Just wanted to share my experience getting an APR reduction in hopes that it helps some of you.
Background:
I've had a Citi Forward card since '09 and a Citi Dividend World MasterCard since '11. I have never missed a payment with them and have grown the relationship over the years. My 15 month, no interest promo on the Dividend just ran out so I decided to check my rate. To my surprise it was 16.99%. I have 15.74% on the Forward and just 9.99% on my PenFed card, so 16.99% seemed incredibly high. I checked current rates and found they offer as low as 12.99% on this card. Since I'm about to by an engagement ring and will have to leave some of it on a card, I wanted some of that.
The call:
I called in and told the rep that I wanted an APR reduction. I went on to explain that I have been a customer for 3+ years with a good track record - never missed a payment. I also told her that the Dividend card rate I currently have is 7% higher than what I have through another issuer (true - PenFed). She put me on hold for a minute and came back saying she found an offer on my account to reduce it to 14.99%. Did I want to do that? I said yes, thanked her, and that was that.
Result:
While I was hoping for 12.99%, I figured 14.99% is a start. I could have hit the $50 cash back threshold with a ring purchase on the card, but will have to place it on the PenFed for the 9.99% rate. At 12.99% I could have justified it for the month or two I held it on the card, as it will probably take a year for me to hit the threshold now (I hardly use the card anymore). At 14.99%, I don't think it's worth it. Anyway, just wanted to share.
Good luck to everyone who is thinking about asking for an APR reduction!
Amex BCP $20k | PenFed Platinum Rewards VS $16.5k | Amex HHonors $10k