topic Re: Chase Sapphire Preferred High APR? in Credit Card Applications

Chase Sapphire Preferred High APR?

Anonymous — Thu, 30 Aug 2018 14:08:40 GMT

I was recently approved for a Sapphire Preferred from Chase with a 24.74% APR and a $7,000 spending limit. This APR seems unreasonably high to me. My Equifax score is a 740, my FICO is a 780, utilization of my other card is 10% and I have no negative remarks on my credit history. I called and found out Chase doesn’t negotiate APR which is a bit silly. Any thoughts or suggestions?

Re: Chase Sapphire Preferred High APR?

JR_TX — Thu, 30 Aug 2018 14:29:44 GMT

@Anonymous wrote:
I was recently approved for a Sapphire Preferred from Chase with a 24.74% APR and a $7,000 spending limit. This APR seems unreasonably high to me. My Equifax score is a 740, my FICO is a 780, utilization of my other card is 10% and I have no negative remarks on my credit history. I called and found out Chase doesn’t negotiate APR which is a bit silly. Any thoughts or suggestions?

Hi and welcome to the myFICO community!

May I ask where you’re getting your scores from? Also how recently have you seen your 3-bureau report (for accuracy purposes)? The reason why I ask these is because my DW just got a CSP 17.49% APR early this month with 1 baddy (gone now) and low 700s (+50 now) during approval. Couldn’t exactly remember what her CARS was.

Other than that, I couldn’t think of anything why your APR would be that high considering your scores that you just mentioned.

Re: Chase Sapphire Preferred High APR?

xaximus — Thu, 30 Aug 2018 14:47:39 GMT

Congrats on the approval. If you are PIF, then I wouldn't bother with the APR. If you do plan to carry a balance, I would suggest another card as 17% is still high. Also, the APR could depending on several things, like AAoA, UTI across all of your cards, and depending on the FICO score as well.

Re: Chase Sapphire Preferred High APR?

FinStar — Thu, 30 Aug 2018 15:06:28 GMT

Congrats on the approval OP.

As mentioned above, just PIF and the APR is a non-issue. UW algorithms were the determining factor on pricing. So, there was something about your overall profile that didn't score on the upper end to receive their lowest APR.

Unfortunately, APR is set as is unless Chase later determines through internal account reviews that you qualify for something lower, not something you can request.

Re: Chase Sapphire Preferred High APR?

morgacj2004 — Thu, 30 Aug 2018 18:08:05 GMT

I wouldn't concern myself with it. PIF IS ALWAYS WISE. If you do need to carry a balance, transfer it to one of the numerous cards out there which have zero intro APR and in some cases zero BT fee.

Re: Chase Sapphire Preferred High APR?

Anonymous — Thu, 30 Aug 2018 20:55:31 GMT

Probably a silly question but is it possible to cancel this card, bring down my utilization, then apply again at a later date?

Re: Chase Sapphire Preferred High APR?

MrDFinance — Thu, 30 Aug 2018 21:13:23 GMT

Personally I wouldn't...... But I don't carry balances so APR's I tend not to care about.... That's a little bit extreme just for a APR...

I do think it's possible .... But I don't know how chase will feel about that 2nd application if you make it within a year of the first one....Perhaps cancelling the preferred and going for the reserve later will set of less red flags....

Re: Chase Sapphire Preferred High APR?

sjt — Thu, 30 Aug 2018 22:10:44 GMT

@Anonymous wrote:
I was recently approved for a Sapphire Preferred from Chase with a 24.74% APR and a $7,000 spending limit. This APR seems unreasonably high to me. My Equifax score is a 740, my FICO is a 780, utilization of my other card is 10% and I have no negative remarks on my credit history. I called and found out Chase doesn’t negotiate APR which is a bit silly. Any thoughts or suggestions?

Congrats on the approval.

I would call the recon department and ask how the APR was determined.

Re: Chase Sapphire Preferred High APR?

Anonymous — Fri, 31 Aug 2018 00:11:22 GMT

I've called recon and member services and both operators immediately shut down as soon as I mentioned the APR. Doesn't seem like anyone at Chase is even willing to discuss it.

Re: Chase Sapphire Preferred High APR?

FinStar — Fri, 31 Aug 2018 16:28:07 GMT

IIRC, you'll likely receive a letter or some information regarding the price you pay for credit since you did not meet certain criteria for their lowest APR.

Rationalizing or bruised egos aside, it just doesn't make any sense to cancel the card given its rewards potential and PIF capability not to mention the SL. I'd be grateful for the approval and go enjoy it.

Since I'm currently OMG/24 and would like to get CSR (eventually), and if for any reason I was able to bypass 5/24 and be approved (even with a high APR), goal achieved!

Just keep in mind that Chase appears to be enacting more restrictions on these products beyond just 5/24. Plus, there's no guarantee of what APR the account may be assigned should you decide to repeat the process at a later date ¯\_(ツ)_/¯

Re: Chase Sapphire Preferred High APR?

gdale6 — Fri, 31 Aug 2018 17:20:59 GMT

Moving to Apps as congrats isnt main thrust of what OP is looking for. Welcome to the board OP

Re: Chase Sapphire Preferred High APR?

woodyman100 — Sat, 01 Sep 2018 01:30:13 GMT

@FinStar wrote:
IIRC, you'll likely receive a letter or some information regarding the price you pay for credit since you did not meet certain criteria for their lowest APR.

Rationalizing or bruised egos aside, it just doesn't make any sense to cancel the card given its rewards potential and PIF capability not to mention the SL. I'd be grateful for the approval and go enjoy it.

Since I'm currently OMG/24 and would like to get CSR (eventually), and if for any reason I was able to bypass 5/24 and be approved (even with a high APR), goal achieved!

Just keep in mind that Chase appears to be enacting more restrictions on these products beyond just 5/24. Plus, there's no guarantee of what APR the account may be assigned should you decide to repeat the process at a later date ¯\_(ツ)_/¯

Ditto.

2 of my cards are 17.49%. CSR is 24.49%. 17.49% is a bit confiscatory also.

PIF solves the issue.

On a side note take an internet tour around the different APRs that people around the world are saddled with on those cards and 24% or even 26% might make you feel like you stole something