Just thought I'd share this... I got my Cap 1 in May 2000, $1000 limit with $49 sec. dep. My interest rate was over 20%. I never called them to reduce my rate - it never occured to me until recently to do that, but my rate with them is now at 10.63%. They're still holding onto my sec. deposit for some reason, but they've raised my limit to $1300 and have been lowering my interest rate every few months. Just an FYI for those just opening up Cap1 accounts with high interest rates - know that they can come down after a little bit of time - and in my case, no effort! Ozzy.
10.63%!!! My has been dropping and is currently at 16.81% and a 2k CL. I've had this account since 1996. Cap 1 also has never sent me an offer for another card. Best regards, Mirage
I've had my card that started as the high school card in September 2000. Here's the list of what I have done since then. The beggining terms: $500 credit line, 19.8% fixed, No fees of any kind. Classic Visa (High School Card). 1. Got interest rate lowered to a variable rate based on Libor. It was something like 14.99% Variable. That was done back in August 2001. 2. September 2001, Interest rate lowered to 12.9% fixed. Credit Line increased to $1000. 3. Credit line increased to $2000 November 2001. I was told by Mr. Cooke that I could get upgraded to the 8.9% fixed rate the summer of 2002. Hopefully I can get the platinum this summer when I turn 18. The key to getting better rates with them are to initially call them and ask to get your rate lowered or credit line increased. If the CSR doesn't budge, ask to speak to a supervisor. If you have had the account 6 months or so and kept it in good standing, you should be able to get something from them. If this doesn't work, write a letter through planetfeedback. You just have to be creative in the ways you approach getting better offers. It takes a little bit of work, but if you can get a better interest rate in the end, it's all worth it!
