Capital One Offers.. APR Trickery

[Anonymous]

I'm new to capital one as of July when I got my Quicksilver WEMC. Received 5000cl but a poor apr of 22.9. I checked prequal in September and noticed they offered exact same card at 16.9 apr.
Do you have to reapply for same card to get the lower apr or can you get c1 to reduce apr???
Why would they reduce apr that much in just 2 months? Don't want to take 3 more hp to reduce rate but I do carry a balance from time to time.

[ddemari]

In July u got a quicksilver mastercard with the standard 22.9 % apr and annual fee? How could it be a WEMC? since they dont offer that for someone to apply for? the visa would come as signature with varying rates but the quicksivler  1 mastercard is set apr? 

Quicksilver visa has offered me 17.9% when I accepted it from prequal, I thought it was 12.9, 17.9 or 22.9

VentureOne has a 16.9 apr. getting apr reduced on capitalone cards in general is not something they do for most people, and it usually takes being a customer for a while too. Sorry I dont mean to question your post, I just don't know those terms?? 

[Anonymous]

Your right it's a visa signature ,confused it with my citi typ which is wemc. Sorry about that. But it did offer a 16.9 apr to me,so it must have a wide range. Doesn't make sense to drop it that much so soon. Should've given better apr from start.
Just a little frustrated with them because of it. Dont want to reapply to get reduced rate.

[ddemari]

isnt the card 0 apr probably for you until Feb. or March 2016? Id just keep what u got and mid next year try to get an apr reduction from them after you have had a history with them for a year. u can apply again for the lower apr, but it wont really matter cause u are 0 apr currently right? 

[Anonymous]

Yeah, I'm at 0% apr until April I beleive. Just trying to think ahead and understand Capital 1. Will probably due as you suggested and call them when 0% runs out and maybe with a year with them they'll reduce the rate. Sounds like the best plan anyway. Thanks ddemari.

[ddemari]

Think of capitalone like this. 

Group 1 - approved at best rates 

Group 2- approved at not the best rates and moving to group one requires a new application and account. 

capitalone segments people into categories, u are borderline group 1 because you got the visa signature although at its highest apr. with some time and a cap1 relationship, you have a good chance at getting a lower apr via regular csr or eo office down the road. but they are big on saying you are welcome to apply for a new card that meets your needs becase the terms of the card u want changed are usally not so easy to make more appealing to u. hope that makes sense. 

[Anonymous]

Yeah you gotta love them. By the way I seen your posts, looks like you've been getting a lot of love button action lately,congrats on that.
Im still trying to figure all this cc stuff out,a lot to learn. But I'll get there.

[Anonymous]

I would just keep the APR as it stands and don't carry a balance on this card.

[Anonymous]

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@Anonymous wrote:
Yeah, I'm at 0% apr until April I beleive. Just trying to think ahead and understand Capital 1. Will probably due as you suggested and call them when 0% runs out and maybe with a year with them they'll reduce the rate. Sounds like the best plan anyway. Thanks ddemari.

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@Anonymous wrote:
Yeah, I'm at 0% apr until April I beleive. Just trying to think ahead and understand Capital 1. Will probably due as you suggested and call them when 0% runs out and maybe with a year with them they'll reduce the rate. Sounds like the best plan anyway. Thanks ddemari.

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Solid plan. If they don't reduce it, I would keep checking the prequal site until you get a really low APR and apply then. Best of luck to you!

[taxi818]

I don't see any trickery? you got high apr offer before now it is lower. Where is the trickery? and yes. you would have to apply for that card for a lower apr rate. the one thing cap one does more than anyone else. is they like you to have multiple cards with them. The key is getting the lower rate. waiting 6 months and combine your card limits to the card with the lower rate. Cost you nothing except time. just that easy.