Credit Cards Center Credit cards from our partners
Reply
Regular Contributor
Posts: 181
Registered: ‎08-09-2012
0

APR reduction. My experience

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!



What's in my wallet:



Left to right:
NPSL ($10k approved)
$5k (EMV - Chip & PIN)
$7k (Visa Sig + EMV)
$7.5k (WEMC)

Transunion FICO: 709 (8/13/12) -> 740 (9/24/12)
Credit Karma: 772 (11/24/13)
Credit Sesame: 755 (11/5/13)
Valued Contributor
Posts: 2,789
Registered: ‎10-10-2012
0

Re: APR reduction. My experience

Congrats on the reduction! Did they say if it was a permanent or temporary reduction? I have a Citi account at 29.99% despite perfect payment history. Have been thinking of trying for a reduction but as long as I PIF it really hasn't been my priority.

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 816 EX 780 TU 823
App free since 4/11/13
Highlighted
Regular Contributor
Posts: 181
Registered: ‎08-09-2012
0

Re: APR reduction. My experience

It's a permanent reduction. At 29.99% I'd definitely say it's worth a shot. You may not need to carry a balance now, but you never know when the time might come! I wasn't expecting to but then my DGF came along an it's worth the interest to put a ring on her finger!



What's in my wallet:



Left to right:
NPSL ($10k approved)
$5k (EMV - Chip & PIN)
$7k (Visa Sig + EMV)
$7.5k (WEMC)

Transunion FICO: 709 (8/13/12) -> 740 (9/24/12)
Credit Karma: 772 (11/24/13)
Credit Sesame: 755 (11/5/13)
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.