@crunching_numbers wrote:I called Chase to see if they would reduce the APR on the Freedom card that I have had since 2009. They told me no, and that the only APR reductions they are doing at this time are for people that had their APR's increased. He told me to try back in 4-6 months, and that maybe something might have changed by then. I have hardly any balance on the card at this time either. I just wanted a little love.
Sorry, but JPMC has to recoup some of the $2,000,000,000 ( give or take a few billion ) that they recently seem to have misplaced 
@pizzadude wrote:
@crunching_numbers wrote:I called Chase to see if they would reduce the APR on the Freedom card that I have had since 2009. They told me no, and that the only APR reductions they are doing at this time are for people that had their APR's increased. He told me to try back in 4-6 months, and that maybe something might have changed by then. I have hardly any balance on the card at this time either. I just wanted a little love.
Sorry, but JPMC has to recoup some of the $2,000,000,000 ( give or take a few billion ) that they recently seem to have misplaced
It was actually an $800,000,000 mark-to-market (unrealized) net loss for that single JPMC business unit (CIO), and as a company they will still likely make close to $20,000,000,000 this year alone on over $2,250,000,000,000 in assets (yes, trillion).
This whole news story and now FBI investigation is a little ridiculous in the grand scheme of things. Given the size of the trade, the MTM loss was around 50 bps. No client money was at play, and no taxpayer money was at play. Unfortunately, most people are too stupid/uneducated to understand, especially in Congress. /endrant
@bribro wrote:
@pizzadude wrote:
@crunching_numbers wrote:I called Chase to see if they would reduce the APR on the Freedom card that I have had since 2009. They told me no, and that the only APR reductions they are doing at this time are for people that had their APR's increased. He told me to try back in 4-6 months, and that maybe something might have changed by then. I have hardly any balance on the card at this time either. I just wanted a little love.
Sorry, but JPMC has to recoup some of the $2,000,000,000 ( give or take a few billion ) that they recently seem to have misplaced
It was actually an $800,000,000 mark-to-market (unrealized) net loss for that single JPMC business unit (CIO), and as a company they will still likely make close to $20,000,000,000 this year alone on over $2,250,000,000,000 in assets (yes, trillion).
This whole news story and now FBI investigation is a little ridiculous in the grand scheme of things. Given the size of the trade, the MTM loss was around 50 bps. No client money was at play, and no taxpayer money was at play. Unfortunately, most people are too stupid/uneducated to understand, especially in Congress. /endrant
That is somewhat true but investors got a shalacking by losing (I think it was) about 10% of the share price on that day alone. In addition, the bank itself must face the reputation like many others for making risky decisions to begin with. Back to the OP: Chase will probably never do decreases again since they still love making money at the new steady rates.
@CC365 wrote:
@bribro wrote:
@pizzadude wrote:
@crunching_numbers wrote:I called Chase to see if they would reduce the APR on the Freedom card that I have had since 2009. They told me no, and that the only APR reductions they are doing at this time are for people that had their APR's increased. He told me to try back in 4-6 months, and that maybe something might have changed by then. I have hardly any balance on the card at this time either. I just wanted a little love.
Sorry, but JPMC has to recoup some of the $2,000,000,000 ( give or take a few billion ) that they recently seem to have misplaced
It was actually an $800,000,000 mark-to-market (unrealized) net loss for that single JPMC business unit (CIO), and as a company they will still likely make close to $20,000,000,000 this year alone on over $2,250,000,000,000 in assets (yes, trillion).
This whole news story and now FBI investigation is a little ridiculous in the grand scheme of things. Given the size of the trade, the MTM loss was around 50 bps. No client money was at play, and no taxpayer money was at play. Unfortunately, most people are too stupid/uneducated to understand, especially in Congress. /endrant
That is somewhat true but investors got a shalacking by losing (I think it was) about 10% of the share price on that day alone. In addition, the bank itself must face the reputation like many others for making risky decisions to begin with. Back to the OP: Chase will probably never do decreases again since they still love making money at the new steady rates.
It's all headline and regulatory risk, which is why the financial sector as a whole took a plunge. And it was definitely bad timing.
From what's been released so far, it wasn't a very risky trade at all. Bruno Iksil was *selling* insurance (CDS). He just sold too much and essentially became the market. Unless U.S. companies with investment-grade bonds start defaulting on their bonds in a big way, JPM would net a profit by holding these "losing" trades through expiration (2017 for this tranche). Unfortunately, with MTM rules, JPM has to "announce" an unrealized loss that hedge funds created by betting the opposite way.
Anyyyway, OP, if you're carrying a balance you probably should switch to an entirely different card.
