default interest rates

[Anonymous]

I have been at a universal default interest rate of 29.99% on my Chase Mastercard since 2007. I spoke with Chase today to lower my interest rate and they stated I do not qualify for any decrease. I have made my payments, above the minimun required, on time for the last two years with the exception of a returned payment that was made after I switched bank accounts seven months ago. Is there anything I can do to help lower my interest rate. Does the new credit card law apply regarding universal default if I have made my last 6 months of payments on time? 

[DI]

Welcome to the forum.  You have come to the right place for help.  If your credit isn't shot, your only option is to transfer the balance to a lower APR card.  Two years at 29.99%  is two years too long. 

[creditwherecreditisdue]

---

@Anonymous wrote:
I have been at a universal default interest rate of 29.99% on my Chase Mastercard since 2007. I spoke with Chase today to lower my interest rate and they stated I do not qualify for any decrease. I have made my payments, above the minimun required, on time for the last two years with the exception of a returned payment that was made after I switched bank accounts seven months ago. Is there anything I can do to help lower my interest rate. Does the new credit card law apply regarding universal default if I have made my last 6 months of payments on time? 

---

Most likely no. You were already at the default rate prior to the law taking effect. (That section hasn't taken effect yet.)

This is just Chase being Chase. They won't do anything about the rate on my open card either. Cheer up though - mine's at 31.99%.

[haulingthescoreup]

---

mistim30 wrote:

I have been at a universal default interest rate of 29.99% on my Chase Mastercard since 2007. I spoke with Chase today to lower my interest rate and they stated I do not qualify for any decrease. I have made my payments, above the minimun required, on time for the last two years with the exception of a returned payment that was made after I switched bank accounts seven months ago. Is there anything I can do to help lower my interest rate. Does the new credit card law apply regarding universal default if I have made my last 6 months of payments on time? 

---

Your best bet is to move heaven and earth to pay the balance off.

There is no way that they're going to drop your interest rate as long as you're on the hook via owing them money, because right now, you're a nice source of profit. Paying above the minimum isn't going to help you. You have no power unless and until you are out of debt.

If I can ask, how bad is the debt? How much do you owe?

[creditwherecreditisdue]

Yes, I forgot to add that Chase won't drop my rate from 31.99% and I don't owe a cent on the account. And I never will, either!