Just got off the phone with chase - surprised

[Anonymous]

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@Mark_in_Pasadena wrote:

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@Anonymous wrote:

My Chase Freedom card's APR:

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This isn't their current published APR for the Freedom card.  Did you call to get it lowered, or were you grandfathered in to an old set of terms?

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This was "grandfathered in to an old set of terms."  My Chase Freedom Card was previously a Free Cash Rewards card.  The Prime + 0.49% APR was the rate on my Free Cash Rewards card. 

[Mark_in_Pasadena]

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@Anonymous wrote:

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@Mark_in_Pasadena wrote:

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@Anonymous wrote:

My Chase Freedom card's APR:

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This isn't their current published APR for the Freedom card.  Did you call to get it lowered, or were you grandfathered in to an old set of terms?

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This was "grandfathered in to an old set of terms."  My Chase Freedom Card was previously a Free Cash Rewards card.  The Prime + 0.49% APR was the rate on my Free Cash Rewards card. 

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Congratulations! Eventhough I've never paid a penny in interest since I got my first credit card at 18 years of age, I'm still jealous!  Even right now that I have a 0% APR for 12 months, I still PIF 1 day before the statement posts.  I guess it's the same reason those of us with an 815+ FICO scores try to make them 830+, though it doesn't really matter...it's just a game!

[Anonymous]

You don't think 2009 is going to be any better do you?

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@oracles wrote:

Spoke with a credit analyst supervisor because my two chase cards that I use the most have my two highest apr's.

I PIF but you never know the future when you may need to carry a balance.

He stated that although the cards are not eligible for a lower reduction in aprs, to call back in the middle of February. He said chase is currently finishing up their 2008 projections and rates review and they will have more leeway in giving apr reductions. He went on to say that 2008 was one of their worst years and afterwards they will have the capabilities of reducing aprs.

I have already set my reminder to call feb17th

Just an FYI

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Message Edited by beenthere on 01-30-2009 04:58 AM

[Anonymous]

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@MidnightVoice wrote:
Rewards cards tend to have high APRs in general.

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Yeah. Banks are not in the FREE business.

[Anonymous]

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@Anonymous wrote:
You don't think 2009 is going to be any better do you?

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@oracles wrote:

Spoke with a credit analyst supervisor because my two chase cards that I use the most have my two highest apr's.

I PIF but you never know the future when you may need to carry a balance.

He stated that although the cards are not eligible for a lower reduction in aprs, to call back in the middle of February. He said chase is currently finishing up their 2008 projections and rates review and they will have more leeway in giving apr reductions. He went on to say that 2008 was one of their worst years and afterwards they will have the capabilities of reducing aprs.

I have already set my reminder to call feb17th

Just an FYI

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Message Edited by beenthere on 01-30-2009 04:58 AM

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I didn't mean for this to sound bad, I just think that 2009 is going to be as bad as 2008 and the banks are going to tell us just about anything and individual CRS seem to be dispensing speculation as much or more as they are dispensing fact.

[oracles]

Hey Beenthere:

No, i take no offense at all. I totally understand what you mean. I agree so many frontline customer service reps speak such nonsense and they have no clue.

However i spoke to a supervisor of the credit analyst department. I hope he knew alittle more than the average CSR.  I guess i am trying to keep positive lol.

But I will definitely will let you know in the middle of feb if he was telling the truth or not lol.

[Anonymous]

It would be nice if this were true. My wife had a providian/wamu/chase card that it at 31.99%, it got taken in by WaMu, and now is taken in by Chase. Providian and WaMu both refused to lower that outrageous APR every time she called them. Considering she has always made way over the minimum payment and never been late, you'd think they would work with her. Right now that card has 70% util but the interest is about $260 every month so it is taking forever to pay down.

[oracles]

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@Anonymous wrote:
It would be nice if this were true. My wife had a providian/wamu/chase card that it at 31.99%, it got taken in by WaMu, and now is taken in by Chase. Providian and WaMu both refused to lower that outrageous APR every time she called them. Considering she has always made way over the minimum payment and never been late, you'd think they would work with her. Right now that card has 70% util but the interest is about $260 every month so it is taking forever to pay down.

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I would definitely pay off this card asap. Put everything towards reducing the balance.

Pay the minimum on your other cards and then put everything you have to pay off this card.

Sometimes when a ccc knows you no longer use their card, they will reduce the apr to entice you to start using it again. With having an util% of 70, they will no way reduce it. They are making too much money off of you.

Get it paid off asap.

[Anonymous]

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@Anonymous wrote:
It would be nice if this were true. My wife had a providian/wamu/chase card that it at 31.99%, it got taken in by WaMu, and now is taken in by Chase. Providian and WaMu both refused to lower that outrageous APR every time she called them. Considering she has always made way over the minimum payment and never been late, you'd think they would work with her. Right now that card has 70% util but the interest is about $260 every month so it is taking forever to pay down.

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Sell somethin'; one of your children. Get out from under that card. Eat better.

[Anonymous]

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@oracles wrote:

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@Anonymous wrote:
It would be nice if this were true. My wife had a providian/wamu/chase card that it at 31.99%, it got taken in by WaMu, and now is taken in by Chase. Providian and WaMu both refused to lower that outrageous APR every time she called them. Considering she has always made way over the minimum payment and never been late, you'd think they would work with her. Right now that card has 70% util but the interest is about $260 every month so it is taking forever to pay down.

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I would definitely pay off this card asap. Put everything towards reducing the balance.

Pay the minimum on your other cards and then put everything you have to pay off this card.

Sometimes when a ccc knows you no longer use their card, they will reduce the apr to entice you to start using it again. With having an util% of 70, they will no way reduce it. They are making too much money off of you.

Get it paid off asap.

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Yeah we are. She has not used it in a year, although we hadnt been able to pay much more than minimum until recently. Now we are putting about $500/month over the minimum and expecting it to be paid off in one year. We're hoping when it gets low they will offer low APR so we can transfer the second highest interest card to it (28.99% BOA).

I don't know why they are so hard on her, since she has had these cards for years and has always made big payments (and kept using them, hence the high balances now). Once they are paid off, they will only be used for emergencies!