Nuclear Option with Amazon Chase

cakkd · ‎08-27-2015

About a decade ago, I had an Amazon Chase Visa card. I was charged a late fee, so I called up peeved wishing to cancel. In return for my not cancelling, they waived the fee, gave me a $25 Amazon gift card, and lowered my APR to slightly over 5%. My CS was about 800 then. A couple years later, because I got a ding on my CR and Chase raised my APR, I cancelled the card. I got a new Amazon Visa about five years ago under much worse terms.

Today, I got approved for a Visa Signature card with a CL of $10K and an APR -- after the 0% year introductory period -- of $11.9%. This is twice the CL and half the APR of my Amazon Rewards card. So, I called to cancel the Amazon card, saying the APR was too high. And they let me walk without any sort of counter offer.

Oh well, I'm in a place where I don't really need a really high CS. So, number of enquiries and AAOA will have to wait to improve until I can get settled on CCs with APRs, etc. I can live with over the long term.

I'll use the same nuclear option on my Discover IT card in a few months. I've only had it since March. My CL on it is $17k, but the APR is 22%.

Anybody else ever have any luck with "the nuclear option"?

Starting scores (June 9,2012): 591(TU), 582(EXP), 591(EQUI)
Current score: 721 (Discover Fico)
Goal scores: 761 across the board

kdm31091 · ‎08-27-2015

Not really sure what the nuclear option is, but if you are saying they should have given you some retention offer, well...good luck. It's a no AF card. They aren't going to beg for your business with it.

Companies have to walk a fine line when someone calls to cancel a card. On one hand, if you've already decided to cancel, especially with no AF to justify, you likely want to just cancel it and move on. So you wouldn't really want them to beg for your business. Many people find it annoying. On the other hand, yes of course they want to retain you.

The other problem is that your main complaint when you called Chase was about the high APR. It fell on deaf ears the minute you said it. Unfortunately, Chase never lowers APRs by request, so you can kick, scream, and cancel all you want -- they simply don't offer the option to ask for a lower APR. Doesn't matter if you have had a card for 10 years. Your only option is to reapply, or wait for that very very unlikely day where they could possibly automatically lower it if the stars align. The point is Chase doesn't really care if people think APRs are too high. Other companies may, but I have heard basically zero accounts of Chase lowering one's APR.

heyarrnold · ‎08-27-2015

No.

When I ask to have the APR lowered on my account and they tell me no, I just try again later down the road. Eventually they budge.

cakkd · ‎08-27-2015

If they don't want to lower my APR, they don't want my business all that much. Simple as that.

It's fine, a business transaction where there was no agreement. I feel they lost more than I did, but oh well. I like Amazon rewards, but air travel is just as appealing.

My CS will get a major bump in the next several months, so maybe one of these days I'll apply again.

Starting scores (June 9,2012): 591(TU), 582(EXP), 591(EQUI)
Current score: 721 (Discover Fico)
Goal scores: 761 across the board

kdm31091 · ‎08-27-2015

@cakkd wrote:
If they don't want to lower my APR, they don't want my business all that much. Simple as that.

It's fine, a business transaction where there was no agreement. I feel they lost more than I did, but oh well. I like Amazon rewards, but air travel is just as appealing.

My CS will get a major bump in the next several months, so maybe one of these days I'll apply again.

I hear your frustration, but they don't want to lower anyone's APR. Maybe someone can chime in but I have never heard of a consumer request APR reduction from Chase being succesful. Literally ever.

heyarrnold · ‎08-27-2015

@kdm31091 wrote:
@cakkd wrote:
If they don't want to lower my APR, they don't want my business all that much. Simple as that.

It's fine, a business transaction where there was no agreement. I feel they lost more than I did, but oh well. I like Amazon rewards, but air travel is just as appealing.

My CS will get a major bump in the next several months, so maybe one of these days I'll apply again.
I hear your frustration, but they don't want to lower anyone's APR. Maybe someone can chime in but I have never heard of a consumer request APR reduction from Chase being succesful. Literally ever.

I remember someone posting about it on here that they got an APR reduction by Chase. It has happened. But it's very rare. Chase is not lenient with APR's.

cakkd · ‎08-27-2015

As I said, I got an APR reduction on the same product -- but that was a decade ago, and I'm sure standards change.

Starting scores (June 9,2012): 591(TU), 582(EXP), 591(EQUI)
Current score: 721 (Discover Fico)
Goal scores: 761 across the board

SunriseEarth · ‎08-27-2015

@cakkd wrote:
About a decade ago, I had an Amazon Chase Visa card. I was charged a late fee, so I called up peeved wishing to cancel. In return for my not cancelling, they waived the fee, gave me a $25 Amazon gift card, and lowered my APR to slightly over 5%. My CS was about 800 then. A couple years later, because I got a ding on my CR and Chase raised my APR, I cancelled the card. I got a new Amazon Visa about five years ago under much worse terms.

Today, I got approved for a Visa Signature card with a CL of $10K and an APR -- after the 0% year introductory period -- of $11.9%. This is twice the CL and half the APR of my Amazon Rewards card. So, I called to cancel the Amazon card, saying the APR was too high. And they let me walk without any sort of counter offer.

Oh well, I'm in a place where I don't really need a really high CS. So, number of enquiries and AAOA will have to wait to improve until I can get settled on CCs with APRs, etc. I can live with over the long term.

I'll use the same nuclear option on my Discover IT card in a few months. I've only had it since March. My CL on it is $17k, but the APR is 22%.

Anybody else ever have any luck with "the nuclear option"?

I used the "nuclear option" a few times successfully in my pre-BK days. At that time, AMEX didn't blink, which is why they were closed prior to BK. Post BK, I was able to get a temporary AF waiver from CreditOne by "nuclear option". In any case, I don't recommend it unless you have absolutely nothing to lose by closing the account.

For those wondering, the "nuclear option" is when you threaten to close your account if certain concessions aren't made. Some lenders will offer retention offers and some say "don't let the door hit you on the way out".

cakkd · ‎08-27-2015

Btw, does anyone think Discover would lower my APR, or would they let me walk?

Discover for me has the distinct disadvantage of being near useless when I travel overseas.

Sunrise -- Yep. I have nothing really to lose.

Starting scores (June 9,2012): 591(TU), 582(EXP), 591(EQUI)
Current score: 721 (Discover Fico)
Goal scores: 761 across the board

heyarrnold · ‎08-27-2015

@cakkd wrote:
Btw, does anyone think Discover would lower my APR, or would they let me walk?

Discover for me has the distinct disadvantage of being near useless when I travel overseas.

Sunrise -- Yep. I have nothing really to lose.

Initiate a chat online. They're pretty good with APR reductions. No need to nuclear bomb them, unless you really want to