APR reduction can be done

TiggerDat · ‎07-17-2015

I have 17 major credit cards and I make a point of asking for APR reductions occasionally on some of them. So a few days ago I decided to simply do the circuit and ask them all.

I got 7 permanent reductions and 4 temporary reductions.

Amex - 2 cads reduced, now at 14.99 (Hilton Honors) and 16.99 (BCP)

FNBO - reduced to 14.99

Discover -reduced to 17.24

Barclay Rewards - reduced to 17.24

Sallie Mae - reduced to 16.99

Citi Dividend - reduced to 20.99

Temporary reductions

APRs not listed here on them

3 Capital One Cards

Comerica/Elan also temporary

One card already at the lowest APR offered for that account for over a year: Marathon Visa.

No go's and will never lower it according to the CSRs

PayPal Masters Extra MC @ 23.99

No go's and possibly only with a HP

BofA

PNC

Chase

Didn't ask:

Huntington Voice - New card

The hardest of these to get lowered was the Barclay Rewards card which required me filing a case with them and getting a call back from an 'Account Manager'

So it can be done and everyone really should do it. Even if you PIF each month, you never know what the future might hold.

Most of the reductions were 3-4 points.

It is by will alone I set my mind in motion.....
Always follow these rules: Only take a HP for a new account. Always use the best rewards card for that reward category. Don't close a card unless you know you really should. Never use more than 35% of a credit limit. Recon as much and as best you can. Use the introductory period to the best advantage. Get the signup bonus. Whenever possible PIF or balance transfer so you pay less in interest. Never give an excellent rating when it is actually the norm. Always look for a discount as more is always better.
Always accept candy from strangers because they have the best candy or from people you know have good candy.

kdm31091 · ‎07-17-2015

Chase will never do it I know that much. Discover and Amex have reduced mine easily. Havent tried with Cap One yet but have heard they are tougher.

I just got my new Citi card so wont be asking anytime soon as its at 0 percent for 15 months anyway.

Comenity basically laughed and told me no. I get the feeling it will never happen w them.

kdm31091 · ‎07-17-2015

Any stories on US Bank reductions?

NRB525 · ‎07-17-2015

@kdm31091 wrote:
Any stories on US Bank reductions?

I called a few weeks go to get my first Cash+ reduced. They gave me a 6 month temporary reduction from 18.99% to 16.99%.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765

NRB525 · ‎07-17-2015

Congratulations OP, that's quite a list of reductions!

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765

kdm31091 · ‎07-17-2015

So I guess us bank is more into temp reductions, kinda like Capital One?

And yes OP. Great job!

TiggerDat · ‎07-17-2015

@kdm31091 wrote:
Any stories on US Bank reductions?
Comerica/Elan is basically US Bank, so I imagine the policies are the same. They told me they can only give reductions on a temporary basis. They did make it seem as if I called in again in six months when it is over, I can do it again. They are probably like CapOne, wanting you to forget when it is over so they can make more interest.

It is by will alone I set my mind in motion.....
Always follow these rules: Only take a HP for a new account. Always use the best rewards card for that reward category. Don't close a card unless you know you really should. Never use more than 35% of a credit limit. Recon as much and as best you can. Use the introductory period to the best advantage. Get the signup bonus. Whenever possible PIF or balance transfer so you pay less in interest. Never give an excellent rating when it is actually the norm. Always look for a discount as more is always better.
Always accept candy from strangers because they have the best candy or from people you know have good candy.

kdm31091 · ‎07-17-2015

Thats lame. Oh well. Discover is my lowest and assuming they keep reducing it, theyll remain my lowest.

I wonder what the bottom APR possible for an IT card is!

Anonymous · ‎07-17-2015

Nice job on the reductions!

Anonymous · ‎07-17-2015

well elan raised me from the 12.99 i had since 2009 to 18.99 so they better permanently reduce it soon..