Getting capital one to lower the apr venture card

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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Mariagk
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Getting capital one to lower the apr venture card

Postby Mariagk » Sat Oct 17, 2015 9:37 am

Has anyone had success with this?


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CarefulBuilder14
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Re: Getting capital one to lower the apr venture card

Postby CarefulBuilder14 » Sat Oct 17, 2015 1:20 pm

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.
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takeshi
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Re: Getting capital one to lower the apr venture card

Postby takeshi » Mon Oct 19, 2015 8:35 am

APR (including reduction) will be based on what one's credit profile qualifies for.

CarefulBuilder14 wrote:You're at 80% utilization on the card

...and this will be a big problem. Revolving utilization falls under Amounts Owed as the second biggest factor:
http://www.myfico.com/crediteducation/w ... score.aspx

Approvals, initial limits, APR's, CLI's etc aren't just arbitrarily handed out or granted in exchange for time. They're all based on what one's credit profile qualifies for.

saba
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Re: Getting capital one to lower the apr venture card

Postby saba » Sat Aug 06, 2016 1:02 pm

Capital One seems to do temp interest rate reductions only, for some dumb reason.

kdm31091
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Re: Getting capital one to lower the apr venture card

Postby kdm31091 » Wed Aug 10, 2016 1:40 pm

This thread is very old but no, they do not do permanent APR reductions. As mentioned you can sometimes contact EO and get it done but you're likely going to see a 1-2% drop which isn't really anything substantial.

If you're stuck with a 23% Capital One card your best bet is to reapply when your profile improves and hope for a better APR. Alternatively, if you don't carry a balance anyway, just don't worry over it because it doesn't matter.

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Re: Getting capital one to lower the apr venture card

Postby dragon452 » Mon Sep 19, 2016 9:53 pm

I've had a Capital one Mastercard account (Platinum, Venture, whatever), since 2002. My credit score never falls under 800, and my record is absolutely spotless, perfect. They raised the APR considerably on my account (and I'm sure on everybody's account) around 2009. Since then, they only grant temporary reductions good for seven months, and the rate will then return to its "normal" rate for you (and its high). My reduction is always 3.5%, and Its been cycling up and down every seven months since 2009. They will not offer me a permanent reduction. I don't really care, as this is my third tier credit card account.

mountaindewvoltage
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Re: Getting capital one to lower the apr venture card

Postby mountaindewvoltage » Mon Oct 17, 2016 1:10 pm

Mariagk wrote:Has anyone had success with this?


Capital One is not a consumer-friendly company, but I'm sure you already know that.

Personally, if your credit supports it, I would look for a different company to do business with. My local credit union lowers APR's whenever you ask for a credit line increase. When they review your account, if your credit score has gone up, they lower your APR and you don't even have to ask them to do so. Recently I asked for a CLI and they went ahead and lowered my APR from 17.74% to 12.24% and that's not even their lowest rate. Their lowest rate is 8.24%. If you're not someone who pays in full every month, you're just a puppet to the big banks like Capital One.

Unless you have bad credit Capital One is a terrible card to have in your wallet. Their cards suck, even those that required "excellent" credit like the Venture, Venture One, and Quicksilver.

Capital One is and will also be a bank everyone laughs at. When your best card gives you 2x miles (that aren't even miles) with a $59 annual fee, you know you're a subprime lender. A prime lender doesn't charge an annual fee for a straight 2% back card, like Citi or Blispay.

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CarefulBuilder14
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Re: Getting capital one to lower the apr venture card

Postby CarefulBuilder14 » Mon Oct 17, 2016 1:25 pm

mountaindewvoltage wrote:Unless you have bad credit Capital One is a terrible card to have in your wallet. Their cards suck, even those that required "excellent" credit like the Venture, Venture One, and Quicksilver.

Capital One is and will also be a bank everyone laughs at. When your best card gives you 2x miles (that aren't even miles) with a $59 annual fee, you know you're a subprime lender. A prime lender doesn't charge an annual fee for a straight 2% back card, like Citi or Blispay.

Your "prime lenders" don't charge an AF, but they also don't offer a $400 travel bonus, either...
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mountaindewvoltage
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Re: Getting capital one to lower the apr venture card

Postby mountaindewvoltage » Mon Oct 17, 2016 1:28 pm

CarefulBuilder14 wrote:
mountaindewvoltage wrote:Unless you have bad credit Capital One is a terrible card to have in your wallet. Their cards suck, even those that required "excellent" credit like the Venture, Venture One, and Quicksilver.

Capital One is and will also be a bank everyone laughs at. When your best card gives you 2x miles (that aren't even miles) with a $59 annual fee, you know you're a subprime lender. A prime lender doesn't charge an annual fee for a straight 2% back card, like Citi or Blispay.

Your "prime lenders" don't offer a $400 bonus, either...


With a $59 annual fee and no travel benefits. The $400 bonus is nice but there's better out there.

One good point doesn't outweigh four other counter-arguments.



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