Capital One Prequalified Link

[SFLSpotter9210]

So just out of curiosity I decided to see if I was prequalified for any cards. Well yes I was on all 4 cards. But the crazy part is the apr it stated was outrageous. I can get better rates on the streets from the loan sharks 26.99% is insane. Yeah I’ll pass wasn’t going to apply anyways don’t feel like the triple dipper hit on my CR’s. Anyways anyone have any insight?

[Anonymous]

Sounds like their new offers where they will give you the card but without a SUB and 26.99% APR. 

Basically so that they can get cards for people that they don't believe to be profitable. 

[Anonymous]

I think it’s the opposite. It’s to get cards to people they see as very profitable because those people are likely to carry a balance.

It’s a two prong strategy. For people with higher scores the offer SUBS and 0% intro. They make money off of swipes with those customers. Lower scores are more likely to carry a balance so instead of outright rejecting them they offer a card with no SUB no intro and higher interest.

[Brian_Earl_Spilner]

It's becoming pretty standard. Chase and amex are giving people those types of rates now. My cap1 cards have a better apr than my Amex. In fact, most of my cards do.

[M_Smart007]

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@Brian_Earl_Spilner wrote:

It's becoming pretty standard. Chase and amex are giving people those types of rates now. My cap1 cards have a better apr than my Amex. In fact, most of my cards do.

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What is your Cap1 better rates?

[SFLSpotter9210]

It’s not much better like 22.49% I believe.

[Brian_Earl_Spilner]

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@M_Smart007 wrote:

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@Brian_Earl_Spilner wrote:

It's becoming pretty standard. Chase and amex are giving people those types of rates now. My cap1 cards have a better apr than my Amex. In fact, most of my cards do.

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What is your Cap1 better rates?

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I don't remember, but I do remember being surprised that my amex was the highest rate of almost all my cards, last time I checked.

[Brian_Earl_Spilner]

I looked it up. 23.99 to 26.24

[SFLSpotter9210]

I just looked it up on my account it’s 24.65% variable rate. The pre qualified link says platinum preferred 18 months 0% after that 25.49% and the venture and savor states 26.99%.

[Anonymous]

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@Anonymous wrote:
I think it’s the opposite. It’s to get cards to people they see as very profitable because those people are likely to carry a balance.

It’s a two prong strategy. For people with higher scores the offer SUBS and 0% intro. They make money off of swipes with those customers. Lower scores are more likely to carry a balance so instead of outright rejecting them they offer a card with no SUB no intro and higher interest.

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No it's to get the cards in hands of people who normally would just churn. Seriously, people with low scores still get the farm with Capital One because they're the ones who end up being profitable carrying balances and such. 

Most of the people being offered this new no SUB nonsense card are people here with 10+ cards.