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Chase Freedom 29.99% APR Indefinitely??? CSP?

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mark293
Regular Contributor

Re: Chase Freedom 29.99% APR Indefinitely??? CSP?

I have an old Chase Rewards MC that I probably need to PC to another product. During a brief period of financial uncertainty about 3 years ago I spent over my 10k limit. Bam, my APR went from 9.99% to 29.99%. Keep in mind I had never been late with a payment. I called a CSR to complain and they told me to go pound sand. About a year later the APR went back down to its original 9.99%. If I didnt want to obtain that cute little CSP in the near future,  I would tell Chase where they could stick it. As someone pointed out, time heals all wounds. Unfortunately, Chase makes mint while you lick your wounds.

Capital One Venture- $30,000, CSP- $29,500, PenFed Promise Visa- $26,000, NASA Federal Credit Union Platinum Visa- $25,000, NASA Federal Credit Union PLOC- $25,000, Amex BCE- 23,500, Merrill +- $23,000, Western Federal Credit Union PLOC- $20,000, OCCU Platinum Visa- $20,000, Randolph Brooks Federal Credit UnionPlatinum Visa- $20,000, Security Service Federal Credit Union PLOC- $20,000, Security Service Federal Credit Union MasterCard- $15,000, Allied Credit Union Visa- $15,0000, BBVA NBA Amex $15,000, Houston Police Federal Credit Union Platinum Visa- $15,000, Amex PRG NPSL, Discover IT- $14,300, DCU Platinum Visa- $10,000, Smart Financial CU Platinum MC- $10,000, Citi Hilton Honors Visa- $7500, USAA Platinum Visa- $7000, GEMB/Dillard's-$7500.00, GEMB/JCP-$10,000
Message 11 of 26
Kozmo
Frequent Contributor

Re: Chase Freedom 29.99% APR Indefinitely??? CSP?

Depending on when they enacted the penalty they can easily remove it.

I know because I was in the same position last year. I had like a 28% penalty apr for years. Finally I got fed up and contacted the EO. Within a week the penalty APR on BOTH of my freedom accounts was dropped. One to 9.99% and the other to 11.99%.

And my credit was sub par at best.

Also, they credited me almost $350 in back interest.

So have some hope my friend.
Message 12 of 26
mark293
Regular Contributor

Re: Chase Freedom 29.99% APR Indefinitely??? CSP?

"Also, they credited me almost $350 in back interest."

Smiley Frustrated Now I am ticked to hear that. I got squat.

Capital One Venture- $30,000, CSP- $29,500, PenFed Promise Visa- $26,000, NASA Federal Credit Union Platinum Visa- $25,000, NASA Federal Credit Union PLOC- $25,000, Amex BCE- 23,500, Merrill +- $23,000, Western Federal Credit Union PLOC- $20,000, OCCU Platinum Visa- $20,000, Randolph Brooks Federal Credit UnionPlatinum Visa- $20,000, Security Service Federal Credit Union PLOC- $20,000, Security Service Federal Credit Union MasterCard- $15,000, Allied Credit Union Visa- $15,0000, BBVA NBA Amex $15,000, Houston Police Federal Credit Union Platinum Visa- $15,000, Amex PRG NPSL, Discover IT- $14,300, DCU Platinum Visa- $10,000, Smart Financial CU Platinum MC- $10,000, Citi Hilton Honors Visa- $7500, USAA Platinum Visa- $7000, GEMB/Dillard's-$7500.00, GEMB/JCP-$10,000
Message 13 of 26
RonDawg
Contributor

Re: Chase Freedom 29.99% APR Indefinitely??? CSP?


@Laugh wrote:
Really?

Has anyone received an apr other than 15.24%? I think it has more to do with the prime rate.

Sorry. On the iPad so I can't quote.

mine is 15.24 however this is not fixed at all, Chase can raise or lower the APR at anytime.  The set apr for approval is 15.24% at this time. These days the going rate for travel rewards cards seems to be 15.24% at least from what I have seen anyways.

 

In banking these days it seems that FIXED Rate APRs are a thing of the past.

 

Though I do have a US Bank Visa card that has been at 7.99% for about 6 Years now.  I had it product changed to the CASH + Card, so yeah I have the Cash + card with a 7.99% APR lol

AMEX Platinum, AMEX Blue cash (10k), AMEX Delta (10k), US Bank Premier Line (14.5k), US Bank Cash + (7.5k), Chase Freedom (5k), Fred Meyer Rewards Visa (7.5k), US Bank Flex Perks Travel Rewards (5k), Discover IT (9.5k), Chase Sapphire Preferred (8k), Alerus Financial Visa Signature issued by Elan (10k), BofA Cash Rewards (10k), Citi Thankyou Pref (6.5k) TU FICO Score = 807, EQ FICO Score = 780, EX FICO Score = 780,
CreditKarma score = 785, CreditSesame score = 773, Vantage = 903
Message 14 of 26
romey050500
New Contributor

Re: Chase Freedom 29.99% APR Indefinitely??? CSP?

My Chase freedom is 29.99%, I had 6 30 day lates on it. WHOOPS!!!!!!!  Anyway, I applied for and got approved after recon for the CSP, and I have 15.24% APr on it.

NFCU Flagship Visa 25k - Pentagon FCU Platinum Visa Signature 20k - USAA World MasterCard 10k - USAA American Express 10k - BoA 3, 2, 1 Card 10k - Southwest RR 8.5k - CSP 5k - Chase Freedom 2k - Discover It 2k - Barclay's Arrival 2.5k - NFCU Cash Rewards 2k - Military Star 5.8k - American Express BCP 2k - American Express PRG NPSL
Message 15 of 26
mark293
Regular Contributor

Re: Chase Freedom 29.99% APR Indefinitely??? CSP?

