As a longtime Capital One cardholder, I decided to call the company to see if I could get a better interest rate on one of my cards that still carries a balance. Upon calling customer service, an automated system prompts callers to enter in their account number before proceeding.
After entering in my number on the phone's keypad, the system provided basic information about my account and offered a menu of options, including making payments, checking transactions and accessing account details. The system also offers the option to say 'representative' to be immediately transferred to an agent.
I chose to speak with a rep and waited less than a minute to be connected. Once she was on the line, I explained my situation of paying off my remaining balance, and asked if there was an option for reducing my current interest rate as I pay down the card. Apparently, she was unable to help with this specific request and needed to transfer me to another department.
This was a slightly longer hold time than the first wait, but in about 5 minutes another rep was on the line. In another minute, I'd confirmed my personal information. I repeated my request, stating that I was trying to lower my interest rate while paying off the remainder of my card's balance. I also added that having been a longtime Capital One customer and making all my payments on time, I was hopeful that an offer was available.
The rep asked a few more questions about my account and current expenses before taking some time to search for a promotion or offer. I was placed on another quick hold. After about a minute, she returned to share that no offer was currently available to lower my rate, but I could call back in a month to check for possible promotions. This was discouraging, so I asked if there really was nothing they could offer, adding that another credit card company was just recently able to lower a rate for me. However, she explained that her hands were tired and she had no power to make any changes or adjustments.
Without wanting to press further, I thanked her for her time and ended the call. While the outcome was far from positive and not what I had hoped, I was glad to see that customer service agents are readily available and wait times aren't long when contacting Capital One for assistance.