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.
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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.
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.
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read full answerDoes 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.
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aculbert32, Member
@aculbert32
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...
I called three times. First time, they said check your email because we are currently reviewing all our customers to give them better APRs. Huh? That sounds weird, but okay. Second time, they dropped my call as he was "reviewing my account." Third time, they said they can split my payments so that I would pay less a month. What? So I can pay twice as long with the, still high, APR? Then, of course, they drop my call again when I told them that sounds crazy.
If you don’t have discover I highly recommend them. It’s super easy to contact them through their secure message center on the mobile app. I started off with them at a 22.99% and now I was able to get it down to 13.99%. The rep herself told me I can contact every 6 months and renegotiate the interest rate so I did until I brought it down to the minimum offered for that specific card. Capital one however did not lower it for me.
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