Thanks tk, you inspired me. I sent a secured message and pc'ed to Freedom.

Capital One Venture- $30,000, CSP- $29,500, PenFed Promise Visa- $26,000, NASA Federal Credit Union Platinum Visa- $25,000, NASA Federal Credit Union PLOC- $25,000, Amex BCE- 23,500, Merrill +- $23,000, Western Federal Credit Union PLOC- $20,000, OCCU Platinum Visa- $20,000, Randolph Brooks Federal Credit UnionPlatinum Visa- $20,000, Security Service Federal Credit Union PLOC- $20,000, Security Service Federal Credit Union MasterCard- $15,000, Allied Credit Union Visa- $15,0000, BBVA NBA Amex $15,000, Houston Police Federal Credit Union Platinum Visa- $15,000, Amex PRG NPSL, Discover IT- $14,300, DCU Platinum Visa- $10,000, Smart Financial CU Platinum MC- $10,000, Citi Hilton Honors Visa- $7500, USAA Platinum Visa- $7000, GEMB/Dillard's-$7500.00, GEMB/JCP-$10,000
Message 16 of 26
HiLine
Blogger

Re: Chase Freedom 29.99% APR Indefinitely??? CSP?

Perhaps don't ever carry a balance on this card? I see that you have other cards with higher credit limits. If you have to carry a balance, you probably want to carry a balance on one of those instead.

Message 17 of 26
OnTheRebound
Established Contributor

Re: Chase Freedom 29.99% APR Indefinitely??? CSP?

The APR on my wife's Freedom (former Providian, WAMU) has always been high, like 20% plus. When Chase took over they immediately raised it to 29.24% where it sits now. I don't consider this a penalty APR because they had nothing to penalize her for. Always PIF and on time. Never over the limit. I think they considered Providian card holders high risk, which she probably was at the time about 14 years ago. Anyway, they could raise the APR to 100% if they want to because they never have and never will see a cent of interest from me. I use it because it's a great cash back card. I would have a big problem carrying a balance at 5% let alone 29.

 

Amex BCE $11.1 / Citi Diamond Preferred WMC $12K / Citi Double Cash WMC $3.8K / Comenity Total Rewards Visa $2.5K / Citi Home Depot $5K / AU- Amex BCP $12K / Chase Freedom Visa $11014.00 / PenFed Platinum Rewards Visa Signature $6K / GE Lowes $10K
myFico Scores on 10/03/2014
Eq 798 / Exp 811 / Trans 814
CCT Fico 08 on 1/3/16 - Trans 786 / Exp 793 / Eq 797
Message 18 of 26
HiLine
Blogger

Re: Chase Freedom 29.99% APR Indefinitely??? CSP?


@OnTheRebound wrote:

The APR on my wife's Freedom (former Providian, WAMU) has always been high, like 20% plus. When Chase took over they immediately raised it to 29.24% where it sits now. I don't consider this a penalty APR because they had nothing to penalize her for. Always PIF and on time. Never over the limit. I think they considered Providian card holders high risk, which she probably was at the time about 14 years ago. Anyway, they could raise the APR to 100% if they want to because they never have and never will see a cent of interest from me. I use it because it's a great cash back card. I would have a big problem carrying a balance at 5% let alone 29.

 


+1  Rewards cards are not designed for those wishing to carry a balance Smiley Happy

Message 19 of 26
tk_0014
Established Member

Re: Chase Freedom 29.99% APR Indefinitely??? CSP?

Dear Customer

Thank you for taking the time to contact us in regards to
the Annual Percentage Rate (APR) on the account.

I see that your account was reviewed and is currently at
the lowest available rate.

When we review an account for a lower rate, we follow this
process to determine if a lower rate is available:

* When the APR is increased on an account, that account
will be reviewed again after six billing cycles to
determine if a lower rate is available.
* These reviews consider a variety of factors, including
your use and management of this account and how you manage
your credit overall.
* If our review determines that a lower APR is available,
we'll automatically make the lower APR effective and
you'll see it on the following billing statement.
* If a lower APR isn't available for your account at the
time of our review, the account will be reviewed again in
six months.

I apologize as I was unable to comply with your request.
If you have any further questions, please reply using the
Secure Message Center.

Thank you,

Customer Service Specialist

 

 

Reply to my complaining secure message.

 

However, somewhat brighter news, I did get a number for lending services office concerning this from the CSR that expedited my new CSP, with the 15% APR.


 I pointed out to her that it appeared my relationship with chase was pretty good if I got instantly approved for the CSP, and I should probably deserve a non penalty APR and she agreed! She said I had another six month review coming up "very soon" so I guess I will keep PIF and cross my fingers.

 

Maybe Monday I will talk to the lending service office, but I don't think I'll feel too bad if they will not do anything about it, sounds like it will be sorted out soon.

 

Can't be too mad at them anymore with my shiny CSP anyway...

 

Thanks everyone for the info! This site is amazing!

MyFICO (4/13) EQ score 733 CK TU score 6/13 754 FCR EX 4/13 736

CU overdraft protection CL $500 Freedom $3000 CSP $8000 BofA 123Cash Reward $3000 C1 QS1 $1250, C1 QS $5500 PP Cred $2950 Amex BCP $19500 DISC IT: $14,100 Home Depot $8000
Message 20 of 26
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