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Capital One APR Reduction

Regular Contributor

Capital One APR Reduction

I just ended a chat a moment ago with one if their account specialist on getting my QS1 APR reduced. By no means am I ungrateful for the rate they offered me, but I didn't want to just accept what was given without negotiating a little first.


Basically my current rate is 23.15% (19.15% + Prime) but got offered a promotional rate of 19.15% for 7 months (15.65% + Prime). Initially the sole purpose of my inquiry was to PC my QS1 to QS but my account isn't eligible at this time.


I have a $2500 SL and had the card since Jan 2015 (starting limit 500) but lately have been sock drawing for the past 8 months to utilize other cards I have such as Discover and AMEX. What are some of your thoughts on this? Should I accept the promo rate or negotiate some more?

In the garden until January 2019
Message 1 of 5
Senior Contributor

Re: Capital One APR Reduction

I would recommend letting your plans for the card decide. If it was a permanent APR reduction, I would say do it. If you're going to leave the card in the SD, or even if you use it but always PIF, then there wouldn't be much use for the temporary APR. Having said that, if you have a use for the lower APR for a big purchase you need to make then, again, I would go for it.☺

Current Scores: EQ 679;TU 647; EX 679 Gardening since 11/7/18
Beginning Scores-- EQ 632; TU 576; EX 619 FICO 08 (06/13/16) - BK7 discharged 11/2015
Message 2 of 5
Credit Mentor

Re: Capital One APR Reduction

Taking the offer would really only depend on whether you are carrying (or plan to carry) a balance on the card. The best advice is to not carry a balance (even 19.15% is very high), but I'm sure we've all been there. As for permanent APR reductions, I think the general concensus here now is that CapOne just doesn't do them at all now.

Message 3 of 5
Established Contributor

Re: Capital One APR Reduction

With Cap 1 there isn't room for any more Apr negotiations. You have your permanent rate that they will temporarily reduce to another predetermined promotional rate for a specified period of time. It's either take it or leave it. I'd take it as it's better than the original rate and make a reminder in your calendar to call back in 7 months to do it again. They won't go back and forth until you find a rate you're happy with. 

Message 4 of 5
Regular Contributor

Re: Capital One APR Reduction

@Bella007 I'm still contemplating on using this card for the remainder of holiday shopping or my disco as my apr is 16.24% on the it card.


@K-in-boston Yeah I'm starting to come to that realization that once Cap1 has the rate set in stone (or in this case print) then there isn't much I can do about it. I always PIF except this month statement has $16.38 on it which I have set to pay from bank tomorrow.


@Marcos8 Funny you mention to add it to my calendar because that is exactly what I did after I ended up chatting with another agent to get my promotion apr reduction. It was advised that I am more than welcome to check back in the near future for other offers.


I've never really looked at my apr's on any of my CCs until following the forums, then I got to thinking like "why the heck have I not taken advantage of my power by at least negotiating a better rate?" So here I am...Thanks everyone for your feedback!

In the garden until January 2019
Message 5 of 5
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