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Capital One Interest Charges


Ange76
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Hi all - does anyone have any experience of asking Capital One for an interest reduction - a brief search of the internet has shown that people have had their accounts closed after such a request and I would not want that to happen to me!!

 

I currently have a Capital One card with one of the higher interest rates (the one that your get if you have a crap credit rating) - I got this some 3 years ago as my credit rating was indeed crap, I have gone up to my limit and i have a snowballing plan in place to get the debt paid by June of next year.

 

I have never defaulted on the card, or gone over my limit and all monthly payments are paid on time but if I could reduce the interest in anyway it would be very beneficial.

 

Any help much appreciated

Thanks

A768-)

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Hi all - does anyone have any experience of asking Capital One for an interest reduction - a brief search of the internet has shown that people have had their accounts closed after such a request and I would not want that to happen to me!!

 

I currently have a Capital One card with one of the higher interest rates (the one that your get if you have a crap credit rating) - I got this some 3 years ago as my credit rating was indeed crap, I have gone up to my limit and i have a snowballing plan in place to get the debt paid by June of next year.

 

I have never defaulted on the card, or gone over my limit and all monthly payments are paid on time but if I could reduce the interest in anyway it would be very beneficial.

 

Any help much appreciated

Thanks

A768-)

 

I think your research will be how they will react, they have a set apr% and that is the rate they offer you, if you seek a reduction they will class it as a reduced repayment plan and close further borrowing on the account.

 

I'm also thinking that although you are repairing your credit rating the fact that its only 3 years since applying for this card would indicate you still have a less than perfect rating and thus will not be able to move to another supplier.

 

I think its a case of just repaying off as much you can each month and ensure that you remain disciplined on usage of it (not easy I know from personal experience)

 

S.

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Thanks S, this is what I thought - it is probably just best to knuckle down and pay the darn thing of - here's looking forward to June next year!!

 

Many thanks for your reply.

A768-)

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