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Regular Contributor
ramblin_wreck08
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
Epcot
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
Regular Contributor
ramblin_wreck08
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)

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