AMEX APR Reduction Denial question

[Anonymous]

Hi there,

I have a good relationship with AMEX, I have a PRG with pay over time, and a BCE with a 13% APR.  I used the online chat today to ask for a reduction on my HHonors Surpass (2 yrs old) and my SPG card (2 months old) (both currently at 19%) and was told by the friendly rep that the system stated that this was currently the lowest rate I was eligible for on both cards...

Should I call in and inquire?  Is there any way around this?  I don't want a crazy APR adjustment, down to 16% would be just fine..

Thanks!

[Uncle_Money]

No harm in trying. The online chat reps are indeed friendly but have no authority to make those type of decisions. Of course, a call isn't a guaranteed reduction, however, you have a better chance than using the online chat. Call.

UM

[Anonymous]

All accounts are reviewed every 6 months by the global credit administration and whenever their criteria has been met (nobody but them knows what the criteria is), they load the lower APR into the customer service system which the agents can simply activate. Unfortunately, calling in will yield the same results as live chat. I would suggest inquiring again in ~6 months. Tenure, and good charge and payment history will usually lead it to be lowered over time.

[Imperfectfuture]

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@Uncle_Money wrote:

No harm in trying. The online chat reps are indeed friendly but have no authority to make those type of decisions. Of course, a call isn't a guaranteed reduction, however, you have a better chance than using the online chat. Call.

UM

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ALL my amex apr reductions were done over chat.  It is the recommended process over calling (a search will show).  The two month old card MAY be holding OP back.

[14Fiesta]

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@Anonymous wrote:
All accounts are reviewed every 6 months by the global credit administration and whenever their criteria has been met (nobody but them knows what the criteria is), they load the lower APR into the customer service system which the agents can simply activate. Unfortunately, calling in will yield the same results as live chat. I would suggest inquiring again in ~6 months. Tenure, and good charge and payment history will usually lead it to be lowered over time.

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I'm assuming this is a department within AMEX, but I just want to clarify that with you because "global credit administration" sounds like a branch of the Government haha. 

[Anonymous]

Lol yes it's a unit within American Express. ^_^

[takeshi74]

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@Anonymous wrote:

I have a good relationship with AMEX, I have a PRG with pay over time, and a BCE with a 13% APR.  I used the online chat today to ask for a reduction on my HHonors Surpass (2 yrs old) and my SPG card (2 months old) (both currently at 19%) and was told by the friendly rep that the system stated that this was currently the lowest rate I was eligible for on both cards...

Should I call in and inquire?  Is there any way around this?  I don't want a crazy APR adjustment, down to 16% would be just fine..

APR reductions are based on your credit profile.  Do not rely on "relationship".  Credit decisions are never based solely on the accounts you hold with a given creditor.  Your entire credit profile always matters.  If you don't qualify for an APR reduction then you need to identify the creditor's concerns with your credit profile and see if you can work on addressing them.

[Anonymous]

Amex offers rates well into the single digits, but generally one's credit profile, which is more than just credit scores, needs to be strong. Two years of Amex card history is little. As already mentioned, wait 6 months and try asking again.

A reduction from 19% to 16% isn't going to make much difference unless you're regularly carrying a largish balance from month to month. For say $5,000, the 3% difference equates to about $13 per month. Not a huge savings unless you're intending to revolve a decent size balance for a long period of time. In such a scenerio, if payment-in-full, at least most months, isn't feasible, seeking out a card with a low to zero interest balance transfer promo would be more worthwhile.