Tried to lower Sallie Mae APR

[NikoD]

I was given the highest APR (22.99%) on my Sallie Mae. Since I had a TU 8 FICO score of 828 when I applied (even with the new account it is still over 800) I called up and explained that I didn't understand why and asked for it to be reduced. The guy said that since it is currently on the promo 0% APR there is nothing for him to do. That's true, it is on the promo APR but I wanted an answer about why this rate was given to me and I didn't want to wait around for it to go up to it's regular APR. He said the "system" picks your APR and product (I was given platinum not world) so there was nothing he could do about it. I mentioned my FICO score and said maybe there was a mistake on it when it was pulled. He blew me off and basically said you get what you get and if you want something else you have to apply again. Is there no actual person I can talk to about this and get to look at the report they pulled and explain this to me? I did pull my TU report a few days ago (about 2 months after I applied) and everything looks fine.

I know this is not a huge deal. The cash back benefits are the same with the platinum and I haven't carried a balance on my CCs in many years so the APR probably wont even affect me. I was just wondering if there was anything else I could do or if I should just suck it up and move on.

[longtimelurker]

Barclays has a reputation of keeping you with the card type you originally got (so Plat -> World) is hard.   So given that success is somewhat unlikely, it's up to you how much effort you want to expend.  As you say, the major benefits of the card are identical, and if you don't plan to carry a balance (at least on this card) then the APR isn't a big issue either.

So personally, I wouldn't bother much.  But, if the next time you apply for a card with a different issuer, if you get worse terms that you expect, I would check some of the minor bureau reports as well as the main ones, in case there is some negative information hiding somewhere!

[Dw4250]

Suck it up and move on...lol. In all seriousness, i wouldn't sweat it, especially since you don't carry balances anyway.

As a general principle, credit cards (even the really good ones) are pretty lousy vehicles for carrying long term debt. So unless you run into a 0% promotion, I would keep doing what you are doing and PIF (828 score you are obviously doing something right!).

And yes...there's no difference between Plat and World, and as long as you have a CL of >$1250, you will be able to max out the rewards opportunities.

[TRC_WA]

Agree about Barclay...  I've called 4 times regarding a PC from my Apple card and got 2 different answers.

1) You must reapply for any new product

2) I looked at your account and a PC to Rewards Visa may be possible... But not today.  Try again next month.

[NikoD]

I guess I'll just let it go. It sounds like there's probably nothing I can do anyway (at least not without a lot of effort). Since the cash back is the most important part and  I don't need a World card or low APR for that, I've decided that it's not worth the time or trouble.

[watch44]

If you want an auto-cli on that Sallie Mae, you'll want to carry a balance sometime in the next 6 months. Refer to the "Barclay's let's put our heads together" thread for more.

[lg8302ch]

As for the Platinum instead of WMC there maybe you could call and see if Barclays reconsiders.((just after app has been approved)  As mentioned above Barclays will hardly change the account type. Interesting that I am not the only one that got 22,99% with 800+ Fico and perfectly clean history ...for me it is Chase that is soooo stubborn and does not want to upgrade my Freedom to a Signature version. The APR is just a slap in the face but if you do not carry a balance who cares. What hurts more at least for me is the lack of the Signature or WMC benefits. I will apply tomorrow for Sallie Mae and see how that will go with my still too many new accounts (as per Fico terms) ...

[score_building]

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@NikoD wrote:

I guess I'll just let it go. It sounds like there's probably nothing I can do anyway (at least not without a lot of effort). Since the cash back is the most important part and  I don't need a World card or low APR for that, I've decided that it's not worth the time or trouble.

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Based on OP the timing was off on the request whether or not Barclays will ultimately honor it. 

Most issuers frontline reps (not Barclays specific) are unable address APRD requests until there is a regular purchase APR in place on a product or shortly before the promo rate expires. Would imagine this is at least in part, the reason were left feeling got the brush off, the rep couldn't go any lower at the time of request, even if they were proactive.

He could have at least given you a heads up to try your luck by checking back at the promo expiry, which is what I recommend.

This approach did work with Discover in any case.

Approved at 13.99 on Sallie Mae, the lowest they offered at app with significantly lower scores than you--760s (though strong overall profile, thick file, no neg info at random "cras") I tend to aim for the lowest APR on any card even though PIF since scores/profile are typically at FICO high achiever levels at app and with that don't like the idea of a usurious issuer trying to have their way.

[lg8302ch]

OP has excellent chances with Barclays to get APR lowered after intro period... as a matter of fact it works pretty much for all lenders but Chase which simply ignores adjusting APR after approval .....they rather issue new cards with better terms.

[score_building]

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@lg8302ch wrote:

OP has excellent chances with Barclays to get APR lowered after intro period... as a matter of fact it works pretty much for all lenders but Chase which simply ignores adjusting APR after approval .....they rather issue new cards with better terms.

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GECRB (now Synchrony Bank) also tends to balk at APRD requests.