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New Contributor
Posts: 52
Registered: ‎12-02-2008
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Chase/WaMu Card: How to Get a Lower Interest Rate?

[ Edited ]

Today my wife tried again to get her rate lowered on her Chase (formerly WaMu/Providian) card that currently has a 31.99% interest rate. She's been paying on it like crazy for a couple years (on time) and every time she has tried they tell her that they can't help her. Today we were thinking maybe since it's Chase now that they would help, but the person said that they are not authorized to do that and the supervisor is not either... they said she could write a letter to try, and either mail or fax it.

 

Any advice on how to go about this? I didn't see a real back door number listed for them. What sort of letter would be most effective?

 

FYI: she got denied for other cards to do a transfer, probably because her UTIL is high...

Message Edited by McHoffa on 05-13-2009 08:55 PM
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Regular Contributor
Posts: 104
Registered: ‎08-01-2008
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Re: Chase/WaMu Card: How to Get a Lower Interest Rate?

If you have any success with this issue please keep us updated. My wife and I have the same problem with the same interest rate and same companies. I didn't mind so much dealing with WaMu but I absolutely hate Chase right now. Interest on our old account was 18 and after the conversion it is now 31.99. Never late never overlimit. Wouldn't budge on lowering ours either. Best of luck dealing with the loan sharks.
New Contributor
Posts: 54
Registered: ‎07-16-2008
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Re: Chase/WaMu Card: How to Get a Lower Interest Rate?

I have had no luck with this.
I got rate jacked from 9.99 to 17.99 to 26.99 for NO REASON!
I have called Wamu (before Chase took over) they said no.
I have called Chase 2x they said no and I wrote a letter and got a reply I have the lowest % for my card at the time.
Established Contributor
Posts: 586
Registered: ‎03-03-2009
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Re: Chase/WaMu Card: How to Get a Lower Interest Rate?

Chase raised my APR from 16.24% to 17.24% when they converted my WaMu card to a Chase card. It may not be a big deal but I will throw it into the sockdrawer if they ever stick me with a default rate for no reason.
New Contributor
Posts: 68
Registered: ‎09-20-2008
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Re: Chase/WaMu Card: How to Get a Lower Interest Rate?

Good luck with this ... I too had been ratejacked by WAMU before being bought out by Chase ...Chase was more than happy to convert the card over to one of their Chase products (I already had a Perfect Card) ...it took about 10 seconds and it was done ..however when I asked to lower the rate due to a unfounded rate jack they said they could not override the rate that was set by WAMU ...

 

I then told them to combine my card with my current Chase Card ... they left a $500 balance on the WAMU card and transferred the remaining credit ( I think it was 3-5k over to my PerfectCard)

 

I was satisfied ....

 

Still pisses me off that wamu rate jacked me but oh well ...they are gone and I am still buying and getting paid so oh well ...

New Visitor
Posts: 1
Registered: ‎05-29-2009
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Re: Chase/WaMu Card: How to Get a Lower Interest Rate?

I don't know if I am happy or if I should cry.  I have had the exact same experience.  31% out of the clear blue sky.  I was 5 days late on a September payment.  They told me I could request a review and adjustment after 6 months of on time payments.  I paid early and extra, and then started calling 3 months ago.  Each time the answer was the same...we don't have any offers for you at this time.   This is totally out of control.  What can we as a group possibly do to address this?  You are right.  I will never enter into any other agreement with Chase again.  My mom has a car payment through them; we called in January and very easily got her interest rate lowered.  But no luck with these WAMU accounts.
New Visitor
Posts: 1
Registered: ‎07-27-2008
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Re: Chase/WaMu Card: How to Get a Lower Interest Rate?

I too had a Washington Mutual Card. I had never been late and always paid more than the minimum.  This was a balance I transefered to this card about 3 years ago.  Now that it's Chase, I just got a notice that it's going up to 21.24%  from 14.56%.  I called and was told they can't help me. Even the supervisor can't help. I also told her that I have other cards that are 7.26% and that I don't understand why they charge 21.24% when other companies are so much lower. I was very nice told her thank you and good bye.  I'm looking for other ways to pay off the remaining balance and get out of Chase as well as warn others to stay away from Chase.  They are bad news!
Senior Contributor
Posts: 4,214
Registered: ‎09-12-2008
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Re: Chase/WaMu Card: How to Get a Lower Interest Rate?

[ Edited ]

emasta wrote:
I have had no luck with this.
I got rate jacked from 9.99 to 17.99 to 26.99 for NO REASON!
I have called Wamu (before Chase took over) they said no.
I have called Chase 2x they said no and I wrote a letter and got a reply I have the lowest % for my card at the time.

 

Actually there may be a reason.  Banks can use interest rates as a deterrent for carrying long term balances.  If the bank does not want a lot of balances, then higher APR will provide incentive to many to pay off as fast as possible and use the card more like a charge or debit card.

 

My rate moving from WAMU to Chase took the APR up to 29.99%.  And I confess that the strategy works....I don't carry a balance.

 

BUT, I prefer this method of the bank getting balances lower than that of BoA and AMEX who CLD to get the same job done.   If I had to pick between a higher APR and CLD/Balance chasing, I prefer the higher APR.

Message Edited by txjohn on 05-29-2009 06:10 PM

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New Contributor
Posts: 53
Registered: ‎05-25-2009
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Re: Chase/WaMu Card: How to Get a Lower Interest Rate?

I know you mentioned your wife got denied for other cards to do a bt. I had an apr of 27.99 on my Amazon chase due to a late payment in 2005. I called a few times without success to lower the apr, so I converted it to a Chase Freedom a few weeks ago and the apr is now is 12.24. Not sure if this would work for you but maybe worth a try?
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