Capital One Quicksilver APR Reduction

Anonymous · ‎10-03-2015

I asked for my Capital One Quicksilver VISA and Mastercard, both opened 5/15. I never carry a balance and always pay multiple times per month and use their cards for the 1.5% cash back. My last statement balance always show something like $25 dollars on both accounts. When I asked them for a APR reduction with the online chat, they took 4-5 minutes to review my account. They then replied that they have nothing to offer me and that if I wanted to make a large purchase they may reduce my APR.

It seems they only want to reduce APR with people who plan to or do carry a balance but I'm not interested in paying interest. He also said to check my statment periodically to see if my APR has been reduced, implying that I shouldn't ask again?

kdm31091 · ‎10-03-2015

Generally speaking, it's a waste of time asking with Capital One. The most you will get is a temporary APR reduction from the CSRs.

EO can (sometimes) lower it permanently, but even then most reports I've seen are a 1-2% decrease. Probably not worth the hassle when other lenders like Amex or Discover will readily lower your APR much more easily if you are qualified.

UncleB · ‎10-04-2015

@Anonymous wrote:
I asked for my Capital One Quicksilver VISA and Mastercard, both opened 5/15. I never carry a balance and always pay multiple times per month and use their cards for the 1.5% cash back. My last statement balance always show something like $25 dollars on both accounts. When I asked them for a APR reduction with the online chat, they took 4-5 minutes to review my account. They then replied that they have nothing to offer me and that if I wanted to make a large purchase they may reduce my APR.

It seems they only want to reduce APR with people who plan to or do carry a balance but I'm not interested in paying interest. He also said to check my statment periodically to see if my APR has been reduced, implying that I shouldn't ask again?

Welcome to life with Capital One!

kdm is right, while it's not completely unheard of, getting Capital One to lower your APR is like pulling teeth (actually, I know where to go to easily get a tooth pulled, so that's a bad comparison).

You can always give the EO a try, and after some back-and-forth you might be successful if your profile and Capital One history warrants it (annecdotally speaking, some people have done it) but get ready for quite the ride. Generally, most people (including myself) just keep an eye on the Capital One pre-qual web page, and when it indicates there's a pre-approval for a card with a lower rate, we just app for it, then after six months you can merge your old card into the new one with the lower APR.

Also, while the fine-print states that the sign up bonus is only applicable to new customers, this generally isn't enforced, which helps to take the 'sting' out of being hit with the infamous 'triple pull'.

Anonymous · ‎10-04-2015

Not sure of your rates, but in all honest, the card hasn't been open that long (5 months). If you want to try the EO route, you most likely are going to need to put major spend through that thing and establish a relationship with them - I'm thinking at least 12 months, if not 24 months.

Or do the easier thing - keep checking the pre-qual page and look for a lower rate. My Venture1 and QS were approved in August with 22.9%, then in September I was pre-qualified for Venture and QS both with a 17.9% rate, app'd for both and will wait the 6 months and combine the older cards for a large CL and lower interest rate.

From this site, I've just learned how to play the Cap1 strategy/game and I'm getting better at playing within their limits and rules (after all it is their money). They really like me, gave me a second chance. I've also refinanced one car with them and going to finance another this month - once I got that relationship established, they have been very, very generous. Just give them time to get to know you before you ask for more than they like to do.

UncleB · ‎10-04-2015

@Anonymous wrote:
Not sure of your rates, but in all honest, the card hasn't been open that long (5 months). If you want to try the EO route, you most likely are going to need to put major spend through that thing and establish a relationship with them - I'm thinking at least 12 months, if not 24 months.

Or do the easier thing - keep checking the pre-qual page and look for a lower rate. My Venture1 and QS were approved in August with 22.9%, then in September I was pre-qualified for Venture and QS both with a 17.9% rate, app'd for both and will wait the 6 months and combine the older cards for a large CL and lower interest rate.

From this site, I've just learned how to play the Cap1 strategy/game and I'm getting better at playing within their limits and rules (after all it is their money). They really like me, gave me a second chance. I've also refinanced one car with them and going to finance another this month - once I got that relationship established, they have been very, very generous. Just give them time to get to know you before you ask for more than they like to do.

+1

As a data point, my Quick Silver One is eight years old, and I can't get the APR lowered, if that tells you anything. Five months truly isn't that long at all.

Anonymous · ‎10-04-2015

I got my QS in April and they gave me 0% APR until January 2016. Wondering why you didn't get that?

Man-Of-Steel · ‎10-04-2015

Some good feedback has been provided in this thread. Personally, it sounds like way too much hassle for CC accounts that are always paid in full. But that's just me. Then again, this is coming from a guy who contacted the EO (via email) to get my Quicksilver upgraded from Platinum to Signature. I guess one has to pick their credit card battles.

kdm31091 · ‎10-04-2015

@Man-Of-Steel wrote:
Some good feedback has been provided in this thread. Personally, it sounds like way too much hassle for CC accounts that are always paid in full. But that's just me. Then again, this is coming from a guy who contacted the EO (via email) to get my Quicksilver upgraded from Platinum to Signature. I guess one has to pick their credit card battles.

I did the same thing in the early spring (got upgraded to Signature), although I will fully admit it wasn't worth the hassle whatsoever.

As far as this situation...I'd just leave it alone, and focus on lenders who will readily lower APRs. My Discover APR is currently ~13% (though they just gave me 0% for a year anyway), so if I did need to carry a balance, I'd quickly choose that over my Capital One at 22.99%. Capital One sure as heck isn't lowering my APR to 13% anytime soon. It would take years for it to "catch up" to my Discover, if ever. So...choosing to just not worry about it. Not worth the energy when I have cards with lower APRs anyway.

Man-Of-Steel · ‎10-04-2015

@kdm31091 wrote:
@Man-Of-Steel wrote:
Some good feedback has been provided in this thread. Personally, it sounds like way too much hassle for CC accounts that are always paid in full. But that's just me. Then again, this is coming from a guy who contacted the EO (via email) to get my Quicksilver upgraded from Platinum to Signature. I guess one has to pick their credit card battles.
I did the same thing in the early spring (got upgraded to Signature), although I will fully admit it wasn't worth the hassle whatsoever.

As far as this situation...I'd just leave it alone, and focus on lenders who will readily lower APRs. My Discover APR is currently ~13% (though they just gave me 0% for a year anyway), so if I did need to carry a balance, I'd quickly choose that over my Capital One at 22.99%. Capital One sure as heck isn't lowering my APR to 13% anytime soon. It would take years for it to "catch up" to my Discover, if ever. So...choosing to just not worry about it. Not worth the energy when I have cards with lower APRs anyway.

I don't regret the hassle I went through to get my card upgraded to a Signature version, but I wouldn't take the time to do that again. If it wasn't for a technical glitch on the online site, it actually would have been a fairly hassle-free process.

I'm fortunate enough to be able to pay all of my CC accounts in full each month and therefore my APRs aren't of much concern to me right now. If something unexpected came up and I didn't want to tap into my savings, I would probably check with one of my existing CC lenders to see if I could get a new 0% APR period. Also, back in the day, I thought people only called up the CCCs and asked for APR reductions when they were experiencing a financial hardship.