Grr...Can't lower my credit card interest rate. Darn CapitalOne

[gplanet]

I followed the advice I've read many times on this forum -- call up your CC company, tell them you have been offered a lower rate, and they'll try to match it. Nope. Not CapitalOne. I actually have a much lower rate on my American Express Blue card. I call up capital one and ask them to match the rate and they won't do it. They tell me "American Express is a great company but they have annual fees and the card is not accepted in most places" which is a load of crap, I have no fees attached and can use the card anywhere. Then they tell me that they can't lower the interest rate because my card was "just opened" in February and they have to establish a line of payment history. I said "you didn't have a problem with my payment history when you *TRIPLED* my limit just last month" then i got the American Express run-around again and was told there's nothing they can do because I already have the lowest interest rate possible.

Blah. Guess anyone with a student's card is doomed to 20% interest rates with unnecessarily high credit limits to entice those dumb enough to fall into the trap.

 

[Wallydraigle]

Welcome to the realization that Capital One is a great company...

























FOR ME TO POOP ON!!!

 

[kranky]

Did you start to carry a balance right after you got your card?

Look at it from the CC company's point of view: you got a card, started to generate good interest income for them, and you don't have another Visa or MC to switch to. Why would they want to lower your rate? They have you right where they want you.

But in any event, why don't you move your balance to AmEx?

 

[CKDragon]

I have a CapitalOne Gold card and the high interest rate has never affected me because I always make my payments in full. Since I've had my CapitalOne card for 2 years now, what can I look to switch to?

I'm still only 20 and I'm a part time student (6 months classes, 6 months of co-op)

CK

 

[RossMAN]

Bah Capital One sucks they offered me a pre-approved Platinum VISA, I accepted and was given a whopping $500 limit.

 

[tgillitzr]

capital one sucks

I got one of their cards when I started school back in 2000, had a 200 dollar limit. I had no credit history, so I didn't really care. 2 years later they hadn't raised my credit limit. I pretty much kept a balance on it the enitre 2 years, and made all my payments on time. So I called them and asked for a credit limit increase. They refused. I said OK, I'm closing the account. They then offered to double my limit. Whoop de doo, considering I had just taken a job where I would make 40K+ a year. 400 wasn't really worth messing with, but I figured WTH, I'll work with them. She says, well you can call back in a month or two and ask for another limit increase.

After a month they raised my limit again... to 500. Still not worth sitting on. I wait about 2 months and call them up, ask them to raise my limit. Nope, no can do. You just had your limit increase, and now you must wait 6 months. I cussed up a storm, and told them they could take their card and shove it. Closed my account that day, and I'll never have a capital one card again.

What a bunch of fsckin idiots.

 

[Kyle]

I just got a student CC from USBANK w/ a $1000 limit and 10% intrest rate, but I was actually planning on getting a capitol one card...probably good thing I didnt

 

[Abzstrak]

hummmm got my capital one when I was 23... gave me a $7000 limit at 8.9% fixed... I have no problems with that...

 

[Angrymarshmello]

Call them up and say you want to cancel your card - mention specifically that the interest rate is too high for the "debt" you've racked up and quite honestly their card isn't worth the hassle - unless you get some POS CSR they'll gladly offer to lower your interest rate. I just canceled two CC's I had signed up for and both offered to lower my interest rate without me mentioning anything about debt. And if they don't well that's just one less CC you have to worry about.

 

[ScottyB]

I am 19 have a $5000 credit line and 10% interest on my master card, $8500 credit line and 8.5% interest on my visa. My mom is on my visa, I am on the master card by myself.

 

[Amused]

Vote with your feet. There are dozens of companies offering sub 10% cards right now.

Hell, NationsBank offers a 7.99% rate, and that's what I use for my Visa card.

There is simply too many people out there that will work for your business to bother giving Capital None another second of your time. Get another card, transfer your balance taking advantage of their 0% rates for balance transfers they all offer these days, and don't look back.

 

[The_Dude8]

wasn't capitalone has the chimpazeese tv comercial. their commercial hold a lots of promises, like with their no hassle credit cards. so everything from the commercial is a bait and switch?

 

[gplanet]

I'll just call them and tell them if they don't give me a sub-10% interest rate i'll cancel right there. and if i have to cancel, fine i'll cancel. And then I'll tell them I'd like to cancel my 2nd CapitalOne card =D. I don't really need it anyway, the amex is enough


btw it seems to me that with Visa/Mastercards everyone's first card on their own with no/little credit history gets like a $500 limit and 20% interest rate. Then they bump your limit up to like $2000 after a few months hoping you max it out