USAA lowering APR?

[Juan123]

I currently have a USAA card and the interest rate is absurd @ 21%

I've called multiple times about them lowering it and they always spit the same line about it being some sort of fair credit act where they are not allowed to lower interest rates anymore.

The balance is about $10,000 on the card so they pretty much have 0 incentive on lowering my interest rate anyway, my question is this:

Has anyone had success at having USAA lowering your interest rate?

I feel like they're BS'ing me really hard. 

[Juan123]

bump

[takeshi74]

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@Juan123 wrote:

Has anyone had success at having USAA lowering your interest rate?

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Yup.  They've automatically decreased my APR's a couple of times and I think I have request and received APR reductions as well.

APR's are based on your credit.  If your APR is high with any creditor it's because of concerns with your credit.  If your credit improves and the creditor allows for APR reductions then you may qualify for one but APR reduction aren't just handed out in exchange for time or because you're unhappy with the APR that you qualified for.

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@Juan123 wrote:

bump

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Don't overlook prior threads as well:

https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&es_th=1&ie=UTF-8#q=usaa%20apr%20re...

[Juan123]

Well the thing is that as stated in my original post, they quoted a law as to why they can't lower my APR.

Is there an actual law that requires them to deny an APR reduction or is it just shenanigans? 

[Anonymous]

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@Juan123 wrote:

Well the thing is that as stated in my original post, they quoted a law as to why they can't lower my APR.

Is there an actual law that requires them to deny an APR reduction or is it just shenanigans? 

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There is no such law.  

[score_building]

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@Juan123 wrote:

Well the thing is that as stated in my original post, they quoted a law as to why they can't lower my APR.

Is there an actual law that requires them to deny an APR reduction or is it just shenanigans? 

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No but asking for an APRD with a 10k balance is sorta like looking for gold at the end of the rainbow.

Prepare to qualify for a zero/ low interest promo, moving the balance from the high rate, rather than an apparently futile APRD request.

[Juan123]

I sent USAA an e-mail and heres a portion of the response.....

USAA supports many of the provisions of the new credit card practices law, because they provide more protections to consumers who use credit cards. USAA will continue to provide highly competitive credit cards that offer benefits such as low Annual Percentage Rates (APR), flexible rewards, special lower APRs for deployed active duty military members and no annual fee. And we will do all of that with the same great customer service that earned USAA a top spot on Business Week's Customer Service Champs list three years running.
 
Unfortunately, one of the provisions of the act prohibits us from lowering the variable APRs of open accounts. You are welcome to apply for another credit card account on usaa.com. Please go to Our Products, then to Credit Cards to apply. You might be eligible for a lower variable APR on a new credit card account.

Is this true?!?!??!

[Anonymous]

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@Juan123 wrote:

I sent USAA an e-mail and heres a portion of the response.....

USAA supports many of the provisions of the new credit card practices law, because they provide more protections to consumers who use credit cards. USAA will continue to provide highly competitive credit cards that offer benefits such as low Annual Percentage Rates (APR), flexible rewards, special lower APRs for deployed active duty military members and no annual fee. And we will do all of that with the same great customer service that earned USAA a top spot on Business Week's Customer Service Champs list three years running.
 
Unfortunately, one of the provisions of the act prohibits us from lowering the variable APRs of open accounts. You are welcome to apply for another credit card account on usaa.com. Please go to Our Products, then to Credit Cards to apply. You might be eligible for a lower variable APR on a new credit card account.

Is this true?!?!??!

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I've never heard of any law that says that they can't lower APRs.  Lots of creditors lower APRs for their customers so I'm at a loss to understand wht USAA would cite an 'act' as a reason for them saying no.  I'm not sure that you're going to get much cooperation from them from here on.

[Anonymous]

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@Juan123 wrote:

I sent USAA an e-mail and heres a portion of the response.....

USAA supports many of the provisions of the new credit card practices law, because they provide more protections to consumers who use credit cards. USAA will continue to provide highly competitive credit cards that offer benefits such as low Annual Percentage Rates (APR), flexible rewards, special lower APRs for deployed active duty military members and no annual fee. And we will do all of that with the same great customer service that earned USAA a top spot on Business Week's Customer Service Champs list three years running.
 
Unfortunately, one of the provisions of the act prohibits us from lowering the variable APRs of open accounts. You are welcome to apply for another credit card account on usaa.com. Please go to Our Products, then to Credit Cards to apply. You might be eligible for a lower variable APR on a new credit card account.

Is this true?!?!??!

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There is nothing in the 2009 CARD Act that prohibits them from lowering APRs. As a matter of fact they are required to review accounts that have had an AA rate increase every six months and lower the APR if things have improved.

Either they're being dishonest or they have really bad in house attorneys.....

Send a response thanking them for the information and politely asking for the provision in the law that prohibits it. Should be a fascinating answer....if they give one.

[Juan123]

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@Anonymous wrote:

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@Juan123 wrote:

I sent USAA an e-mail and heres a portion of the response.....

USAA supports many of the provisions of the new credit card practices law, because they provide more protections to consumers who use credit cards. USAA will continue to provide highly competitive credit cards that offer benefits such as low Annual Percentage Rates (APR), flexible rewards, special lower APRs for deployed active duty military members and no annual fee. And we will do all of that with the same great customer service that earned USAA a top spot on Business Week's Customer Service Champs list three years running.
 
Unfortunately, one of the provisions of the act prohibits us from lowering the variable APRs of open accounts. You are welcome to apply for another credit card account on usaa.com. Please go to Our Products, then to Credit Cards to apply. You might be eligible for a lower variable APR on a new credit card account.

Is this true?!?!??!

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There is nothing in the 2009 CARD Act that prohibits them from lowering APRs. As a matter of fact they are required to review accounts that have had an AA rate increase every six months and lower the APR if things have improved.

Either they're being dishonest or they have really bad in house attorneys.....

Send a response thanking them for the information and politely asking for the provision in the law that prohibits it. Should be a fascinating answer....if they give one.

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sent them a message stating just that, we'll see what they say.