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Frequent Contributor
Posts: 277
Registered: ‎05-27-2009
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Chase Freedom Lower Interest?

[ Edited ]

I opened a Chase Freedom card in December 2011. It has a $2000 limit and ridiculous interest rate 22.9%. The sad part is that it has the lowest interest rate on any of my cards. I never cared about the interest rate too much because I never carried a balance. Well, I'm carrying a balance now, just on this card. :smileyembarrassed: and want to try to lower the interest rate. 

 

I'm not sure what my FICO score is right now, but I think it's higher than what it was when I opened the account .

 

How is Chase with lowering interest rates? I don't care that much about a hard pull right now.

 

Would I have more of a shot with Capital One?

Current Cards: Banana Republic Visa ($5,300), Chase Freedom ($2,000), Discover It ($11,500), Amex Costco True Earnings ($5,000), Chase Slate ($2,500)
Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
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Re: Chase Freedom Lower Interest?

Ckeck out your FAKO on credit karma. Let us know the stats on your report. Utilization, AAoA, ect.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
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Re: Chase Freedom Lower Interest?

Depending on your credit profile info, you might be able to get a low interest card or a card with an intro apr.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Valued Contributor
Posts: 2,110
Registered: ‎12-29-2011
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Re: Chase Freedom Lower Interest?

You never know until you call. Given you are already a customer, Chase should have no problem lowering your APR for a period to give you time to pay off your balances.

The truth is out there...
FICO scores: 764 (EQ) 732 (EX) 757 (TU) 9/14 | Goal score: 750+ (all 3)
Tradelines: Capital One QS NPSL (5.0k) | Discover IT (6.0k) | Walmart Mastercard (5.0k) | Chase Freedom NPSL (7.3k) | Citi Simplicity (9.3k)






Established Contributor
Posts: 631
Registered: ‎07-29-2010
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Re: Chase Freedom Lower Interest?

Good luck!

 

Right before the CARD Act went into effect, Chase raised the APR on my Freedom from 12.24% to 24.24% for no reason, and almost 2 years later its still at 24.24% and they refuse to lower it when I call and ask.

 

That card is now SD'd and hasn't been used in over a year and a half. They can close it for non-usage for all I care.

Discover IT $25K | FNBO Visa $22K | Citi Forward $14.5K | US Bank Cash+ Visa Sig $15K | Priceline/Barclays $10K | Chase Freedom $10.5K | Amazon/Chase Visa Sig $8.3k | Citi Double Cash $6.5K | BoA Cash Rewards 1-2-3 Sig $7.5K | Sallie Mae World MC/Barclays $5K | Capital One Cash Rewards $5K | Commerce Bank $5K | WF Cash Back Visa $3.6K | Amazon/GEMB $2.5K | Younkers/Comenity $2.4K | AMEX BCE $2K Target $1K | AMEX Green
EX FICO (from AMEX): 754, TU08 FICO (from Discover): 755, AAoA: 3.6 years
Frequent Contributor
Posts: 358
Registered: ‎06-25-2012
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Re: Chase Freedom Lower Interest?


JustMe77 wrote:

How is Chase with lowering interest rates? I don't care that much about a hard pull right now.

 

Would I have more of a shot with Capital One?


Chase will NOT touch your interest rate. Right before the CARD Act passed, they switched most people from lower, fixed APRs to higher, variable APRs to protect themselves. They review accounts every 6 months to see if they qualify for an APR reduction, but the only reductions they actually grant are for people with the penalty APR who have since brought their account into good standing.

 

You would absolutely have more of a shot with Capital One. I have had luck getting my interest rate temporarily and permanently reduced on more than one occasion with them. Discover is also good about temporary and permanent APR reduction.

Valued Contributor
Posts: 1,597
Registered: ‎09-15-2012
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Re: Chase Freedom Lower Interest?

If the balance is going to stay for a while, you might want to consider a 0% Balance Transfer offer from another card issuer.  You said that the HP doesn't bother you, so why not find another card?  I don't know of an issuer off the top of my head with a 12 or 15 month 0% Balance Transfer offer, but I'm sure others can help you out with that.


In My Wallet: Amex BCP (12/12) $32,000, Cap1 Quicksilver (6/12) $14,000, Chase CSP (4/14) $12,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Senior Contributor
Posts: 6,242
Registered: ‎08-16-2012
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Re: Chase Freedom Lower Interest?

Id ask em to lower it.. Maybe call the backdr num
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