I am quite disappointed with my newly approved Capital One Venture card, which I haven't received yet. I just got their approval mail today, only to find out that my APR is a whopping 23.24%! I checked the pre-qualification site before applying past Monday (9/5/16), and it was at 17.24% or there. This is their highest APR, and having read that Capital One is a major pain to work with when it comes to trying to lower APRs, this throws my plan to PC it into QS much less desirable.
My signature at the bottom list my cards from left to right, in order of being accepted. The APRs are all over the place:
Chase Sapphire Preferred: 16.24%
AMEX Blue Cash Everyday: 22.24% (Intro APR of 0% until 3/17/2017)
Barclay Arrival: 20.24%
AMEX Everyday Preferred: 15.24%
Chase Freedom: 23.24% (Intro APR of 0% until 7/13/2017)
Capital One Venture: 23.24%
Now Capital One's approval letter states that my Experian FICO score was 722 as of Mon/9/5/16. I checked with Credit Check Total right before I applied and my Experian FICO8 score was at 751. I am not sure if Capital One has their own method of calculating FICO scores? And I wonder why they didn't even bother considering FICO scores from other credit bureaus if they pulled from all 3!
So how are credit card APRs determined? I am guessing my length of history and the relatively new credit cards applied and approved (all of them this year from January) had a lot to do with this. What steps, if any, should I take, to work on lowering the APRs?
After my Venture application, I opted out of pre-screened offers because I was dead set on not applying for any more cards until summer of next year. I suppose I could opt back in again at that time? I was really hoping not to apply for any more credit cards, especially since I would like to apply for my first auto loan next year. I really hope to avoid having to apply for a new card just so I can make a merge into a lower APR card.
And while at it, Barclay Arrival, which didn't come with the intro APR of 0% at sign up, has this balance transfer offer. I only have $1,500 limit on this card, so it doesn't seem very helpful. I am, however, interested in knowing this: If I wait until the next statement cut, does the expiration date on the 0% APR get pushed back one more month or does it stay at exactly the same date no matter when I opt into this offer? And what's with having 2 different balance transfers with different expiration date? I suppose the difference is the balance transfer fee of 2% or 3% but still.....
Any tips for this confused and disappointed soul?
@Anonymous wrote:At least you arent stuck with a 25.24% apr like me on my cap1 qs vs!
I really dont think your APRs are all over the place. They seem to be either 15s or 20s..... My APR's are all over the place, 2.9, 8.49, 13.24, 15.24, 17.24, 18.24, 20.24, 25.24
At least with half your cards you can easily get apr reductions.
Not sure how old that barclays card is but they do let some folks get a SP increase and apr reduction by calling in.....
Dont forget u can move limit from your EDP to your BCE if your card was a year or 13 statements old (cant remember which), also can move some of that CSP limit to your freedom too anytime!
Ouch... 25.24% on QS....! And yours is indeed all over the place!
Now which half of my cards can I get APR reduction easily?
My Barclay is pretty pathetic one. $1,500 limit only and it is like about 6 months old....
My BCE is even more pathetic at $1,000 limit and high APR too. If anything, after my AF comes due for the EDP, I might just combine the two AMEX, have the one card converted to regular Everyday card and keep the lower APR of the EDP... if that's even possible....
Now I am thinking.... maybe I should have apped for Discover it Miles instead... 
@Absolution16 wrote:
@Anonymous wrote:At least you arent stuck with a 25.24% apr like me on my cap1 qs vs!
I really dont think your APRs are all over the place. They seem to be either 15s or 20s..... My APR's are all over the place, 2.9, 8.49, 13.24, 15.24, 17.24, 18.24, 20.24, 25.24
At least with half your cards you can easily get apr reductions.
Not sure how old that barclays card is but they do let some folks get a SP increase and apr reduction by calling in.....
Dont forget u can move limit from your EDP to your BCE if your card was a year or 13 statements old (cant remember which), also can move some of that CSP limit to your freedom too anytime!
Ouch... 25.24% on QS....! And yours is indeed all over the place!
Now which half of my cards can I get APR reduction easily?
My Barclay is pretty pathetic one. $1,500 limit only and it is like about 6 months old....
My BCE is even more pathetic at $1,000 limit and high APR too. If anything, after my AF comes due for the EDP, I might just combine the two AMEX, have the one card converted to regular Everyday card and keep the lower APR of the EDP... if that's even possible....
Now I am thinking.... maybe I should have apped for Discover it Miles instead...
The ones that are Amex and Barclays. The barclays limit should grow either by sp or hp. You can certainly downgrade the EDP at any time afaik due to card act??? Either way you'd keep the APR no matter when. You can ask amex for apr reductions every 60-90 days.
