Capital One - Any chance?

beckersuk

Hi all. I have (for my sins) a Capital One cc, i currently pay the minimum payments each month, i've never missed a payment in the years i've had the card, i dont use it for spending and my limit is £1,400 but im not maxed out. Im just finding it difficult to pay the minimum payments at the moment im not struggling yet, but i feel that the payment is way too much for the exsisting balance.
basically if i call CO and ask, do you think there's any chance they will lower the interest rate and lower my minimum monthly payments?

Sorry if this is in the wrong place.

climbgirl

beckersuk wrote: »

Im just finding it difficult to pay the minimum payments at the moment im not struggling yet

You contradict yourself a bit here - you're finding it difficult to make the minimum payments but you're not struggling? Can you pay them or can't you? It's an important distinction!

What percentage are the minimums set at? Most cards go for 3-5% which is pretty low. I doubt any would consider lowering it - especially if you haven't yet defaulted on a payment.

Svenena

It's not a very big debt if it's less than £1400, although I know it can feel like a lot if you're on a low income (been there myself!). Can you make reductions in your outgoings anywhere else, to pay more than the minimum payments for a while? It sounds like you can manage them at the moment, so maybe you could find a little bit extra to put towards them, even if it's £5 a week. The quicker you reduce the outstanding balance, the lower the minimum payments will be, and the less interest you'll be paying.

Russe11

Is it not possible to clear the balance of the card from next payday, then use the card for spending, paying off in full each month... that way you won't be paying any interest?

jonjamie1970

Capital One payments are changing in April also, refer to the letter they are sending you, the way they calculate things will be different, any fees will be deducted first and then the % from the balance left.

beckersuk

Im a single parent and i work part time so i do not earn enough to clear the balance in full. I don't have any other outgoings to get rid of. Yes i can afford the payments, i just feel that for my balance,they are to much.. I dont know what percentage they charge it's not written on my statements anywhere and i do not have a copy of my agreement from when i took out the card. I there a waqy i can work it out myself?

Russe11

Well you could still pay the most of your earnings to the card and at least reduce the interest.

beckersuk

Russe11 wrote: »

Well you could still pay the most of your earnings to the card and at least reduce the interest.

Thats not possible my wages go on all my outgoings, thats without my gas/electric/shopping/school supplies and other day to day living.That comes out of my tax credits,leaving no 'extra' cash. But thankyou for your input.