Any tips on how to get a rate reduction from Chase and Discover

[Anonymous]

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@haulingthescoreup wrote:

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@armywifey85 wrote:

USAA is giving out 4% right now guess the credit crisis isn't hurting them thank god !!

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FWIW, I just got a letter from them yesterday saying that they were raising the basic rate on all their cards to 11.99%, and that it was unrelated to the status of one's individual credit.

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I got the same exact letter. It is only for my MC and not my Amex (yet) I called today to get property insurance and asked a few questions concerning this letter when they transferred me. She said my Amex is new, so it may eventually end up with the higher apr. Right now it is prime +3.99

[score_building]

@Anonymous wrote:

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Thanks, I gave it a try and Chase gave me the usual "we're sorry but that's the lowest we can offer, call back in a few months". Discover was more helpful, they lowered it from 16.99% to 14.99%. Not a whole lot but definately helpful.

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congrats!  even a modest reduction can help you pay down faster.  if you continue to make good progress you may find you are able to receive further reductions over time.

you mentioned that you were submitting a rate reduction request for the first time, how long have you had your discover card?  were you required to fill out a form receieved by snail mail in order to complete your apr reduction request as indicated by PP.