Capital One won’t help me

Legacy_user

I’ve called Capital one today to ask about lowering my interest rate somehow. I’ve been with them for years and they’ve increased my limit a few times and I’ve never missed a payment etc. However the lady said she can’t do anything with my interest rate, which is 34.7%. I asked her if they had other cards that I could switch to but she wasn’t very helpful and told me to just go online, choose one and apply. Have I been fobbed off or should I just balance transfer elsewhere and get rid?

sadiedoll

I had the same experience with Barclaycard after holding an Initial for a few years. I'd managed the account perfectly, but they wouldn't offer an upgrade to a more favourable card/deal.

Best to move on with another lender, and a better deal. The card served its purpose for you at the time, but you can probably do better now.

adindas

MissSJL wrote: »

I’ve called Capital one today to ask about lowering my interest rate somehow. I’ve been with them for years and they’ve increased my limit a few times and I’ve never missed a payment etc. However the lady said she can’t do anything with my interest rate, which is 34.7%. I asked her if they had other cards that I could switch to but she wasn’t very helpful and told me to just go online, choose one and apply. Have I been fobbed off or should I just balance transfer elsewhere and get rid?

If you could still get a new credit card, Just apply a new balance transfercard with zero or lower interest and transfer your balance.

SnowTiger

MissSJL wrote: »

I’ve called Capital one today to ask about lowering my interest rate somehow. I’ve been with them for years and they’ve increased my limit a few times and I’ve never missed a payment etc. However the lady said she can’t do anything with my interest rate, which is 34.7%. I asked her if they had other cards that I could switch to but she wasn’t very helpful and told me to just go online, choose one and apply. Have I been fobbed off or should I just balance transfer elsewhere and get rid?

Outrageous behaviour by Capital One.

Take your debt elsewhere https://www.moneysavingexpert.com/credit-cards/best-0-credit-cards/.

born_again

Why would they reduce the interest rate... Loyal customers mean nothing.
Get another card do balance transfer and get rid of them

chanz4

That's capital one for you, one reason now not used them for 10 years. Loyalty as others have said means nothing

jimbo26

chanz4 wrote: »

That's capital one for you, one reason now not used them for 10 years. Loyalty as others have said means nothing

This implies other providers will lower rates on request, which card providers are these? It might help the OP and others when choosing cards.

foxy-stoat

Why would they lower the rate? As already said, get another card and balance transfer your debt somewhere else, if you can.

Malkytheheed

SnowTiger wrote: »

Outrageous behaviour by Capital One.

Take your debt elsewhere https://www.moneysavingexpert.com/credit-cards/best-0-credit-cards/.

I phoned my mortgage provider and asked them if they would knock 50K off the amount I owe them. You know. Why not. They declined.

Outrageous behaviour.

chistery

Nationwide is the only company in my years of having credit cards, that has proactively lowered my interest rate.

Dragon1981

A little while back, after clearing most of my balance, Barclaycard did agree to lower my rate by 4% when I asked. It’s still Fairly high at about 20% but carries 0 balance at present. Just proving that asking can help, albeit not too often.