Been with Capital One for 4 months (secured Visa). Called and asked to close the account. The operator referred me to their Customer Retention Dept. The retention rep offered to lower the APR from 19.8% to 13.9%. I said no. He offered to further lower it to 12.9%, which is as low as they get. Well what choice did I have? I said yes. BTW - the Customer Retention rep added that they are authorized to unsecure a card after one year. The "regular" reps usually tell you to forget it if your account is less than 2 years old. Saar
RE: Capital One APR negotiatio I have secured MC with them. It is 1 year this month and I called them to close the account(very known trick, right ?). They offer me to increase my credit limit, I refused and told them that I'd rather be agree to lower my interest rate or to unsecure my credit card or to waive my anual fee. The CSR told me that they can lower only my APR from 19.80 to 13.90. So we reach an agreement at that point.
RE: Capital One APR negotiatio If your payment history is perfect with them, and the account has been open for a year, you should insist that they unsecure it. If the rep won't approve, the retention department will. Or, you could close your current account and apply for an unsecured one - this is known to work with them. Saar
RE: Capital One APR negotiatio My cr. history is as long as my account with them - that was my first cr.card in USA and it's perfect as well. That's why I may be will keep this cr.card for at least one year more.
RE: Capital One APR negotiatio Thank for the info, MS. During the year you've been with them, how did they respond to your credit increase requests? Saar
RE: Capital One APR negotiatio I wonder why they wanted to retain your account? Can you tell us how much is your security, and how much have you been charging and paying over the 4 months? What is your balance as a percent of your credit line?
RE: Capital One APR negotiatio "I wonder why they wanted to retain your account? " Because I let them know I was approved for an AMEX Green. Which is most definitely a prime card rated well above the ability of their average secured cardholder. (How I got approved for Amex is another story. In a nutshell - based on foreign Amex history). I deposited $600 to get a $1,000 limit, charging about $600, and leaving some to revolve. But I was sure to pay off in full before negotiating, so they wouldn't think I'm bluffing when I call to cancel my account. Saar