Just look at your yearly spending with the EDP and if you transfer the points to delta, flying blue, etc just try to get at least 1-2 cents per point or more in return....
Also consider your 5/24 status with chase and plan ahead. Remember APRs really don't matter as much with rewards cards because they start to negate any returns you've earned with points. I would get the CSR if you are under 5/24 and start a banking relationship with a credit union if you haven't done so already. Its nice to have a card with a CU that can also function as a line of credit, especially if it has no BT or CA fees. Might require a little research depending on your location if you want something local. Lots of options out there. But it is nice to have a low apr in case you do need to carry a balance for a month or two that doesn't completely erase your points/cash back.
Just don't spread yourself too thin with rewards programs. I blew my chances with chase unfortunately while building but there are still plenty of deals out there to get without them. I also try to plan to use points for experiences I wouldn't normally get (point hoarder), except for Amtrak since they changed their rewards it makes more sense to use the points for short trips.
New bonuses of course are important as long as you aren't needing a mortgage soon. But have your cards tweaked so that post bonus spend you get the max return on your regular spending.
The it miles is a nice card. I did consider applying for it the other day when I applied for the disco IT. $30 a year in free boingo inflight wifi, and is basically a 3% card the first year. Unless they change their terms, you are stuck with a 1.5% card and have to apply for a 2nd card if you wanted the regular IT. (afaik currently the it miles does not have a referral either).
@Absolution16 wrote:I am quite disappointed with my newly approved Capital One Venture card, which I haven't received yet. I just got their approval mail today, only to find out that my APR is a whopping 23.24%! I checked the pre-qualification site before applying past Monday (9/5/16), and it was at 17.24% or there. This is their highest APR, and having read that Capital One is a major pain to work with when it comes to trying to lower APRs, this throws my plan to PC it into QS much less desirable.
My signature at the bottom list my cards from left to right, in order of being accepted. The APRs are all over the place:
Chase Sapphire Preferred: 16.24%
AMEX Blue Cash Everyday: 22.24% (Intro APR of 0% until 3/17/2017)
Barclay Arrival: 20.24%
AMEX Everyday Preferred: 15.24%
Chase Freedom: 23.24% (Intro APR of 0% until 7/13/2017)
Capital One Venture: 23.24%
Now Capital One's approval letter states that my Experian FICO score was 722 as of Mon/9/5/16. I checked with Credit Check Total right before I applied and my Experian FICO8 score was at 751. I am not sure if Capital One has their own method of calculating FICO scores? And I wonder why they didn't even bother considering FICO scores from other credit bureaus if they pulled from all 3!
So how are credit card APRs determined?
I am guessing my length of history and the
relatively new credit cards applied and approved
(all of them this year from January) had a lot to do with this.
What steps, if any, should I take, to work on lowering the APRs?
Any tips for this confused and disappointed soul?
To cut to the quick....you've answered much of your own question.....BUT there is more to it.
1) You're right too many ppl confuse getting approval with getting approved with the best possible terms.....
a) We must remember these companies would prefer 'pretty' good files where they can offer more profitable for them terms than just finding a way OFFER terms where they make the least possible.....so yeah, they'll approve the 'new credit' client no problem but as far as giving up a well vetted low risk profile level 'cost-basis'....now, that's just a silly business move on their part, ain't gonna happen just because 'we' have a 10 month old history.
As a matter of fact the unknown nature of a growing 'new' file is quite frankly a higher risk than a 10 year vetted file....so yes there is something to the thought pattern per se but make no mistake the CCC doesn't want to give up X amount of years of 'rookie' pricing until you've actually SHOWN it.
2) The dirty truth is ....this stuff is like dating ....it's ALWAYS subjective and many times unilateral, when it comes to terms....which can be fickle....
NO OFFENSE Ladies
Guy A brings flowers, opens doors is 6'2 with all his teeth....
Guy B brings better flowers, opens doors, is 6'2and a half with great teeth
and it doesn't mean SHE will offer the same terms to both guys
and no law, rule or easily determined measure exist to take away her or the CCC 's seemingly ambiguous decision making processs when it comes to exactly how far and how much either will allow you regarding a relationship with THEM......
They decide what they offer and you will scratch and or bang your head trying to figure out the logic.....welcolm to the team
@Anonymous wrote:your picture says your apr after your 0% promo apr is going to be 20.24% not 23.24% sorry if im seeing it wrong
I did indicate in my opening post that my Barclay Arrival has 20.24% APR. The Freedom and the not-yet-arrived Venture have that super ugly 23.24%.
The screen shot is from Barclay's website, not Capital One. I hope that cleared your confusion. 