Please sir can I have cheaper debt?

cymro

I followed Martin's advice here is my experience:
Company: Capital One
Request: I would like cheaper debt please. I have been a good customer for some years and aware of better deals elsewhere but want to stay with Capital One, can you help please?
Response: You mean you want us to reduce the interest rate! Customer accounts are reviewed on a random basis and as part of the review interest rates on the account may be altered - there is no other way for your interest rate to be changed.

:-(

Robert_Sterling_3

cymro wrote: »

I followed Martin's advice here is my experience:
Company: Capital One
Request: I would like cheaper debt please. I have been a good customer for some years and aware of better deals elsewhere but want to stay with Capital One, can you help please?
:-(

Why would you want to stay with Capital One if there were better deals elsewhere would have been my response to your enquiry. :eek:

robmatic

This actually worked for me with MBNA a few weeks ago. I phoned and said I wanted to cancel the card as my APR was higher than the typical APR they quote in their advertisements. I was promptly put through to someone in their 'customer loyalty' section who reduced my APR with no argument.

I think the key thing is to point out that you're willing to take your custom elsewhere.

cymro

In hindsight maybe I should have insisted I get put though to an organ grinder and not just a monkey. OK I understand CC companies like Capital One are out to wring every ounce out of people but when a long standing customer asks for a better deal you would have thought they would do something. Me just being naive again :-)

Robert - I did try to switch recently and don't ask me why, I earn a good salary have one minor abberation on my credit record 15 years ago (accidentally cancelled a DD and got black-marked for it) and have no other debt but I was turned down. It may be an idiosyncracy of our credit rating system but I was turned down :-( so my fall-back was to ask for cheaper debt with my existing CC company. Now debating whether to have another shot at trying to switch and risk being scored down further. Boy this system is crap.

withnell

cymro wrote: »

I understand CC companies like Capital One are out to wring every ounce out of people but when a long standing customer asks for a better deal you would have thought they would do something.

Then the fact that you haven't moved is why they don't - if they just offered what you asked for straight away then they'd not make as much profit from you! You need to ask to be put through to customer retentions

Ivor_Bigun

cymro wrote: »

I followed Martin's advice here is my experience:
Company: Capital One
Request: I would like cheaper debt please. I have been a good customer for some years and aware of better deals elsewhere but want to stay with Capital One, can you help please?
Response: You mean you want us to reduce the interest rate! Customer accounts are reviewed on a random basis and as part of the review interest rates on the account may be altered - there is no other way for your interest rate to be changed.

:-(

Did you actually mention Martin's name to the fornicating call representative, and say that you would dis CapOne on a popular site owned (and copyrighted by) Mr Lewis?

cymro

doh oh silly me - thanks:rotfl:

ferry

I've been with Egg for years having both a CC and a loan,accounts never missed a beat and are now charging me 16.9% APR.
I (politely) asked for an extended 0% deal to secure my future business and they(politely) refused...so I'm off elsewhere.
In fact I'm off to Virgins 0% deal for 16 months....thanks Egg & its been nice doing business with you.

Ferry

alim0nkey

Cap One have just sent thousands of customers notice of increase in apr, so I don't think loyalty is high on their agenda at the moment. I've been with them for about 8 years, and they have hiked my apr up to a ridiculous amount, despite the fact I've never missed payments, never paid late and have paid £1k off this year. Their agenda seems to be in getting their money back at the moment, not customer loyalty.

System

cymro wrote: »

I did try to switch recently and don't ask me why, I earn a good salary have one minor abberation on my credit record 15 years ago (accidentally cancelled a DD and got black-marked for it) and have no other debt but I was turned down. It may be an idiosyncracy of our credit rating system but I was turned down :-( so my fall-back was to ask for cheaper debt with my existing CC company. Now debating whether to have another shot at trying to switch and risk being scored down further. Boy this system is crap.

Hi cymro

Data is stored with credit reference agencies for a period of six years , so the 15 year old 'black mark' (I assume you're talking a missed payment) will be well and truly erased by now.

Have you obtained all your credit reports to check all the contents are accurate? If not it'd be prudent to do this before re-applying.

Also read Martin's article about what factors affect your credit rating.

Best of luck
UNDERGROUND

NewbieMoneySaver**

Hi all,

I have a similar situation about to happen with MBNA. What have people been able to get from them with regards to deals. I still have a debt on the card.

Cheers