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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?
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 you
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.
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.
Another recent and active thread with the same topic:
http://ficoforums.myfico.com/t5/Credit-Cards/Will-APR-come-down/td-p/2685177
@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.
@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?
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.
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.
@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.
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