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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.
"Also, they credited me almost $350 in back interest."
Now I am ticked to hear that. I got squat.
@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
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.
Thanks tk, you inspired me. I sent a secured message and pc'ed to Freedom.
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.
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.
@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
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!