Chase Penalty APR

[Autumnslight]

I got stuck with Chase's penalty APR of 29.99% on my Slate card over a year ago, because I went over my credit limit. I'm carrying a balance of about $2,800/$3,800, so  74%, on the card. But, the balance is from a 0% balance transfer offer I had gotten, so I'm not actually paying any interest on it! Regardless, I'm really annoyed by this card right now.

I've called the number on the card a couple of times, and asked about getting the APR reduced, and every time was told that they review the account every six months to decide whether to reduce the rate, and there's nothing else they can/will do about it.. The last review was 7/30/12, so they won't review it again until January 2013! And they can't even give me any reason why my rate still hasn't been reduced!

I'm kind of stuck, because I've got this 0% balance transfer, so I don't really want to close the card. But 29.99% is insane, just on principal! Plus, I want to PC to Freedom, but they're telling me I'm not eligible, although they can't tell me why. I'm guessing maybe because of the penalty APR flag.

Would calling a back door number possibly help for this? I feel like they're never going to get rid of this penalty APR.

[slarano]

I have two Chase cards in their penalty APR, been there since ~2009. No movement since...

[trumpet-205]

Are you paying on time for 6 consecutive months?

[jsucool76]

I was under the impression that under the new CARD act if you made on time payments for 6 months that your rate has to be reduced back down. I guess I was wrong D: 

[Autumnslight]

My payments have all been on time. The CARD acts requires them to reduce the APR after six consecutive on-time payments, but only for purchases made prior to the penalty rate. They can keep the penalty rate in place for new purchases indefinitely. So, I'm not actually paying interest, as my only balance is from the 0% transfer. But if I bought something tomorrow and didn't pay it in full immediately, then I'd be paying 29.99% on that balance. Very, very annoying.

[trumpet-205]

---

@Autumnslight wrote:

My payments have all been on time. The CARD acts requires them to reduce the APR after six consecutive on-time payments, but only for purchases made prior to the penalty rate. They can keep the penalty rate in place for new purchases indefinitely. So, I'm not actually paying interest, as my only balance is from the 0% transfer. But if I bought something tomorrow and didn't pay it in full immediately, then I'd be paying 29.99% on that balance. Very, very annoying.

---

Correct. You could file a complaint at CFPB.

[Autumnslight]

But they're in compliance with the CARD act, so I don't think I'd have any valid basis for a complaint? I'm annoyed they won't reduce the rate, but they're not required to. That's why I was wondering if a backdoor credit analyst might be able to help me with this.

[DeadSpider]

Yuuuuup im stuck at 29.99. I had WAMU card that switched to Chase and my APR went from around 13 to 29.99.

I just use it as debit card and PIF.

[jamesdwi]

Pay it down, when its nearly done call the backdoor number or perhaps retentension team, if they don't reduce it, introduce the card to the shredder and close it. Wait 6 months and re-app when they have a $200 for spending X dollar deal.  Also app for another card that takes its place in the mean time perhaps something from citi

[DeadSpider]

Last time i called was told will review your file in 6 months bla bla bla.