Lowering APR on a retail store card.

[samint]

Is this possible? I have one cc from a retailer that I can use anywhere besides their stores. Just recently they gave me a big credit increase.

Id love to use this card more but I shy away from it because of the insane APR just incase if i have to carry a balance.

Will they ever lower the interest upon request or do they review or is it forever stuck there?

[RockinRay]

I think I would call them and ask. I agree that they chrage outragious amounts of interest.

You might get someone that can help you out, but I kind of doubt you will have luck.

If you call, let us know the results.

Ray

[Uborrow-Upay]

Hi, samint!

I doubt they'll lower the interest rate.  Their plan is to give you that increase, then have you use that increased CL to carry an interest bearing balance.

Turn the tables on them.  Use the card as you wish, but PIF.  A few months down the road, use that increased credit line and history to obtain another card from another lender at a rate more palatable to you.

They use you...you use them.  Simple! 

Good luck with everything!!

[samint]

Rockingray, I called them a couple of months back and asked if they do lower the APR. The representative said yes, that i could call when i complete a year and ask them to review the account and ask for a lower apr. I dont know how honest was his statement.

Uborrow-upay, I have been doing that with them. I was surprised to see the increase before i completed a year with them. I will be looking for a new cc soon.

[Anonymous]

Samint,

Who is your card with?

[Creditaddict]

The "NEW" Target cards, Sams, Walmart, Nordstrom are the only store cards that I can think of that offer a lower rate.

[john398]

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@Creditaddict wrote:

The "NEW" Target cards, Sams, Walmart, Nordstrom are the only store cards that I can think of that offer a lower rate.

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Well the OP said he could use this card at any store so maybe its a co-branded mc/visa

Could be a bbrzmc that card has different intreast rates

[samint]

beamMEup, it is with Banana Republic ( GEMB ). It's a Visa that I can use outside their network of stores.

[score_building]

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@Creditaddict wrote:

The "NEW" Target cards, Sams, Walmart, Nordstrom are the only store cards that I can think of that offer a lower rate.

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Nordstrom offers a tiered APR which can be lowered to 'tier 1:  http://shop.nordstrom.com/c/nordstrom-card-disclosure-summary      

I think Walmart used to but it seems the current t&c lists just one rate:  22.9% 

[score_building]

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@samint wrote:

beamMEup, it is with Banana Republic ( GEMB ). It's a Visa that I can use outside their network of stores.

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Looks like only one rate is offered:  https://eapply.bananarepublic.com/eapplygen2/load.do?cHash=2114114118&subActionId=1000