@android01 wrote:
@crunching_numbers wrote:I called Chase to see if they would reduce the APR on the Freedom card that I have had since 2009. They told me no, and that the only APR reductions they are doing at this time are for people that had their APR's increased. He told me to try back in 4-6 months, and that maybe something might have changed by then. I have hardly any balance on the card at this time either. I just wanted a little love.
I've been trying for at least three years to have Chase reduce the APR on a converted WAMU card that I turned into a Sapphire. It got rate jacked when Chase took over WAMU. They keep telling me to call back in six months. The APR is the default rate of 29.99%. It's a 15 year old account that I'd rather not close. Just to see what would happen, I applied for a JP Morgan Select card and I was approved. The APR on that card is 13.24% (the only rate available on this card). I called Chase up a couple weeks ago to for my umpteenth request for an APR reduction and they STILL said no, even though it was very apparent to them that I had the Select card with a much lower rate. So, my Sapphire sits in the SD and get's a $19 recurring charge to it every month.
Same here. I converted my WAMU card to a Freedom. They jacked my rate to 28.24% when they took it over. I know it will never change. I dealt with the executive office on a CLI which was successful in the end.($1k->$5k) But even they said no dice to an APR reduction.
@BlueNightStar wrote:
@android01 wrote:
@crunching_numbers wrote:I called Chase to see if they would reduce the APR on the Freedom card that I have had since 2009. They told me no, and that the only APR reductions they are doing at this time are for people that had their APR's increased. He told me to try back in 4-6 months, and that maybe something might have changed by then. I have hardly any balance on the card at this time either. I just wanted a little love.
I've been trying for at least three years to have Chase reduce the APR on a converted WAMU card that I turned into a Sapphire. It got rate jacked when Chase took over WAMU. They keep telling me to call back in six months. The APR is the default rate of 29.99%. It's a 15 year old account that I'd rather not close. Just to see what would happen, I applied for a JP Morgan Select card and I was approved. The APR on that card is 13.24% (the only rate available on this card). I called Chase up a couple weeks ago to for my umpteenth request for an APR reduction and they STILL said no, even though it was very apparent to them that I had the Select card with a much lower rate. So, my Sapphire sits in the SD and get's a $19 recurring charge to it every month.
I have the same WAMU Chase card that was set to the default rate of 29.99% back in 2009. I had a balance on the card for a long time. In 2010 they offered me the "pay X per month for 6 months and we will give you X $, do not use the card either". Well, I paid above and beyond the required amount and actually PIF before the 6 months was up. They gave me my bonus and I have PIF every month since. They reduced my rate to 26.99% back in February. I never even noticed until now because I would never carry a balance on that card again. My credit is nowhere near as stellar as Android's so I am quite surprised by the APR reduction. They do not make any sense.
They make no sense at all. Especially since they issued me a brand new credit card with an APR precisely 16.75% less than the one they refuse to lower the APR on. 
@android01 wrote:
@BlueNightStar wrote:
@android01 wrote:
@crunching_numbers wrote:I called Chase to see if they would reduce the APR on the Freedom card that I have had since 2009. They told me no, and that the only APR reductions they are doing at this time are for people that had their APR's increased. He told me to try back in 4-6 months, and that maybe something might have changed by then. I have hardly any balance on the card at this time either. I just wanted a little love.
I've been trying for at least three years to have Chase reduce the APR on a converted WAMU card that I turned into a Sapphire. It got rate jacked when Chase took over WAMU. They keep telling me to call back in six months. The APR is the default rate of 29.99%. It's a 15 year old account that I'd rather not close. Just to see what would happen, I applied for a JP Morgan Select card and I was approved. The APR on that card is 13.24% (the only rate available on this card). I called Chase up a couple weeks ago to for my umpteenth request for an APR reduction and they STILL said no, even though it was very apparent to them that I had the Select card with a much lower rate. So, my Sapphire sits in the SD and get's a $19 recurring charge to it every month.
I have the same WAMU Chase card that was set to the default rate of 29.99% back in 2009. I had a balance on the card for a long time. In 2010 they offered me the "pay X per month for 6 months and we will give you X $, do not use the card either". Well, I paid above and beyond the required amount and actually PIF before the 6 months was up. They gave me my bonus and I have PIF every month since. They reduced my rate to 26.99% back in February. I never even noticed until now because I would never carry a balance on that card again. My credit is nowhere near as stellar as Android's so I am quite surprised by the APR reduction. They do not make any sense.
They make no sense at all. Especially since they issued me a brand new credit card with an APR precisely 16.75% less than the one they refuse to lower the APR on.
The really ironic thing is that I'm sure I would not qualify for any other cards issued by them and they would probably deny me if I tried to convert it to a Freedom. So here I sit with a great aged card that does absolutely nothing for me rewards wise or carrying a balance wise. I keep it because it's the only prime looking card on my credit report. 