Cancel Capital One

terriermama

I'm quite new to stoozing and made loads of applications for credit cards in the last few months.

Last week I paid off my Capital One with a BT to another card and now want to do a BT back onto the Capital One card. They (Cap 1) were quite willing to offer me a low BT interest rate a few weeks ago while I had a significant cash balance still on the card and towards which chunky payments were being made. However, now that the full amount is paid off, they will not budge on APR 15.9%.

I have an avaiable limit of £10K with them, and need it desperately. Should I threaten to cancel in order that they might reconsider the APR? I've been with them 6 years and all payments on time, but in recent years haven't paid off the card in full.

Anyone with a similar experience with Capital One and the outcome? Thanks in advance.

terriermama

I rang Capital One again in a last ditch attempt to re-nogotiate the APR, but no go.

Said they'll log it on the system and 'maybe' in about 3 months time, I might get a better offer. Also said they could cancel the card and I could reapply for another, but not guaranteed I'll get it. I suppose all my recent credit searches makes the second option unlikely. Plus their willingness to cancel suggests my threat to leave will be self-defeating.

A rather sh**ty day today as I called all my credit card lenders and no success amywhere.

mountainofdebt

To be honest I doubt whether credit card companies are interested in keeping customers ...as everyone is playing the merry go round game with credit cards these days. (hubby wrote to cancel his 3 long standing cards and all he got was the standard goodbye letter)

I had this trouble with RBS for a while .....until one day when they finally offered me a decent deal.

If you do cancel your card then I would leave it a couple of months before you apply again but you might surprise yourself when you do as your credit/income ratio will have improved.

terriermama

Hey MOD, you're probably right, with every customer that leaves, 10 new ones arrive. I will probably in the end hold onto the Cap 1 card as 15.9% is better than 25.9%. And I need the funds. My OH this am presented me with several bills/threats he hasn't had time to deal with. Just SUPER!

Well it's a new day and beautiful weather, so I'm trying to stay positive.

Yesterday was really challenging and I was totally in the dumps. I was so worried last night about the finances, I didn't get to sleep till 430am. I did an updated detailed list of owings. My head felt a bit clearer after, as things have been so confused with all the new cards etc.