Interest on my Credit Card

Locana

Hi

I have a ccj, which obviously means that I cannot credit, or good interest rates. I got a capital one card in Dec 04, and the int on that is 29.9%. The initial credit limit was 200, but went up to 600 after 6 months or so. Is it worth my while asking for a lower interest rate on this, I have kept up payments etc on all my affairs, as I am trying to rebuild my credit. Has anyone done this and did they give you a lower rate??

Thanks in advance....

Lo

Milarky

Capital One offers such a range of rates (longest 0% deals through to one of the highest standard APRs - as with your card) on their credit cards that they are certainly in a postion to put you onto a better rate if you ask them. Whether they will is another matter, of course.

I've got to ask: are you actually incurring interest on this card? If not (by only using for purchases paying the balance in full every month) then it doesn't actually affect you being on a high rate. What reason do you want to get a lower standard rate (to be able to borrow on this now, or in the future)?

Locana

I am currently accruing interest on the card. It is one of my debts that need to be paid off. If they did change the interest, will that take effect on what debt I have already on there, or do they apply the new interest from new purchases etc...??

Thanks for your help.

Astaroth

You can certainly ask them if they will consider changing the cards interest based on your good payment history with them since taking the card out. Worst thing they can do is say no.

Andybez38

I was on the 29.9% capital one card as part of my credit rebuilding plan. After 16 months of using it and paying off the balance i asked them to reduce the intrest. No joy from an intrest rate reduction. They just told me i had to cancel the card and apply for one of their lower rate cards. I canceled the card and opted for an egg card "via the back door" what ive read about on the mse forums. I was sucsessfull even though i have a default registered against me.