schedules for different things, so they get the most use.

that's good to hear

do consider researching a low APR card if you do feel you'll want to carry balances in the future for emergencies

high APRs are here to stay for the time being and it's unlikely to change any time soon

Re: Capital One and High APR

Horseshoez — Sun, 07 May 2023 18:36:11 GMT

@ThisIsNotMyName wrote:
I have two Capital One cards, Platinum and Quicksilver. I also have a Discover card as of Sept of last year. My Discover card is 17% APR with a CL of $11,000. My Capital One Quicksilver card has a $4,000 CL and an APR of 27.49%. My Capital One Platinum has a CL of $2,000 and an APR of 27.65%. If I got a Capital One card today, my APR would most likely be lower, like my Discover card. I'm grateful that Capital One gave me another chance, but all of these years later and I'm still at such a high APR with their cards. Does anyone know if they lower their APR if asked? Or is that something I'm stuck with?

Regarding getting a lower interest rate from CapOne (or pretty much any non-Credit Union for that matter) these days, ain't gonna happen, regardless of whether you apply for a new card or ask for a lower rate. FWIW, last year in April I appled for a new SavorOne when A) my scores were all 830+, and B) overall interest rates were still near record lows; my starting interest rate was 24.99% and is now 29.49%.

Re: Capital One and High APR

Anonymalous — Mon, 08 May 2023 00:03:45 GMT

@ThisIsNotMyName wrote:
Hi guys. This is my first post and I have a question about high APRs on my Capital One cards.

A bit about me. I first established credit in 2003 and had good credit (FICO 789) until around 2012. I had some health problems and everything went south for me quickly. My FICO score fell to the 500s. I never filed for bankruptcy but all of my debt was eventually written off. I had a Wells Fargo, Washington Mutual, and a Capital One card before this. Lost them all. in 2015, Captial One offered me a card again with a high interest rate. I accepted and I've been paying everything I owe and my credit is now good again. My last derogatory is going to come off my reports in 7 months. It's already off of Experian. My Equifax score is 704. My TransUnion score is 759. My Experian score is 767. My established credit date now shows as 2009.

I have two Capital One cards, Platinum and Quicksilver. I also have a Discover card as of Sept of last year. My Discover card is 17% APR with a CL of $11,000. My Capital One Quicksilver card has a $4,000 CL and an APR of 27.49%. My Capital One Platinum has a CL of $2,000 and an APR of 27.65%. If I got a Capital One card today, my APR would most likely be lower, like my Discover card. I'm grateful that Capital One gave me another chance, but all of these years later and I'm still at such a high APR with their cards. Does anyone know if they lower their APR if asked? Or is that something I'm stuck with?

Edit on the Washington Mutual card. I think I got something to replace that when they went under, but I can't remember what it was.

From my perspective, that's low. Today, the base rate for a Platinum is 29.99%. Which happens to be the same rate when I got mine, in 2021. But while the APR they offer to new customers hasn't increased, mine has. Completely unfair, but I doubt they'll ever reduce it. If it's any consolation, you don't have the worst APR. Mine is currently 31.74%.

Incidentally, login, click on your Platinum, and then type "/productupgrade" at the end of the URL, and hit enter. That takes you to a completely different page than the offers link, and there's a good chance you can upgrade it to a QS, Venture One, or maybe even a Savor One.

Re: Capital One and High APR

FireMedic1 — Mon, 08 May 2023 09:14:59 GMT

Direct upgrade link to get that Plat to a QS:

https://www.capitalone.com/?external_id=%2Fproductupgrade

APR's go by prime rate. There are fixed rate cards out there. Cap1 starter cards arent in that catagory.

Re: Capital One and High APR

AzCreditGuy — Mon, 08 May 2023 14:49:54 GMT

@Horseshoez wrote:
@ThisIsNotMyName wrote:
I have two Capital One cards, Platinum and Quicksilver. I also have a Discover card as of Sept of last year. My Discover card is 17% APR with a CL of $11,000. My Capital One Quicksilver card has a $4,000 CL and an APR of 27.49%. My Capital One Platinum has a CL of $2,000 and an APR of 27.65%. If I got a Capital One card today, my APR would most likely be lower, like my Discover card. I'm grateful that Capital One gave me another chance, but all of these years later and I'm still at such a high APR with their cards. Does anyone know if they lower their APR if asked? Or is that something I'm stuck with?
Regarding getting a lower interest rate from CapOne (or pretty much any non-Credit Union for that matter) these days, ain't gonna happen, regardless of whether you apply for a new card or ask for a lower rate. FWIW, last year in April I appled for a new SavorOne when A) my scores were all 830+, and B) overall interest rates were still near record lows; my starting interest rate was 24.99% and is now 29.49%.

Just a recipe for disaster, especially in the upcoming months in this economy. There was a time where I had 5 cards carrying high balances, I cant imagine doing it at 29%+ interest now-a-days

Re: Capital One and High APR

Horseshoez — Mon, 08 May 2023 15:51:49 GMT

@AzCreditGuy wrote:
@Horseshoez wrote:
@ThisIsNotMyName wrote:
I have two Capital One cards, Platinum and Quicksilver. I also have a Discover card as of Sept of last year. My Discover card is 17% APR with a CL of $11,000. My Capital One Quicksilver card has a $4,000 CL and an APR of 27.49%. My Capital One Platinum has a CL of $2,000 and an APR of 27.65%. If I got a Capital One card today, my APR would most likely be lower, like my Discover card. I'm grateful that Capital One gave me another chance, but all of these years later and I'm still at such a high APR with their cards. Does anyone know if they lower their APR if asked? Or is that something I'm stuck with?
Regarding getting a lower interest rate from CapOne (or pretty much any non-Credit Union for that matter) these days, ain't gonna happen, regardless of whether you apply for a new card or ask for a lower rate. FWIW, last year in April I appled for a new SavorOne when A) my scores were all 830+, and B) overall interest rates were still near record lows; my starting interest rate was 24.99% and is now 29.49%.

Just a recipe for disaster, especially in the upcoming months in this economy. There was a time where I had 5 cards carrying high balances, I cant imagine doing it at 29%+ interest now-a-days

Quite honestly, I could care less what the interest rate is, even though I run thousands through my credit cards every month, I don't pay any interest. Said another way, the interest rate could be 100% and I still could care less.

Re: Capital One and High APR

NoMoreE46 — Tue, 23 May 2023 17:28:49 GMT

Your rates are normal for Capital One - we are pretty much the same.
My Savor is 27.65 and my QS is 22.74. My Discover is 16.74.

Re: Capital One and High APR

ThisIsNotMyName — Tue, 23 May 2023 21:55:52 GMT

Okay, thanks. That's good to know that the rate is normal for our credit scores.

I didn't realize other people had replied to me but for some reason your reply prompted an email. Now I see the "email me when someone replies" box you can tick.

Re: Capital One and High APR

ThisIsNotMyName — Tue, 23 May 2023 21:57:50 GMT

That's interesting. I've never seen that before. It will let me change my Quicksilver to a Venture One card, and my Platinum to a Quicksilver, which is exactly what I think I'll do.