APR Question

[Absolution16]

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@Anonymous wrote:

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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  

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Words of wisdom with a bit of humor.  I appreciate it.  Of course, it is more than fair to say that I haven't shown the CCC's enough.  I just didn't think that I would end up getting stuck with such horrible APRs.  The pre-qualification which listed the APR at 17ish... that seems all useless.  I'd be happy with half the credit limit of my Venture if I were offered a lower APR even the 15-17ish.

As previously said, my plan was to PC the Venture to QS directly in a year.  That seems like a bad idea now.  I have come to a point of considering to straight out reject Capital One's offer on this card, and close it without activating it.  I understand that I have already been triple pulled, which lowered my AAoA already, and Cap1 may even report it in the trade lines (which I am not sure if it is better to ask them if they can just not report it).  What's done is done, but for an account that I intended to fully keep for long term (since it was gonna be PCed, it is not the same as closing it and opening something else), this is disappointing knowing that getting APR reduction with Cap1 is virtually impossible.

My thinking behind applying for the Venture was that, from normal regular spending, I would hit the $3,000 requirement in 3 months without problems, and I would be nicely rewarded $400 travel credit.  Short tem, it is great.... long term, far from great any more.  In hindsight, I might have been better off applying for Discover It Miles card instead and take advantage of 12-month 0% APR, along with NO FTF (important to me) and NO AF.

Oh well, I dare NOT spend another inquiry to app for another card now.  What guarantee do I have that even if I did or do apply with Discover, that they too won't give me a 23.24% APR after the first year, even if their pre-qualification site tells me at 15.24%?  Though, I'd like to believe that they somehow like me a lot seeing how they have been literally spamming with the offer mail every single week for the past 2 months!

[Anonymous]

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@CreditDunce wrote:

I have never accepted a BT offer.  Barclay keeps sending new ones.  Don't think you have to accept the ones you are now seeing.  They will offer more next quarter.  Barclay wouldn't be my first choice for BT friendly banks, but it is up to you.  Personally, if I was interested in a BT offer, I would check local CU's first.

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While Barclay's has a reputation here for being quick to AA people, I should point out that they also have one of most consumer-friendly BT treatments of any bank. As far as I know, they are the only bank (at least of the big well-known ones) that will not cancel your grace period for carrying a BT and making purchases. 

[Anonymous]

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@Anonymous wrote:

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@CreditDunce wrote:

I have never accepted a BT offer.  Barclay keeps sending new ones.  Don't think you have to accept the ones you are now seeing.  They will offer more next quarter.  Barclay wouldn't be my first choice for BT friendly banks, but it is up to you.  Personally, if I was interested in a BT offer, I would check local CU's first.

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While Barclay's has a reputation here for being quick to AA people, I should point out that they also have one of most consumer-friendly BT treatments of any bank. As far as I know, they are the only bank (at least of the big well-known ones) that will not cancel your grace period for carrying a BT and making purchases. 

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Always trying to learn something new here.  Could you elaborate a little bit more on this, with the bank that cancels a grace period if you carry a BT and make purchases (while not in a promotional purchase APR I assume)?

I know for us, that Discover still offered a grace period on non promo purchases when there was a BT on the account.  Anything over the minimum went to the purchases. So as long as you calculated your purchases (usually in a bonus category of course) and paid that much over the minimum you were not going to be charged interest.  Same thing with capital one (although opposite of a another poster where they had a BT only).  Intererst was being charged for the BT but purchases were not being charged the regular APR as long as they were paid by the due date by paying over the minimum amount.

We just saw a post where someone was doing BTs with capital one, not making purchases, but they still had a regular grace period, when most BT's usually start right when they are transferred.

I am excited to see the correct response/results to this. Its possible I have some of this mixed up.  But I have helped quite a few people save a lot of money by doing debt shuffles, set up a plan to get it paid down in a timely manner.  Most cases I always advocated they not make more purchases unless it was for a cash back deal or category.

[Absolution16]

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@Anonymous wrote:

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@Anonymous wrote:

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@CreditDunce wrote:

I have never accepted a BT offer.  Barclay keeps sending new ones.  Don't think you have to accept the ones you are now seeing.  They will offer more next quarter.  Barclay wouldn't be my first choice for BT friendly banks, but it is up to you.  Personally, if I was interested in a BT offer, I would check local CU's first.

