How Can I Get an APR Reduction With Capital One...

Andy77 · ‎05-14-2016

Capital One was very kind and gave me a Venture card with a 23k limit...BUT...my interest rate is 21.50 - HIGH

Currently, due to my business, the card is maxed and my payment, which is over the minimum is 720.00 a month.

My plan is to pay the entire balance in the next month or so.

However, with the interest rate that high I don't really wanna use the card and carry a balance and the card I use and PIF is my Citi AA

I would love to consolidate all the remaining debt I have 38k onto that card, after I do an account combo with my other cap one card, but I won't do that unless they lower the APR .... Should I write another letter and let them know this ?

How can I try and get Capital One to lover my APR ....I already wrote into the exec offices saying I would be paying off the bal in full in the next few months and I love using the card, but can you please reduce the APR, it would entice me to want to use the card more, after I pay it off.... NO reply...

Any suggestions ?

One item on my CR that might be holding me back from getting a better APR is my 7 yr old ch 7 bk (the bk is keeping my scores now and that is not letting me get a lower APR).... my scores now are around 630 and when I pay this card off and a few others (63k of my 98k in debt, my score should jump to around 695 according to the simulator here...just FYI)

Anonymous · ‎05-14-2016

To answer your question, I'd wait for the EO to get back to you.

Capital One is not the most willing to lower APRs, and when they do (you can get it done over chat), it's usually 1-2% and for a period of 6-9 months.

kdm31091 · ‎05-14-2016

They do not permanently lower anyone's APR unless you go to the executive office which you've already tried. You can try again, or just resign yourself to not carry a balance on it.

Andy77 · ‎05-14-2016

Thanks

A 1-2 % reduction on 21 % APR is going to do nothing.

I need a 12 % reduction ...something large for it to make any real difference....

Anonymous · ‎05-14-2016

In looking at your signature, you may have better luck with getting Barclays to lower your APR. Though I don't know if the limit is enough to make any real difference, and obviously I wouldn't expect a 12% reduction. Rewards cards don't typically have interest rates that make balance carrying an attractive proposition.

dragontears · ‎05-14-2016

@Andy77 wrote:

Capital One was very kind and gave me a Venture card with a 23k limit...BUT...my interest rate is 21.50 - HIGH

Currently, due to my business, the card is maxed and my payment, which is over the minimum is 720.00 a month.

My plan is to pay the entire balance in the next month or so.

However, with the interest rate that high I don't really wanna use the card and carry a balance and the card I use and PIF is my Citi AA

I would love to consolidate all the remaining debt I have 38k onto that card, after I do an account combo with my other cap one card, but I won't do that unless they lower the APR .... Should I write another letter and let them know this ?

How can I try and get Capital One to lover my APR ....I already wrote into the exec offices saying I would be paying off the bal in full in the next few months and I love using the card, but can you please reduce the APR, it would entice me to want to use the card more, after I pay it off.... NO reply...

Any suggestions ?

One item on my CR that might be holding me back from getting a better APR is my 7 yr old ch 7 bk (the bk is keeping my scores now and that is not letting me get a lower APR).... my scores now are around 630 and when I pay this card off and a few others (63k of my 98k in debt, my score should jump to around 695 according to the simulator here...just FYI)

The only time I have seen cap1 lower APR is through the EO and even then it is not common so prepare yourself fo a "no"

Generally cap1, US Bank and chase don't lower APRs (other than temporary), Amex, citi, discover and barclay will lower them if/when you are qualified, not sure how BoA is on lowering APRs

Ghoshida · ‎05-14-2016

@Andy77 wrote:

Capital One was very kind and gave me a Venture card with a 23k limit...BUT...my interest rate is 21.50 - HIGH

Currently, due to my business, the card is maxed and my payment, which is over the minimum is 720.00 a month.

My plan is to pay the entire balance in the next month or so.

However, with the interest rate that high I don't really wanna use the card and carry a balance and the card I use and PIF is my Citi AA

I would love to consolidate all the remaining debt I have 38k onto that card, after I do an account combo with my other cap one card, but I won't do that unless they lower the APR .... Should I write another letter and let them know this ?

How can I try and get Capital One to lover my APR ....I already wrote into the exec offices saying I would be paying off the bal in full in the next few months and I love using the card, but can you please reduce the APR, it would entice me to want to use the card more, after I pay it off.... NO reply...

Any suggestions ?

One item on my CR that might be holding me back from getting a better APR is my 7 yr old ch 7 bk (the bk is keeping my scores now and that is not letting me get a lower APR).... my scores now are around 630 and when I pay this card off and a few others (63k of my 98k in debt, my score should jump to around 695 according to the simulator here...just FYI)

Pigs will fly when you get an APR reduction permanently from Cap One. Doesn't matter if you have or not a BK or 850 score. Not gonna happen. Though they sometimes reduce APR by 4% for 7 months.

Your best bet is to get a balance transfer to your other cards - and there should be some offers on your other cards with 0% APR and 2% fee or 0% fee and 4% APR. Try those. Use multiple BT from different banks if you must.

Here's another option: Once you've got the cash, you can decide against paying the entire BT off immediately (say within the first 3-4 months) and stash them in a high yield savings account (Netspend has a 5% upto $5k, and there are plenty of those with 1% APR) that way you recover part or full of the BT fee.

This is with the assumption that your overall limits are high enough to withstand the balance carrying for a few months.

Anonymous · ‎03-26-2017

I have had Cap 1 for over 20 years. They will not grow with you and you should look to other cards. I have over a 800 score and have credit lines over 50K with other banks, but Cap 1 will not go over 5K on my account. They are a joke to me and bang people with very high intrest. If you are going to carry a balance there are much better options out there.