Right now I'm paying 19% APR on my Capital One credit card..... is it possible to get them to drop it to 10%? I have tried calling other card companies in the past but they always say no, I ask for the supervisor and they say no too. Then I get a letter saying they don't negotiate APR. I believe this was Merrick Bank.
I remember in the past, when I tried to cancel a Capital One account the automated voice asked if I were cancelling due to the rate or the annual fee. When I selected annual fee, it offered to take $20 off the fee, which I accepted. So do they still offer this via automated services?
2006-12-11 02:05:36 · 6 answers · asked by Anonymous in Business & Finance ➔ Credit
Be persistent, keep asking for your rate to be lowered. They obviously can lower the rate b/c at any time they can higher your rate. Go to http://www.bankrate.com/brm/news/cc/20020415a.asp
This will give you a script you could follow. Also, threaten them that you have another 0% offer in the mail and you will transfer your balance if they don't lower it. Since your rate is so high, do you get 0% cc offers in the mail? If so, why not do a balance transfer? You would save tons since you are at 19%. However, just make sure you are aware when the introductory 0% rate goes up so they don't get you at such a high interest rate again.
2006-12-11 02:11:02 · answer #1 · answered by Anonymous · 0⤊ 0⤋
APR is associate with the risk of you not paying. Riskier customers pay higher rates to compensate for them not paying (as a group) more often than others.
So to lower your rate, you need to get out of that group and generally that happens when your credit score goes up.
If you have asked many companies and they all give you the same answer, you should find out your credit score and check to see if there are things in your credit past that should be cleaned up.
It doesn't hurt to ask, but if you keep getting turned down, it's probably your credit history.
2006-12-11 02:13:10 · answer #2 · answered by ? 5 · 0⤊ 0⤋
If you have used more than 75% of your credit limit, the chances that they will reduce the APR are very very low.
Pay like 500 or so at a time and then you can request a lower APR.
If you recently finished your school, tell them and they might do something about it.
2006-12-11 02:10:27 · answer #3 · answered by Avtaar 3 · 0⤊ 0⤋
Pay on time, pay it off every month, keep a low balance, and then ask for a lower rate. If they won't give you the rate you want, threaten to cancel the card and go elsewhere. If you can't get the rate you want, you need to build up your credit score.
2006-12-11 02:10:02 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If you can get any credit card to drop the APR they would only consider it if you have excellent credit with them. Remember, finance charges is how they make money.
2006-12-14 15:20:54 · answer #5 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋
Just call and threaten to close the account - worked for me
2006-12-11 02:08:01 · answer #6 · answered by Anonymous · 0⤊ 0⤋