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TG76
Posts: 58
Registered: ‎09-22-2009
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Asking your Bank for an Interest Rate reduction?????

[ Edited ]

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.

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pt310
Posts: 380
Registered: ‎05-03-2013
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Re: Asking your Bank for an Interest Rate reduction?????

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.



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lithium78
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Registered: ‎07-30-2011
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Re: Asking your Bank for an Interest Rate reduction?????

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%.


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TG76
Posts: 58
Registered: ‎09-22-2009
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Re: Asking your Bank for an Interest Rate reduction?????


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

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TG76
Posts: 58
Registered: ‎09-22-2009
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Re: Asking your Bank for an Interest Rate reduction?????


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.

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Mellon
Posts: 341
Registered: ‎08-31-2007
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Re: Asking your Bank for an Interest Rate reduction?????

regardless of the law you can ALWAYS ask:smileywink:

 

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longtimelurker
Posts: 7,228
Registered: ‎04-22-2013
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Re: Asking your Bank for an Interest Rate reduction?????


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.

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lithium78
Posts: 929
Registered: ‎07-30-2011
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Re: Asking your Bank for an Interest Rate reduction?????

Clearly, the "credit analyst" doesn't know what she's talking about, because I asked for and received my APR reduction only last month.


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mt2va
Posts: 532
Registered: ‎03-20-2009
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Re: Asking your Bank for an Interest Rate reduction?????

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%. 

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unc0mm0n1
Posts: 407
Registered: ‎03-05-2013
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Re: Asking your Bank for an Interest Rate reduction?????


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.

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