Cap One 9.9% apr check received

Discussion in 'Credit Talk' started by Jim, Oct 26, 2001.

  1. Jim

    Jim Well-Known Member

    3 weeks ago, Cap One lowered my fixed apr. from 11.9% to 9.9% when I did a balance transfer with no BT fee. Needless to say, I negotiated the reduction in apr.

    Today, I received my statement and as agreed my apr. is now 9.9%. Cap One did exactly as they said they would.

    Attached to my statement is a blank check to be made out to anyone including me (Jim) for any amount up to the available balance on my 10K Platinum account. The terms - 9.9% and no fees.

    I won't use the check because I do not want any credit card debts. But it was nice to get this recognition considering how awful my credit was not too long ago.

    Don't be surprised if some of you other Cap One account holders get checks also.

  2. Bill B

    Bill B Well-Known Member

    Yes citi-bank sent me a blank check too with bill and the apr was 7.9% with no BT fee's..
  3. Marie

    Marie Well-Known Member

    yep. Got one early this week. I think they called it a Purchase check to differentiate it from a convenience check (one that would be considered a cash advance).

    Hey Jim, what's your special purchases and your cash advance rates?

    On Plat cards, you have 3 buckets with 3 rates. On gold cards you get only 2, purchases (includes balance transfers automatically) and then cash adv.

    we'll likely get promotions in the next month or 2 for online shopping or something using that special purchases bucket... which usually has a higher interest rate and which has a temporary line increase for the holiday season...

    I got them to also make my purchases 9.9, special purchases 9.9, cash adv 15.9

    Want to upgrade the Mc now to the no hassle variety... which is really only an upgrade of cash adv rate to 9.9 (and a slightly bigger credit line to make the mc go plat too)...

    Just wondering if you had negotiated the other rates :) Congrats on the upgrades!!!
  4. Jim

    Jim Well-Known Member

    Hi Marie!!

    I am in semi-retirement now from the board. I hesitated to even mention this "Purchase check".

    What an education you have provided. I did not know that there are 3 payment buckets on the Platinum card. Whoa!!

    Now I have read the fine print - Purchase apr. is 9.9%. Cash apr. is 19.8%. Select apr. appears to be 19.8%.

    The "Purchase check" appears to be accessable to the credit available on my 10K account.

    Is there a possibility that the "Purchase check" is in addition to the 10K limit???

    Thanks for posting.

  5. Jim

    Jim Well-Known Member

    Hi Bill B!!

    Citibank is known for these attractive BT offers. Also Chase.

    Surprisingly enough ( at least to me ) - Discover has been sending 2.9% BT's to a colleague of mine.

  6. Bill B

    Bill B Well-Known Member

    discover sent them at a special rate but then it went to the cash advance rate of 22.99% As far as my citi it stays 7.9% till it is paid in full! this all started with a PF letter to lower intrest rate..They gave me BT deal noted above with no fee's..
  7. Jim

    Jim Well-Known Member

    Thanks guy!!

    My colleague mentioned that the BT rate is good for 10 months. He is also a very successful man - in the financial sense. Therefore, he has probably paid his balance(s) off long before the "cash advance rate" kicked in.

    Thanks for the info.

  8. skittens

    skittens Active Member

    I've been getting Discover balance transfer offers at 1.9% - but the rate's only good for three months.
  9. Bill B

    Bill B Well-Known Member

    Ya mine was 3 months as well for discover too..I closed there accounts and transfered over to citit..
  10. marci

    marci Well-Known Member

    Cahs Advance rate lowered to 9.9%?

    Jim or Marie,

    My purchase and balance transfer aprs are 9.9% for the Cap One Platinum Visa, but my cash advance rate is 19.8% - like Jim's. But the Cap One "no hassle" Platinum MasterCard boasts a 9.9% cash advance rate in addition to the purchase and BT rate.

    Have either of you tried to negotiate getting your cash advance rates down to 9.9% as well? Or is this just a MasterCard thing, and if so, have either you ever converted from the Visa card to the Mastercard?

    I wouldn't mind converting my Visa to the MC to get that across the board rate, if I need to.
  11. Jim

    Jim Well-Known Member

    Re: Cahs Advance rate lowered to 9.9%?

    Hi Marci!!

    I am not going to be much help here. My Platinum account is a mastercard. I have not used the cash feature on any credit card since 1997 and never intend to again unless there is a dire emergency.

