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About a week ago I called Citi and asked for an APR reduction and they gave me 18.99% and they also told me I could try again in a few days. I honestly thought this was one of those times where the person was misinformed and you really had to wait four or six months. Well I was wrong, because I called in again today to check and sure enough they lowered it again to 16.99% So right before I did that I was redeeming cash on my BCP card and there was the chat window, so I had a question about my limit on my Hilton Honors card and I clicked the chat button. When I was done I asked about the BCP and an APR reduction. She didn't actually read what I wrote and got me an APR reduction on my HH card, I noticed this while she was telling me current APR. The rate she gave me was for the HH card, not the BCP card, so I asked her to make sure it was the BCP and she said no it was for the HH card, but I could take it and check the other account. Of course I took it and then took the BCP reduction too. My HH card is now my lowest APR at 12.99% and the BCP is second at 14.99% and tied with my FNBO Amex.
I realize many people don't worry too much about APRs, especially those that PIF, which I do about 99% of the time, the other 1% of the time I simply balance transfer to avoid paying interest, because it would probably be cheaper to do this at 2% or 3% than paying for two months of interest. But just in case it is always a good idea to have a lower APR anyway and might actually start making more sense than doing a balance transfer if the balance will be paid off within a month or two.
After all, they created this system, I just use abuse it.
There's just something about getting APRs lowered that makes us feel better, even if a balance isn't typically carried. Amex is great with APR reductions. Haven't had to try yet with Citi as I'm still in 0%, but may as well try when I can. I like lenders that are flexible with APR over time as you "prove yourself" with the account.
Congrats on the successful APR reduction there, very happy for you!
While I generally couldn't care less about APRs, I do appreciate a lower one. I mean, my Barclays Aviator 24.99% is just an eye sore!
@Open123 wrote:While I generally couldn't care less about APRs, I do appreciate a lower one. I mean, my Barclays Aviator 24.99% is just an eye sore!
Ouch, that is even higher than my Synchrony PayPal MC. I find it annoying that Synchrony doesn't lower APRs, Comenity, which is similar, does. Chase doesn't either, unless they decided on their own if you are lucky enough (Lotto odds on that I think).
You should call them and ask. I have had Barclays reduce both my Rewards and SM APRs just a few months ago. I would call them now.
Congratulations! Yes, there are a number of recent threads discussing AMEX APR reductions, and Citi seems able to do so as well.
Two of my AMEX cards have had 3% - 4% APR reductions, the Citi AAdvantage went from 13.99% to 13.24% with a recent SM request.
@TiggerDat wrote:the other 1% of the time I simply balance transfer to avoid paying interest, because it would probably be cheaper to do this at 2% or 3% than paying for two months of interest.
Make sure you run the numbers. The cheaper option really depends on the specifics. There are online calculators that can help you to get an idea of the interest you'd pay. The transfer fee is easy to calculate.
@takeshi74 wrote:
@TiggerDat wrote:the other 1% of the time I simply balance transfer to avoid paying interest, because it would probably be cheaper to do this at 2% or 3% than paying for two months of interest.
Make sure you run the numbers. The cheaper option really depends on the specifics. There are online calculators that can help you to get an idea of the interest you'd pay. The transfer fee is easy to calculate.
I try to always run the number, it is a wise thing to do, thanks for bringing it up.