What's the big deal with apr reductions?

[Anonymous]

APR reductions are a fun and healthy challenge to work on while awaiting future CLIs.

Its funny how lenders view people differently.  In a 60 day period I was approved for a double cash with 0% for 18 months, then 13.99% (their second lowest starting APR on that card) and yet BOA throws me on the rails at 22.9%!  Yet AMEX reduced me 3% down to 12.74% on my delta and its not even 4 months old. And capital one wont budge from 24.99 Even though I have had them for almost a year.

It's a lot easier to move money around to some cards you already have below 8-10% then it is to deal with opening a new card or consolidating.

I know citi bank does APR reductions, as does BOA, Amex... What about Chase cobranded cards?

[Anonymous]

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@Tomgon1981 wrote:
I see a lot of people getting apr reductions is that just something else to get other then a cli I mean if you never carry a balance does it really matter

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You never know when you may need to carry a balance in the future, even if it is for a short time, so lower APR is ideal.

[Open123]

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@longtimelurker wrote:

Well, best terms at some level of effort.   I've only asked for one APR reduction, as a test, because it's really not something I see value in for me.   And I don't want to waste time discussing with CCCs when I could be doing something far more useful, such as, um, posting to MyFico.   OK, not a strong argument.

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Likewise, I tried the chat request to reduce APRs with Discover and Amex.  The former replied with "no," while Amex reduced it about 15 bps.  So, I'll likely never bother with anything APR related again, since it has no value or relevance for me, unless it's a 0% promo.

[Anonymous]

I just began asking for lower apr with my highest interest card and was successful. Who knows when I might make a large purchase and need to carry over a balance? This is my "up front" work for that.

[Thomas_Thumb]

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@barthooper wrote:

Did you get the Discover recently or was it an older product that was PC to one of the It varieties? I'm flabbergasted about how you would have not gotten the very best APR given your current profile. They pulled 783 on EQ for me.

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I got my Discover card in 1989. It's just another case in point where existing customer rates are not necessarily adjusted to match best standard rates new card holders are offered.

Overall, I am happy with Discover - not enough of an APR difference to bother complaining about.

P.S. Discover offered me a promo rate a few months back (think is might have even been 0% - don't recall the details). I declined the promo because I always PIF. My PIF habits are set in stone - pay a few days before due date to maximize float so APR really does not come into play. Chasing promo rates is not my thing.

[Anonymous]

Also, some people get bored easily and just want something to do. So they pick up the phone and ask for a APR reduction.

[9CLINE]

+1000 all good points...

[TiggerDat]

I think of it as better financial management.  No one knows if they will be laid off, terminated, or might simply seek out a new job and quit.  If you ever need to float a balance for even a short time then it is good to pay less, even if it is merely a little bit of money.  Why spend money you don't have to?  Every little bit adds up.

I usually PIF or if I have to carry a balance then I seek out the best transfer option.

For anyone who might spend a little too much this coming holiday season it might be worthwhile to get lower APRs now just to be safe.