Successful APR reduction at Bank of America

Anonymous · ‎03-24-2015

I didn't think that it was going to be this easy, but I called and asked if my interest rate could be reduced. They offered to lower it from 20.24% to 17.99%. Now my BankAmericard is tied with my American Express for my lowest rate. I've always paid my bill in full, but I want to have lower APRs just in case something happened and I had to carry a balance.

I called 1-866-811-4108 (I found the number on a thread here) and had to wait on hold for almost 10 minutes, but the woman on the phone was very polite and immediately offered me the lower rate. I may have had issues with Bank of America in the past, but this is my oldest account and I plan to keep it around for a while.

IncrsCredScore · ‎03-24-2015

That is fantastic. I did not even know one could ask for a reduction in interest rates; now I do know.

newhis · ‎03-24-2015

Some people say that you can ask for APR reduction every 6 months with BoA.

I was able to lower the APR 3 months after my secured card unsecured from 20.24 to 16.99. My DW got down from 20.24 to 14.99 before the 1 year mark. My BoA is the lowest APR I have, my DW just got approved for Amex BCP at 12.99 after the 0 promo.

Discover also can lower the APR.

joedtx · ‎03-24-2015

Congrats on the APR reduction its one of the best ways to get more value out of your account.

Anonymous · ‎03-24-2015

Congrats! Hate seeing the 22% on my Chase card. Wish they dropped APR as well. Knowing that I will never plan to carry a balance, and still seeing it, makes me weary.

newhis · ‎03-24-2015

@MstrPTato wrote:
Congrats! Hate seeing the 22% on my Chase card. Wish they dropped APR as well. Knowing that I will never plan to carry a balance, and still seeing it, makes me weary.

I know, it looks bad! I read that some people even cancel the card and then apply again when the pre-approval shows a better APR. Maybe I'll do that in the future.

lg8302ch · ‎03-24-2015

@MstrPTato wrote:
Congrats! Hate seeing the 22% on my Chase card. Wish they dropped APR as well. Knowing that I will never plan to carry a balance, and still seeing it, makes me weary.

Oh I know how this feels. I have 22,99% on my Freedom as well but in the meantime I started to like that figure and it leaves me with a smile 😀. Chase will never get a dime in interest like that.

@OP

congrats and do not forget to ask again in 6-12 months

ddemari · ‎03-24-2015

I was told my boa cash rewards visa sig which was a secured plat plus visa back in 2013 could never qualify for an apr reduction.
It took the eo to do it with a 750 tu fico at the time

newhis · ‎03-25-2015

@ddemari wrote:
I was told my boa cash rewards visa sig which was a secured plat plus visa back in 2013 could never qualify for an apr reduction.
It took the eo to do it with a 750 tu fico at the time

Was that some time ago? Maybe they changed policy. My DW started with cash rewards secured, then put 5k into the card, auto graduated and asked for Visa Signature late last year. She got APR reduction (more than 5% down) and AF removal before the 1 year with the card.

B335is · ‎03-25-2015

Congrats! BoA has an APR reduction team and they said you can request it every 6 months. I need to call about my Cash Rewards card.