Credit Cards

[teenastie]

I recently received a letter in the mail today from my CU...

Dear Tee Nastie,

Federal regulations require all issuers of credit cards to peridically conduct account reviews and positively adjust interest rates based on improvements to an individual's credit profile or market conditions.

We recently completed this review for your CU Platinum Credit Card account, and are pleased to inform you that we have lowered your interest rate. The changes to your credit card account ending in XXXX are outlined below.

Important Changes to Your Account terms

APR for Purchases and Balance Transfers                    12.24

Woohoo! This was formerly a 16.99% apr!!! I won't call them for anything as they require a HP for any customer initiated changes. The last time they reviewed my account (about 18 months ago) they closed it! I begged them to open it and promised that I would get a better hold of the account. I'm very pleased with this information.

Now I have one question...

Is it true that all CC issuers are required by federal regulations to review accounts and adjust interest rates as it states in the letter?

[FrugalRican]

I don't think I've ever had an auto APR reduction. But congratulations!

[LS2982]

@teenastie Big Congrats!! I think it would e true if they put it on paper with letterhead!

[teenastie]

Thanks guys! I asked becuase I have a big beef with DW's Chase CC if this is fact! She was ratejacked to 29.9% apr during the credit crunch and it hasn't budged. She had a few card balance chase her in 2009 killing her utl. She has sinced rebounded and has a 730 FICO but still has a 29.9% apr.

[LS2982]

Ouch! Has she talked to Chase about lowering it?

[tubesock]

I had a similar situation in 2009. I was getting a new credit card from my CU which did require a HP. Once they saw my 754 EQ score, they gave me the limit I asked for and reduced my car loan interest rate from 9.95% to 5.9%. 

You didn't have to have a HP. That's awesome and congratz!

[crunching_numbers]

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teenastie wrote:

I recently received a letter in the mail today from my CU...

Dear Tee Nastie,

Federal regulations require all issuers of credit cards to peridically conduct account reviews and positively adjust interest rates based on improvements to an individual's credit profile or market conditions.

We recently completed this review for your CU Platinum Credit Card account, and are pleased to inform you that we have lowered your interest rate. The changes to your credit card account ending in XXXX are outlined below.

Important Changes to Your Account terms

APR for Purchases and Balance Transfers                    12.24

Woohoo! This was formerly a 16.99% apr!!! I won't call them for anything as they require a HP for any customer initiated changes. The last time they reviewed my account (about 18 months ago) they closed it! I begged them to open it and promised that I would get a better hold of the account. I'm very pleased with this information.

Now I have one question...

Is it true that all CC issuers are required by federal regulations to review accounts and adjust interest rates as it states in the letter?

---

Well? I want to know that as well.  Where is Robert, guru of all things credit rule related?

[crunching_numbers]

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FrugalRican wrote:

I don't think I've ever had an auto APR reduction. But congratulations!

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B of A reduced DH's Royal Caribbean CC towards the end of last year. When I started this agressive paydown in January, and I listed out the APR's, he was like, since when is Royal Caribbean at 9.99%. He didn't even know they did it, no letter or anything, just lowered it.

[aftermath]

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teenastie wrote:

Thanks guys! I asked becuase I have a big beef with DW's Chase CC if this is fact! She was ratejacked to 29.9% apr during the credit crunch and it hasn't budged. She had a few card balance chase her in 2009 killing her utl. She has sinced rebounded and has a 730 FICO but still has a 29.9% apr.

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That is preposterous!  CAPS LOCK RED BOLD THEM TO DEATH!

[Idiotsavant]

Congratulations!