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So being bored I decided to make several calls to see if I can get some APR reductions.
* Chase Freedom - Denied without giving me a reason. Said they will periodically review the account. Stays at 17.99%.
* Citi Dividend - Denied saying I have the best interest available to me right now. Stays at 16.99%.
* BofA Cash Rewards - Approved for APR reduction. Went from 20.99% to 12.99%. Sweet.
BofA must be in a great mood today. While I PIF my CC bill, it always ticks me off to have high APR (since my CR is rather thin). I decided to give Capital One a call as well. However, Capital One decided to do this instead,
* Capital One Visa - Approved on APR reduction from 24.99% to
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22.99% for six months, then goes back to 24.99%.
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More reason for me to shred my Capital One card in foreseeable future...
Nice
How long have you hadthe BOA card? Do you know if it was a SP or HP?
It's in my signature below, exactly one year.
The account manager I talked to did not pull my CR.
Good effort for limited success. If prime issuers were measured more by their aprs they would no longer be in prime territory. I feel any card with an apr of 10% or less deserves to be considered prime at this time. Why isn't more emphasis placed on rates by forum members?
@Anonymous wrote:Good effort for limited success. If prime issuers were measured more by their aprs they would no longer be in prime territory. I feel any card with an apr of 10% or less deserves to be considered prime at this time. Why isn't more emphasis placed on rates by forum members?
I don't quite get it either. The CSP is supposed to be one of the best cards out there is the standard APR on that one is 15.24...
@Anonymous wrote:Good effort for limited success. If prime issuers were measured more by their aprs they would no longer be in prime territory. I feel any card with an apr of 10% or less deserves to be considered prime at this time. Why isn't more emphasis placed on rates by forum members?
I don't care about interest rates on my cards, because I never carry a balance on them. The APR doesn't really matter to me, since they are never going to get a cent of interest.
I was approved a couple of years ago for a BofA Power Rewards card with a 14.99% APR. I called to see about an APR reduction in January of this year and it was reduced to 9.99%. I was pleasantly surprised!
@Anonymous wrote:Good effort for limited success. If prime issuers were measured more by their aprs they would no longer be in prime territory. I feel any card with an apr of 10% or less deserves to be considered prime at this time. Why isn't more emphasis placed on rates by forum members?
@Anonymous most commercial banks are greedy. With the prime rate @ 3.25% and an apr of 17.99% for a so-called "prime card" the banks are really saying that 14.74% + prime rate = prime card. Credit unions on the other hand give you a better deal on apr, but don't have the advertisement dollars to compete with the propaganda of bigger establishments. Also credit unions tend not to buy into gimmicks, such as metal card, with ufo chips on it (yes I read members deciding on a card because its metal or had a chip they wouldn't probably even use). In the end it looks more sexy to pull out a Amex card than a generic looking credit union card.
I have two 'prime cards' and I would never keep a balance on either. God forbid I had to keep a balance I would do so on a credit union card with super low apr. Problem is I can't join any real goods unions right now.
Starting Score: EX: 736 FAKO | TU: 757 FICO | EQ 730 FICO Current Score: EX: 736 FAKO | TU: 750 FICO | EQ 730 FICO Goal Score: EX: 750 FICO | TU: 750 FICO | EQ: 750 FICO | |
In my wallet: $16,000 $8,000 |
i would never really sweat the "high apr" on rewards cards as I would just use them for rewards and pif and not have to worry about interest. If you would feel the need to carry a balance for whatever reason a no reward low apr card ie from a local cu would be better
Like I said, it bothers me to have high APR, even though I PIF. I always wonder why AMEX sets a minimum of 17.24% APR on BCE.
@ android01 - Nice to see BofA can go that low too.
For those who are wondering, Iberia Bank (extremely conservative lender) offers APR as low as 7.25%, something you typically see with CU.