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.