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Any luck in getting interest rates revisited and reduced with Chase?

Frequent Contributor

Any luck in getting interest rates revisited and reduced with Chase?

I have a CSP at 15%, and for some reason, my Freedom is at 28%.   I do sometimes carry a balance, so I'd like to get that interest rate down!  Any thoughts?  I called about 6 months ago and they told me they review every few months and then make changes based on their review. I am not sure what their formula is, and would love some thoughts on this so that I can work on a game plan to get this down.

 

Thanks so much!  This board is the best.  Smiley Happy

WOW! EQ when I joined myFICO: 657. Ups and downs and a few bumps and bruises, but finally back over 700. Whew!

4 REPLIES
Valued Contributor

Re: Any luck in getting interest rates revisited and reduced with Chase?


LisaJ wrote:

I have a CSP at 15%, and for some reason, my Freedom is at 28%.   I do sometimes carry a balance, so I'd like to get that interest rate down!  Any thoughts?  I called about 6 months ago and they told me they review every few months and then make changes based on their review. I am not sure what their formula is, and would love some thoughts on this so that I can work on a game plan to get this down.

 

Thanks so much!  This board is the best.  Smiley Happy


That sounds like a penalty rate.  Did you miss a payment or something?

Frequent Contributor

Re: Any luck in getting interest rates revisited and reduced with Chase?


LisaJ wrote:

I have a CSP at 15%, and for some reason, my Freedom is at 28%.   I do sometimes carry a balance, so I'd like to get that interest rate down!  Any thoughts?  I called about 6 months ago and they told me they review every few months and then make changes based on their review. I am not sure what their formula is, and would love some thoughts on this so that I can work on a game plan to get this down.

 

Thanks so much!  This board is the best.  Smiley Happy


The CARD Act requires lenders to periodically review accounts every six months for interest rate reductions. What Chase fails to tell you is that these mandated reductions will only apply to accounts which were facing the penalty APR but are now in good standing. I have had senior Chase account representatives tell me that the only way to get an APR reduction on an account in good standing is to close the account and re-apply.

Established Contributor

Re: Any luck in getting interest rates revisited and reduced with Chase?

Last weekend I tried on all my cards Boa sig 20.99 to 10.9 NFCU. 15.99 to 13.99 PSECU 10.0 Barclays ring 8.0 Discover 20.9 to 15.9 Discover waited a few days then sent me a email.
Experian® 808/Equifax® ?/TransUnion® 810
Baddies Experian® clean/Equifax® 1/TransUnion® Clean
Last CLI 6-13-2013
Total Credit $121,190.00
Goal 780!
Highlighted
Valued Contributor

Re: Any luck in getting interest rates revisited and reduced with Chase?

How did u do on your Discover !??? I'd love o get mine reduced in a near future. How long did u had your card btw !????

Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k