No luck lowering my AMEX BCE APR

[Anonymous]

Hello all!

I finished my 0% APR offer on my AMEX BCE, and now the APR is 18.99% APR.  Since my FICO scores are normally 780 thru 800 (Experian FICO is showing to be 781 on my end).  Since I don't like the APR, I tried to lower my APR with AMEX.  They stated no good since my APR is the best they can give me.

I was wondering what are some of the things AMEX is looking for in giving a good APR rate on the card?  This is not my main card that I use (that goes to my Chase Amazon Prime card).  If you were wondering, I use the AMEX for 3% on supermarkets, electronic purchases for warranty extension, adding a few AUs on the card ,having a backup card for my GF, and other AMEX features that can be quite useful (Plan It appears to be one coming up).  The card gets PIF on problems, just not happy with the APR.  

I only have four cards:

Blispay currently with $1,400 balance out of $7500 limit.

AMEX BCE with $20,000 limit

Chase Amazon Prime with $15,500 limit.

Credit Union Card with  $12,500 limit. 

I did applied for a few cards over a year ago and I closed plenty of them.  After I PIF the Blispay, I will be closing that card.  

[austinguy907]

AMEX is a bit stubborn with APR's. You'll have to be persistent to get one and it's most likely going to be a temp reduction for 12 months.

- ask if there are any special offers on your account.... 

- ask if there is a promo apr available 

If you don't get results, then just try again with someone else.  Try on chat and if not there then go ahead and call them.

You'll never see a 0% again from them though per their policy at this point unless you open a new card.

[Scott1212]

Just as a point of comparision because it looks like we have the same type of profile. In Jan I got the BCP(I think the rates would be the same?) and my rate was 16.49% I cancelled the card in March and got a new one and the rate was 18.49%. The only thing that changed is that new accounts with them, and it went up 2%. My Fico 8 was around 820, and I think it went down to 795. I don't know if there is any trigger at exactly 800 or not. It could be the new accounts, which just happend to be them.  My untilization on my credit cards are less than 1%. My history with Amex before was over 7 years with Costco card where I PIF except in the very early years. I called to see if I could lower the rate to the initial 16.49% and I was told they can't lower rates when you are on a special rate, the 0% for the first year, but to call back and I had a good shot when my 0% expired. I don't think that will be true, but that is what he said. 

The interest rates are going up, so that could account for the .50% difference, but I think you recieved the card during even lower rates of a year ago?

[AverageJoesCredit]

If you pif, as bothersome as the Apr can be, just dont pay it any mind. I know its harder than it seems but honestly, Amex doesnt seem like one of those lenders who offer low aprs. Im iincorporating pif mentality on my second chance with credit, when i can lol, and i just know if i pay it in full i dont have to even worry about the apr.

Best bet would be to get a low apr card specifically for any such times you may need to carry. With your scores and profile, you shouldnt have any problems qualifying. Any thoughts, i recommend maybe pming Galahad , lol, he loves low apr cards and has a great collection and probably point you in the right direction

[DaveInAZ]

First of all, thanks!, now I don't feel so bad. I was just approved for BCE in late April with a 17.94% APR after 15 months of 0%. I thought that was bad, but my EX Fico 08 was around 678, and I have a 2010 BK7 on my report.

Secondly, I really don't care about the 17.94% APR, they will never get one cent of interest from me at that rate, and with your score of around 800 I assume you're adept enough at personal finance that they'll never get a cent of interest from you. Yeah, 18-20% CC interest is insulting, but you shouldn't take it personally as they've been that high pretty much since BoA invented the BankAmeriCard. I'm old enough to remember the late 1970s - early 1980s - the Federal Reserve Prime Rate hit an all time high of 20% in April 1980. I paid 18% for a 2nd mortgage which I had to take, the sellers of my house had given me a 2 year personal note which I had to convert. And you know what? My CC rates were 18-20%, it was almost cheaper interest than my second mortgage. Fast forward to 2010 - I was getting 1/10th of 1% on my savings, and the CCs still wanted 18-20%. 

The only difference is that back in 1980 I only used a CC for large purchases to get the 30+ day "float" of "free money". Today I use a CC to pay for everything, for the 2-3-5% rewards, and the 30+ day float of free money. I don't mind the 3.85% APR on my mortgage, and I really, really don't mind the 1.99% APR on my car loan. Anything much over that, they can stuff it.

[Anonymous]

Thanks for the responses everyone.  I guess I will try again later in the year.  PIF or go home I say! 

[K-in-Boston]

Lots of great points made here. Starting lines and APRs are determined by a lot of differing factors by every lender's underwriting standards. Scores are only a part of that decision. Some of us may get massive credit lines with fairly high APRs (hello BOA) while others with similar scores (or even the same person) get "training wheels" limits with the best terms (hello Citi and Discover).