Mariagk wrote:Has anyone had success with this?
I have no history with Capital One, so have no personal experience. I've read several cases of people getting their APRs reduced on Venture, though.
The thing is, it has to make business sense for them. You're at 80% utilization on the card, so they kind of have you over a barrel. They know you might have difficulty in transferring that balance, so they aren't in a rush to offer you good terms. They're out to make money, after all, and tend to specialize in making money from people with bad-to-mediocre credit, with fewer big spenders than other banks.
Also, the APR reductions were the result of people (who may or may not have been more credit-worthy than you, I'm not sure) contacting Capital One's top-level customer service, the Executive Office. That service is intended for large, complicated problems, and some customers were using it for trivial matters because they didn't like the answers they got from Capital One's front-line customer service. I think Capital One made it harder to contact the EO because of abuse, but I don't know the details, or if the obstacles still exist.
Maybe it's not abuse if someone genuinely merits an APR reduction. I don't know. But with such high utilization, I'd focus on exterminating that debt and maybe transferring the balance.