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While Barclay's has a reputation here for being quick to AA people, I should point out that they also have one of most consumer-friendly BT treatments of any bank. As far as I know, they are the only bank (at least of the big well-known ones) that will not cancel your grace period for carrying a BT and making purchases. 

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Always trying to learn something new here.  Could you elaborate a little bit more on this, with the bank that cancels a grace period if you carry a BT and make purchases (while not in a promotional purchase APR I assume)?

I know for us, that Discover still offered a grace period on non promo purchases when there was a BT on the account.  Anything over the minimum went to the purchases. So as long as you calculated your purchases (usually in a bonus category of course) and paid that much over the minimum you were not going to be charged interest.  Same thing with capital one (although opposite of a another poster where they had a BT only).  Intererst was being charged for the BT but purchases were not being charged the regular APR as long as they were paid by the due date by paying over the minimum amount.

We just saw a post where someone was doing BTs with capital one, not making purchases, but they still had a regular grace period, when most BT's usually start right when they are transferred.

I am excited to see the correct response/results to this. Its possible I have some of this mixed up.  But I have helped quite a few people save a lot of money by doing debt shuffles, set up a plan to get it paid down in a timely manner.  Most cases I always advocated they not make more purchases unless it was for a cash back deal or category.

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I am also interested in this as well.  +1.

My Barclay Arrival only has $1,500 limit.  Based on reading some forum posts here, I am inclined to think that the most I would ever BT into that account is $300, which is exactly 20% of the CLI.... anything more, and it might make them panic, especially since I haven't been putting spend on that card after I got the promotional bonus with the initial 1k spend requirement.  I could, of course, call them and ask for CLI and BT, but my experiences when I had to call them haven't been exactly pleasant, so I am not all too optimistic.

Btw, how frequent, if any, does Cap1 offer BT offer, on a card like the Venture?

[Anonymous]

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@Absolution16 wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@CreditDunce wrote:

I have never accepted a BT offer.  Barclay keeps sending new ones.  Don't think you have to accept the ones you are now seeing.  They will offer more next quarter.  Barclay wouldn't be my first choice for BT friendly banks, but it is up to you.  Personally, if I was interested in a BT offer, I would check local CU's first.

---

While Barclay's has a reputation here for being quick to AA people, I should point out that they also have one of most consumer-friendly BT treatments of any bank. As far as I know, they are the only bank (at least of the big well-known ones) that will not cancel your grace period for carrying a BT and making purchases. 

---

Always trying to learn something new here.  Could you elaborate a little bit more on this, with the bank that cancels a grace period if you carry a BT and make purchases (while not in a promotional purchase APR I assume)?

I know for us, that Discover still offered a grace period on non promo purchases when there was a BT on the account.  Anything over the minimum went to the purchases. So as long as you calculated your purchases (usually in a bonus category of course) and paid that much over the minimum you were not going to be charged interest.  Same thing with capital one (although opposite of a another poster where they had a BT only).  Intererst was being charged for the BT but purchases were not being charged the regular APR as long as they were paid by the due date by paying over the minimum amount.

We just saw a post where someone was doing BTs with capital one, not making purchases, but they still had a regular grace period, when most BT's usually start right when they are transferred.

I am excited to see the correct response/results to this. Its possible I have some of this mixed up.  But I have helped quite a few people save a lot of money by doing debt shuffles, set up a plan to get it paid down in a timely manner.  Most cases I always advocated they not make more purchases unless it was for a cash back deal or category.

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I am also interested in this as well.  +1.

My Barclay Arrival only has $1,500 limit.  Based on reading some forum posts here, I am inclined to think that the most I would ever BT into that account is $300, which is exactly 20% of the CLI.... anything more, and it might make them panic, especially since I haven't been putting spend on that card after I got the promotional bonus with the initial 1k spend requirement.  I could, of course, call them and ask for CLI and BT, but my experiences when I had to call them haven't been exactly pleasant, so I am not all too optimistic.

Btw, how frequent, if any, does Cap1 offer BT offer, on a card like the Venture?

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probably when it is a year old at least.