Capital One's "temporary reductions"

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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Re: Capital One's "temporary reductions"

Postby jal540 » Sat Jan 02, 2016 7:14 pm

Yes, it is insulting, but it will save you a bit for now. As you observed, Capital One is far from the top choice, at this point.

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Re: Capital One's "temporary reductions"

Postby kdm31091 » Sun Jan 03, 2016 9:07 am

jal540 wrote:Yes, it is insulting, but it will save you a bit for now. As you observed, Capital One is far from the top choice, at this point.

Technically not really saving me anything as I have no balance. It's more just a principal thing, and it annoys me that a longtime customer with perfect history has the worst APR and no chance to really lower it.

But it's okay -- they're in the drawer, and not coming out anytime soon. Not that they care, but I won't be using the card.

I agree, not the top choice. Capital One has a great reward program going for them in the QS, but that's about the only positive thing I can say. Getting anything accomplished with them is a complete PITA. Let's see:

1) Last year, my card was upgraded to Visa Signature. I had a custom image card. After 2 separate new image orders, the card STILL said "Visa Platinum" even though the account was Signature. A minor annoyance at best, but no one at Capital One seemed to know why or what to do to fix it. Then for some odd reason, an image card ordered in September finally was "fixed". But why was this an issue to begin with? A very tiny, petty issue yes but it shouldn't happen.

2) CLIs are 6 months apart, with no HP at least (which is great). But there's no wiggle room for an analyst to override the computer. You get the increase or you don't get the increase. Period.

3) APR reductions, the subject of this thread, just don't happen. I have seen a few permanent ones but they involved hassling with EO for weeks and mostly tiny drops of 1-2%. Considering I can simply call Amex, Discover, etc and get an APR reduction with ZERO hassle to reward my loyalty, I'm not inclined to expend effort trying to get the right person (emailing EO, getting a pin, playing phone tag) on Capital One to maybe drop my APR.

These are just my personal opinions. They have their place, but it's not in my wallet at this point. The only positive is the 1.5% cash back, truly no hassle, redeem anytime, etc. On a "reward program only" basis, IMO it beats the Double Cash in every way except pure earnings % since it's more straightforward. But as a total picture -- Capital One has some work to do.

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Re: Capital One's "temporary reductions"

Postby mountaindewvoltage » Mon Oct 17, 2016 1:20 pm

kdm31091 wrote:Is it just me, or does anyone else find temporary APR reductions to be almost more insulting than not lowering an APR at all?

Capital One's all "Sure, we'll lower your 22.99% to 18.99% for 7 months!"

The thing is - if you're going to offer a PROMOTIONAL reduction which is essentially what that is, it needs to be more "promotional" i.e. not just a bit lower, but a lot lower. Otherwise, it is basically meaningless, and kind of a slap in the face.

Capital One has their place -- starting out and getting some decent rewards in the process. But they are not really competitive as your profile improves. With Discover and Amex willing to drop my APR quite often and raise my limit, there's nothing Capital One is doing to keep me as a customer.

Disclaimer: I haven't ever paid interest on the card, nor do I intend to since it washes out rewards. It's purely just a principal thing. It seems with Capital One, similar to Chase, your only real option is to cancel and reapply later to get the lower APR. I've heard of a small number of permanent Capital One APR reductions, but they have never been impressive (i.e. weeks of EO phone tag leads to 20.99% being reduced to 19.99%).

My QS is sockdrawered and will remain so. There is just no reason to use it. I have a Double Cash plus Discover's double promo, and both Citi and Discover seem to value my business much more than Capital One. I used to really defend Capital One (and I still do in some respects; the QS is a good product) but they just aren't very customer friendly IMO. I'm not gonna go back and forth with the EO, emailing, getting a pin, calling, leaving a message and playing phone tag for weeks to get a lower APR when other companies allow me to merely call one number, check for offers and be done. Heck, with Discover and Amex there's no need to even call or use an EO or anything. Even Barclay's gave me the lowest Upromise APR right out of the gate and has already sent two bonus offers. My point is that those companies make it more clear they want you as a customer, instead of you having to fight with the EO for what you would like.

More than likely the card will eventually get closed. With other companies readily competing for business, there's no reason to keep a lender who ostensibly doesn't care about keeping my business.

Just venting :)

As much as the myficoians loved to sugar-coat Capital One, I don't. I'm sure you know all about that over there, KDM.

They're a subprime lender. One shouldn't expect stellar customer support, permanent, large APR reductions, and strong rewards cards with no annual fee. As a matter of fact, Capital One doesn't have any of that. The funny part is people over there will praise Capital One for a no AF 1.5% cash back card, but then trash Wells Fargo for coming out with the same exact type of card.

Some people argue that they "won't touch you," if you run into a financial crisis in your life... Well duh, because they already have you with a high APR and have the ability to charge you fees for being late and if your card has rewards, they're mediocre anyways so it doesn't cost them much to keep giving you rewards in exchange for high fees... Win/win for them.

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