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.
More info on how you may lower a Capital One credit card interest rate:
Calling 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. Simply 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 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 Cap 1 that they’ll get more money from you in the long run with a reduction. So it’s good you have options.
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.
I tried today and they were no help at all. Really with covid and all did not and would not attempt to lower my 22.99% interest not even for a few months. Also could not give me any idea of what I needed to do to qualify for a lower APR. Just was so disappointed...
Capital One credit card interest rates range from 0% (for a limited time) to 26.99% (V), depending on the card and the cardholder’s creditworthiness. The best Capital One credit card for low interest rates is the Capital One Quicksilver Cash Rewards Credit Card because it offers 0% APR for 15 months on purchases and balance transfers, followed by a regular APR as low as 15.24% - 25.24% (V). This card also has a $0 annual fee.… read full answer
The Capital One credit cards with the highest interest rates are the Capital One Platinum Secured Credit Card (26.99% (V)) and the Capital One Platinum Credit Card (26.99% (V)). They’re also the easiest to get. The Capital One Platinum Credit Card accepts applicants with limited, while Capital One Platinum Secured Credit Card accepts people with bad or bad credit.
Most Capital One credit card interest rates are listed as a range, such as 14.74% - 24.74% (V). The better an applicant’s credit is, the better their chances will be of getting a rate at the low end of the range. All Capital One credit card interest rates are variable, meaning they can go up or down as the market changes.
Capital One also has a number of store branded credit cards, which can only be used at specific retailers. The interest rates for these Capital One store cards range from a low of 15.49% - 27.24% (V) on the Cabela's Credit Card to a high of 27.24% (V) on the Maurices Credit Card.
Your Capital One credit card interest rate will be clearly indicated on your monthly statement. Keep in mind that there’s also a separate interest rate for cash advances. And there’s a penalty rate for missing payments. Expect both of these rates to be equal to or higher than the regular interest rate.
Credit card rates are still going up even though the Federal Reserve is now cutting its target interest rate. That’s because credit card interest rates are determined by a market rate, plus a margin that’s set by card issuers. And those margins are going up for new offers.
The August 2019 average margin was 11.72%, a percentage point higher than 2017’s 10.6% margin, and also the highest margin on record. Credit card companies don’t want their rates to fall just because the Fed decides to discount its target. Plus, high credit card rates help support all the extra rewards and perks offered by credit card companies these days.
If you don’t want to deal with rising interest rates from credit card companies, you have options. For instance, you can avoid interest charges completely by paying your credit card balance in full every month. If you already have a balance that you can’t afford to pay off right away, consider looking for a 0% APR balance transfer credit card. It could give you a break on paying interest and help you pay down your debt faster.
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, … read full answerreceiving a lower interest rate may indirectly help raise your credit score if the new rate allows you to pay off your balance faster.
It’s worth noting that interest rates aren’t reported to credit bureaus and have no direct impact on your credit score. A hard inquiry is the only reason your credit score would drop after requesting a lower rate, and asking your card issuer for a lower rate won’t always trigger a hard inquiry. A hard inquiry only happens if they need more detailed information about your credit history to address your request. Card issuers seem to make this decision on a case-by-case basis.
If you are thinking about calling your card issuer to ask for a lower interest rate, and you’re concerned about the impact to your credit score, make sure to ask the rep about it along with your request.
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