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Lowering APRs?

Regular Contributor

Lowering APRs?

I have three cards (Discover IT, AMEX BCE, and Chase Freedom) which have over 20% APRs. Is there a way to get those eventually lowered throughout the year/s?

Message 1 of 11
10 REPLIES
Senior Contributor

Re: Lowering APRs?

I would say it does not hurt to try. So far I only tried it with BofA and to my big surprise they accepted and gave me 9,99% on both the Travel and Cash rewards cards. Once my other cards are a bit "older" I will do a round with them as well and see what will happen.  Good luck to youSmiley Happy

Move the mouse over the cards for detailed view!
....Last HP 01 NOV 2016...............
Message 2 of 11
Established Contributor

Re: Lowering APRs?

I know Discover will lower it if you call. I generally try to remember to every six months. I don't know specifically about Chase and Amex as I've never tried to lower aprs with them.


Message 3 of 11
Valued Contributor

Re: Lowering APRs?

You can call and ask to have your APRs lowered, but you may not be successful.

 

The alternative is to seek out CCs with low rates, for example non-reward ones in the 6-9% APR range.

 

Message 4 of 11
Senior Contributor

Re: Lowering APRs?

Another recent and active thread with the same topic:

http://ficoforums.myfico.com/t5/Credit-Cards/Will-APR-come-down/td-p/2685177

Message 5 of 11
Senior Contributor

Re: Lowering APRs?


megaman1 wrote:

I have three cards (Discover IT, AMEX BCE, and Chase Freedom) which have over 20% APRs. Is there a way to get those eventually lowered throughout the year/s?


As others have mentioned, it depends.

 

Chase, unlikely.  Products are slotted based on risk-based pricing and seldomly move from those APRs.

 

Discover, possibly.  You will need to have your account open for a minimum of 12 months and then request for a review of your APR.  They'll send you a form (if elegible) and then once the review is finalized, they will let you know if the request is approved and the new APR as applicable.

 

AMEX BCE, possibly.  Like Discover, account needs to be open for a minimum of 12 months and you can request for a review of the APR.  This one doesn't require a form, but the outcome will depend on your internal score/profile with AMEX.

Message 6 of 11
Contributor

Re: Lowering APRs?


FinStar wrote:

megaman1 wrote:

I have three cards (Discover IT, AMEX BCE, and Chase Freedom) which have over 20% APRs. Is there a way to get those eventually lowered throughout the year/s?


As others have mentioned, it depends.

 

Chase, unlikely.  Products are slotted based on risk-based pricing and seldomly move from those APRs.

 

Discover, possibly.  You will need to have your account open for a minimum of 12 months and then request for a review of your APR.  They'll send you a form (if elegible) and then once the review is finalized, they will let you know if the request is approved and the new APR as applicable.

 

AMEX BCE, possibly.  Like Discover, account needs to be open for a minimum of 12 months and you can request for a review of the APR.  This one doesn't require a form, but the outcome will depend on your internal score/profile with AMEX.


Do these result in hard pulls?

Wells Fargo Cash Back - $2400 || Bank of America Cash Rewards - $5000 || Discover IT - $5000 || American Express BCE - $15000

FICO TU - 769
Message 7 of 11
Valued Member

Re: Lowering APRs?

I would call and ask if I were you. It doesn't hurt and usually won't result in a HP. You might want to ask just to clarify though. If you PIF every month, then the APR doesn't matter as much... But it'll make you feel better if it gets lowered. Smiley Happy

 

You could use the technique that you keep getting offers in the mail with lower APRs and you want to ask current CCs if they will beat or match mail offer APR. This is the route I usually go and it has always worked for me.

    $12,400              $20,000           $10,000             $6,000               $4,700               $5,800            $1,050 (AU)
Suncoast CU VISA - $2500, BOA BBR VISA - $1000 || EX - 778 (12/13), EQ - 764 (12/13), TU - 763 (12/13) || Grad Student
Message 8 of 11
New Contributor

Re: Lowering APRs?

Does anyone have experience getting apr lowered on a wells fargo card?
Discover Tu 730(2/14) DCU Eq 725(2/28)

Bouncing back from new accts and inqs. Hope to be back over 760 soon.
Message 9 of 11
Contributor

Re: Lowering APRs?


DFStudent wrote:

I would call and ask if I were you. It doesn't hurt and usually won't result in a HP. You might want to ask just to clarify though. If you PIF every month, then the APR doesn't matter as much... But it'll make you feel better if it gets lowered. Smiley Happy

 

You could use the technique that you keep getting offers in the mail with lower APRs and you want to ask current CCs if they will beat or match mail offer APR. This is the route I usually go and it has always worked for me.


Great point! Ya I PIF always but it feels weird to have cards at 22+% And like you said, I'll feel better with them lowered Smiley Happy

Wells Fargo Cash Back - $2400 || Bank of America Cash Rewards - $5000 || Discover IT - $5000 || American Express BCE - $15000

FICO TU - 769
Message 10 of 11