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Once upon a time about six years ago in different finance climes, I had an Chase Amazon Visa Reward card with a 5.24% APR. For reasons, I won't go into, I stupidly cancelled the card.
About four years ago, I got a new Chase Amazon Visa with an APR of 21.24%. I have one 30 day late more than three years ago. My CLI was increased in December from the original $1,500 to $3,000. My CS is in the 710 range.
A couple days ago, I paid my whole balance of $2k. I called today and was told that 21.24% is the lowest they offer on that card and it can't be reduced. I did a little googling, and regardless of what your APR is, that's what they tell you.
After I refi my house in a couple months (and I won't really need a high CS for some time), I reckon my options are thus:
1) Grin and bear it.
2) Cancel the card and later reapply, hoping for a better IR (or that they will reconsider lowering it once I threaten to cancel).
3) Let the card gather dust and apply for a different card with a lower APR.
What say you? Any advice?
Thanks in advance.
@cakkd wrote:Once upon a time about six years ago in different finance climes, I had an Chase Amazon Visa Reward card with a 5.24% APR. For reasons, I won't go into, I stupidly cancelled the card.
About four years ago, I got a new Chase Amazon Visa with an APR of 21.24%. I have one 30 day late more than three years ago. My CLI was increased in December from the original $1,500 to $3,000. My CS is in the 710 range.
A couple days ago, I paid my whole balance of $2k. I called today and was told that 21.24% is the lowest they offer on that card and it can't be reduced. I did a little googling, and regardless of what your APR is, that's what they tell you.
After I refi my house in a couple months (and I won't really need a high CS for some time), I reckon my options are thus:
1) Grin and bear it.
2) Cancel the card and later reapply, hoping for a better IR (or that they will reconsider lowering it once I threaten to cancel).
3) Let the card gather dust and apply for a different card with a lower APR.
What say you? Any advice?
Thanks in advance.
Get a new Chase card like the Freedom or AARP, consolidate the Amazon limit and close it.
Thanks for the advice, kdm. That would basically be the opposite of what I did the first time (cancelling a 5.24% APR and reapplying to get a 21.24% APR card. Stupid, I know.)
By the way, the way I got the 5.24% APR 10 years ago is I was peeved that I got a late fee for being a day late, so I called to cancel. They offered me the low APR and a $25 Amazon gift certificate to stay with them.
BTW, kimd, what's your APR on your Amazon card?
Popa -- I like the Amazon rewards.
I see this over and over and I'm not sure why...
Amazon is a co-branded rewards card. You get the card and you place your Amazon shopping on it for 3% CB and gas at 2% CB isn't too bad either. You place your spend on it and you PIF and earn rewards. The APR on this type of card is irrelevant. The card is simply not designed to carry a balance on.
If you need to park a balance, that's fine and dandy. I have a couple of balances sitting right now myself. I have a 2.5k balance parked on Discover which is still in its intro APR rate of 0%. I also have a 2.1k balance parked on my DCU Visa because I got a 0% APR offer on it.
These are the kinds of places where you let balances sit. Intro 0% APR cards... low APR credit union cards... Barclay Ring... etc...
Everyone needs a card in there profile for carrying a balance. Don't have one? Get one!!
@cakkd wrote:BTW, kimd, what's your APR on your Amazon card?
Popa -- I like the Amazon rewards.
They gave me the highest I think but I don't carry a balance on it obviously.
It's fine to say "this card isn't designed for carrying a balance!" and "always PIF" and all that, and it's true, BUT,
There is nothing wrong with seeking better terms and a lower APR. I don't plan to carry a balance on the card, but suppose I rack up my dining on it during the month and something crazy happens and I can't PIF. Would I not rather have the lower APR?
There's no downside to having a lower APR. There's no upside to having a high one. So I don't see why it bothers you so much when people are simply trying to improve their accounts. We aren't all "ideal and perfect" with a 8% APR card in our profiles, so sometimes we are going to seek out lower APRs on existing cards, and that's fine.
I do want a low APR card in the future, but it doesn't stop me from trying to improve the accounts I have. Again, why not do it? The same reason I don't get why people obsess over "upgrading to WEMC" or some such, I guess is why you don't understand people wanting lower APRs. To each their own.
The APR is not "irrelevant" because it could happen that you have a balance on it someday that you cannot PIF that month or whatever. I consider all my APRs "relevant" because life isn't perfect and stuff happens.
On the other hand, as much as I like the Amazon rewards, a bigger part of me says screw Chase. They obviously aren't all that interested in keeping my business. (Even if I didn't care a balance.) Plus, I like to fly as much as I like books.