    Therefore, I never even discussed the cash feature with anyone at Cap One. I may choose to negotiate with Cap One at a later time but not now. I am just happy I have the card with a favorable purchase rate.

    Sounds like Marie has been negotiating. I hope she sees your post and responds.

    Marci - If you negotiate with Cap One - Let us know what happens.

    Best regards,

  12. Marie

    Marie Well-Known Member

    Re: Ca Advance rate lowered to 9.9%?

    Hi Guys :)

    Jim: the purchase check is to use your available credit. It's not in addition.

    Over the holidays (last year) I several of us got offers for additional holiday (temporary) line increases for online purchases from Cap1's affiliated website. So, if you wanted to buy from their site, you got an addl 300 to do it. It was put in "special purchases" which had a 19.8 rate.

    Once you paid it off, it disappeared.

    Marci: Yes, I got bored. I had 9.9 purchase on all 3 cards so I started on the cash adv just to see what I could do. Went from 19.8 to 17.04 to now 15.9...

    this after I had been told repeatedly that cash advance rates can't be decreased... :)

    My next move is to try and get my mc to Plat and get the 9.9 no hassle deal. I really don't want the "no hassle" on the card though... UUUGGGly.

    My current Plat is a visa so it's cute :)
  13. Jim

    Jim Well-Known Member

    Re: Ca Advance rate lowered to 9.9%?


    Did you have to use PF to the Executive office for the apr. reduction(s) on the cash feature?

    A supervisor gave me the 9.9% purchase apr. over the phone when the rep transferred me. No Executive office intervention was needed.

    Best regards,

  14. Marie

    Marie Well-Known Member

    Re: Ca Advance rate lowered to 9.9%?

    just a regular supervisor. I wouldn't bother the Exec dept for that.

    Once I got the Plat, things have been easier. I just compare my Gold cards to it and voila, better terms and larger increases.

    I think when they moved me to all Gold and a Plat my status changed. I think I'm more of a prime cardholder with them now...

    or maybe they look at 9.9, no annual fee etc and just assume I'm prime. Either way, I love their customer service.
  15. marci

    marci Well-Known Member

    Re: Ca Advance rate lowered to 9.9%?

    Hi Jim,

    I may not negotiate right now and just appreciate what I've gotten from them so far, as well. I'm a bit worn out from credit card strategies for now. :)

    But if I do negotiate - I'll definitely post it here. Thanks for responding!

    Marie wrote:

    LOL! Marie, you're *good*. They have always told me that cash advance rates were set in stone. Do you mind sharing a bit how your conversations went in order to get them to budge on that?

    btw, didn't you once say that you negotiate for a living? I hope they pay you well...

    I know what you mean! That stamp is UGLY! But I think that "no hassle" sticker is only on the paper advertisements, to make their point. I don't think it's on the real cards. I saw a recent Cap One train robbery commercial for the "no hassle" MC and the card the man held looked just like the Platinum MC but without the "no hassle" stamp on it. I don't like the way the Visa Plat. looks; it's way to formal for my tastes and I've never liked paisley prints, either. But I'm glad to have the account, nevertheless.

    Thanks to both of you for responding!
  16. GEORGE

    GEORGE Well-Known Member

    Re: Ca Advance rate lowered to 9.9%? (news)
    No-Hassle Cards (10/22/01)


    Capital One is pitching a new
    package of unprecedented
    cardholder commitments not seen
    since the launch of the AT&T
    Universal VISA/MasterCard in
    1990. The No-Hassle Platinum
    MasterCard guarantees no
    balance transfer fees, no cash
    advance fees, no annual fees, and
    no foreign exchange fees "ever".
    Capital One is also making the
    promise to No-Hassle
    cardholders of "no telemarketing calls". The new Platinum MasterCard also carries
    a fixed APR of 8.9% or 9.9% for new purchases, balance transfers, and cash
    advances. For more information visit
  17. Jim

    Jim Well-Known Member

    Re: Ca Advance rate lowered to 9.9%?

    Hi GEORGE!!

    The "cardtrak" website is an excellent place to check out credit card offers and credit news. I hope some of the new people on the board take a look at it.

    I have to stay away as I have plenty of credit and don't want the temptation to apply for more. LOL

  18. Marie

    Marie Well-Known Member

    Re: Ca Advance rate lowered to 9.9%?

    Thanks George :)

    Even if the MC did have the logo I'd still take it for 9.9 across the board :)))

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