Negotiating APR?

[Rackham94]

Is there such thing? I know federal law requires creditors to keep APR unchanged for 1 year but after that can the consumer request an APR reduction based on on-time payment history? I know Citi Forward does this for College Students... but what about non-student cards? Or do most people just re-apply for the card?? 

[bs6054]

You can ask the issuer at any time.  I just did it with Amex.  On one of my cards, there used to be a link for requesting a decrease in APR (like asking for a CLI) but can't find it now.

I suspect it's a little like credit, when you really need a low APR it's probably harder to get!

[Rackham94]

What did you get it decreased from and is it a promo time or for the rest of your membership?

[Dustink]

I got my APR reduced on my US Bank Flexperks card. They said they do not do permanent APR reductions, but rather I have to call in every 6 months.

[Rackham94]

So I am stuck with 22.99 >.< that ain't even right !!!! 

[Dustink]

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@Rackham94 wrote:

So I am stuck with 22.99 >.< that ain't even right !!!! 

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Is that on your freedom?

[Rackham94]

On Citi Dividend the lady on the phone said 12.99 when I got approved then the next day I got the email and it said 19.24 plus prime..... D:

[Dustink]

Ouch, but that is pretty much a standard APR for builders these days. Most of mine are near 20%. Just be sure to PIF.

[bs6054]

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@Rackham94 wrote:

What did you get it decreased from and is it a promo time or for the rest of your membership?

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It's permanent (as much as anything is).  So this is the BCP, started out as 0% for a year, with the rate after that 17.XY%   I called and they reduced it to 14.XY% (same XY, so 3%) which is still a lot, but something I guess.   I don't carry a balance, but I just wanted it reduced!

[OwNt]

APR is not that important unless you carry a balance. I have cards that have a single digit APR, and others that have a double digit APR. My AmEx BCP for instance has a 20.99% APR with a $25,000 credit limit. I could care less if the APR was 30% as I will always have an effective APR of 0%.

With that said, I know some issuers will lower an APR if you request it. Internal policy dictates whether it will be a hard pull.