Rhonda Stewart, WalletHub Loans Analyst
@rhonda
One way to lower the interest rate on a Capital One credit card is to call customer service and try to negotiate a reduced rate. Alternatively, if your financial situation is especially dire, Capital One offers a credit card hardship program.
Ways to Get a Lower Capital One Credit Card Interest Rate
- Call customer service. Once you’re connected to a representative who can negotiate your interest rate, state your reason for seeking a reduced APR. If you’re suddenly having trouble making your payments, you could mention your past stellar credit history, if applicable.
Or, you might want to note your loyalty to the company if you’ve had their card for a long time. Speak politely but be persistent when you negotiate. - Apply for the hardship program. Call customer service and ask about the hardship program if you think you may qualify. Through this program, Capital One may waive the interest on an account to allow the customer to catch up on payments.
The timeframe varies, depending on the customer’s situation. However, these programs are limited to customers with significant hardships, such as a job loss or medical emergency. Not paying the bill for several months does not count as a hardship. - Transfer your balance. The best way to lower the interest rate on a Capital One credit card is to transfer the balance to a 0% APR credit card from a different credit card company. You’ll need good or excellent credit to qualify for a good deal, but you could save a nice chunk of change.
Given that Capital One is not in the business of reducing interest rates out of charity, you’re unlikely to be successful unless you can somehow show the issuer that they’ll get more money from you in the long run with a reduction. So, it’s good you have options.
Sabrina H, Member
@Sparrow1285
As of this morning 7/15/22, the Capital One rep said they are not authorized to lower the APR for anyone. I asked if there was another person I should be reaching out to and she said, no it's system wide for the time being. I'm just going to transfer the balance I carry and pay off my recurring charge every month. 24% APR with Capital One or 1.5 with Citi/0 with Discover...not exactly a stumper.
Millie Berring, Member
@millie602
You can try calling them to negotiate, but if you don’t have a longstanding relationship with Capital One, you’re unlikely to succeed. A card’s terms are rarely changeable. However, there are a few things you can do to make sure you’re not suffering because of that APR: always pay your balance in full and on time, don’t take out cash advances, and most importantly, don’t spend beyond your means.
People also ask
Are Capital One credit card interest rates any good?
Capital One credit card interest rates can be as low as 0% introductory APR for as long as 15 months. Regular, ongoing Capital One credit card interest rates can be as low as 17.49% (V) or as high as 29.24% (V), depending on the card and the applicant’s credit standing.
Capital One Credit Card Interest Rates by Card
- Capital One Quicksilver Cash Rewards Credit Card (see details, rates & fees): 19.24% to 29.24% (V)
- Capital One QuicksilverOne Cash Rewards Credit Card (see details, rates & fees): 29.74% (V)
- Capital One Savor Cash Rewards Credit Card (see details, rates & fees): 19.24% to 29.24% (V)
- Capital One VentureOne Rewards Credit Card (see details, rates & fees): 19.24% to 29.24% (V)
- Capital One Platinum Credit Card (see details, rates & fees): 29.74% (V)
- Capital One Spark Cash Select (see details, rates & fees): 17.49% to 23.49% (V)...
Are credit card interest rates going down?
No, credit card interest rates are not going down. The average interest rate for new credit card offers has been on the rise since early 2021, and is currently at 22.73%. For existing accounts, the average interest rate has been increasing for the past couple of years, and is now at 21.19%.
Most credit card rates are variable, and tied to the Prime Rate. This is why any rate increase from the Federal Reserve will typically result...
read full answer by WalletHub, Financial CompanyDoes asking for a lower interest rate affect your credit score?
Yes, asking for a lower interest rate on a credit card could affect your credit score if the card’s issuer needs to do a hard inquiry into your credit history to determine whether or not you qualify for the lower rate.
A hard inquiry will typically drop your credit score by a few points, and it can only affect your score for up to 12 months. So, the potential negative impact is minimal. That said, receiving a lower interest rate may...
read full answer by Christie Matherne, Credit Card WriterDid we answer your question?
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CAPITAL ONE ISN’T NEGOTIATING. According to Sean, Sr, Complaints Supervisor at Capital One, they aren’t lowering anyones interest rate and haven’t for the past couple of years nor in the foreseeable future. I want to clarify that I wasn’t complaining, I simply asked to speak to the manager of the CS person that I was speaking with at the time of my call. I have two accts with Capital One and both of which were denied a lower interest rate of which currently are 25.02%. Sean said he had submitted a request and my request came back with no other rate available. I asked if I would be sent a reason why my interest rate can’t be lowered, via email and regular mail, and Sean said no. I have been a member for 10+ years, never late, have a low balance and they keep raising my credit limit! I would utilize the credit allowed as Capital One has a lot of great perks/promos for using it BUT not with a 25%+ interest rate. I understand they want to make money for doing so, however customer loyalty should be a factor and evidently that doesn’t matter to Capital One. Anyone else think this is odd, since most of the time when someone contacts CS at just about any other establishment, an email or letter is automatically generated regarding the satisfaction of their request/contact with said establishment?!?!?!? Also, apparently, according to Sean, the decision making stops with him and there is no one else to speak to or correspond with besides him or another Sr. Complaints Supervisor. It is such a SHAME that loyalty and/or years of being a customer no longer matter in the world we live in.