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Can anyone here please tell me if this is true. I called one of my Banks to ask for a APR reduction, and she said that under the Obama Credit Card act, it is in fact impossible for the Bank to lower the APR, Is this true? I told her that to me that sounded crazy, but I really want to get some clarification on that subject, any input/info would be greatly appreciated. Thank you.
Update: I called a second time and this time, this lady knew her stuff. She clarified to me that, the Bank can reduce APR, but only on Computer generated reviews that are conduted every six months. She said that their internal Policy doesn't allow for Manual Reviews/reductions........ Thanks to those of you who took time and replied to my question.
I don't know any specifics on legislation, but Barclay's lowered my interest rate back in April.
I think someone at your bank was misinformed. JMHO.
You can't always take what CSRs say as fact. They are frequently undertrained. You can ask for an APR reduction on your credit card. I asked for one from Bank of America and they reduced my rate from 20.9% to 9.9%.
@pt310 wrote:I don't know any specifics on legislation, but Barclay's lowered my interest rate back in April.
I think someone at your bank was misinformed. JMHO.
I thought it could be done, but she insisted that they can't due to that Credit Card reform. I am just trying to find out about that, before I call back. To me it just doesn't make any sense, the research I did suggests to me that the Banks can't just hike your APR for the heck of it, but I couldn't find any info on lowering it.... Maybe someone else in here will have some more info on this subject. Thanks
@lithium78 wrote:You can't always take what CSRs say as fact. They are frequently undertrained. You can ask for an APR reduction on your credit card. I asked for one from Bank of America and they reduced my rate from 20.9% to 9.9%.
This was their Credit Analyst, she basically said, that under that reform, USAA Can't do that anymore.
regardless of the law you can ALWAYS ask
@TG76 wrote:
@pt310 wrote:I don't know any specifics on legislation, but Barclay's lowered my interest rate back in April.
I think someone at your bank was misinformed. JMHO.
I thought it could be done, but she insisted that they can't due to that Credit Card reform. I am just trying to find out about that, before I call back. To me it just doesn't make any sense, the research I did suggests to me that the Banks can't just hike your APR for the heck of it, but I couldn't find any info on lowering it.... Maybe someone else in here will have some more info on this subject. Thanks
I can imagine that it is an internal policy, rather than any law! What IS true, as you say, is that it is much harder now for banks to increase the interest rate (apart from movements in any linked index). This means that reducing the APR is a little more risky, as they cannot change it back quickly, but nothing in the CARD act prevents downward movement, AFAIK.
Clearly, the "credit analyst" doesn't know what she's talking about, because I asked for and received my APR reduction only last month.
I don't think this is true because I had 2 of mine lowered down to 6% for a period of one year when they were previously at 15% & 17%.
@TG76 wrote:
@lithium78 wrote:You can't always take what CSRs say as fact. They are frequently undertrained. You can ask for an APR reduction on your credit card. I asked for one from Bank of America and they reduced my rate from 20.9% to 9.9%.
This was their Credit Analyst, she basically said, that under that reform, USAA Can't do that anymore.
Ahhhh that's the problem. USAA is terrible.