topic Re: How is Chase with lowering APRs? in Credit Cards

How is Chase with lowering APRs?

kdm31091 — Tue, 13 Jan 2015 15:06:19 GMT

I have done a search on this topic and most of my research points to "no", but I figured I'd ask. I have a Chase Amazon Visa that I just got in December. However, my score was artifically lowered at the time because I had a few new inq's/accounts. It has gone up about 30 points on each bureau since then, also because I paid off my Discover balance.

How is Chase with lowering APRs? They gave me 22% on the Amazon, which isn't a huge deal as I don't tend to carry balances anyway, but it still sucks if something happens and I have a balance. If I call the Chase EO, will they possibly lower it since my score has gone up? I don't really want a new HP. If they won't do it right now, which would be understandable, do they typically do these things after you've shown a good history with their card? I can understand if they wouldn't do it right away, but hopefully they eventually could. I haven't really heard of many people getting their APRs lowered, however. :/

Re: How is Chase with lowering APRs?

Membersince2013 — Tue, 13 Jan 2015 15:04:21 GMT

Eh...Not gonna happen.

Re: How is Chase with lowering APRs?

kdm31091 — Tue, 13 Jan 2015 16:35:59 GMT

Yeah, I called them and they basically said no. She told me they "periodically review accounts" to lower APRs, but she can't even say when it would happen. I told her I understand it's a new account. I am little surprised they don't give a timeframe, i.e. "review accounts every 6 months", but hey, it is what it is I don't plan to carry a balance anyway

Re: How is Chase with lowering APRs?

Membersince2013 — Tue, 13 Jan 2015 17:39:52 GMT

Yup.. Chase is difficult like that.

Re: How is Chase with lowering APRs?

thelethargicage — Tue, 13 Jan 2015 19:04:20 GMT

You want a lower APR from Chase? Cancel your card and app for it again. That's what I did with my Freedom and it went from 22.99% to 13.9%. It's the only way.

Re: How is Chase with lowering APRs?

kdm31091 — Tue, 13 Jan 2015 19:10:35 GMT

Well I've only had it since December, so I doubt they'd give me a much lower rate right this minute, but maybe I will try that later in the year.

Can I apply for a new Amazon Visa, then move the limit from my old before closing the old? Even though it's the same exact card type?

Re: How is Chase with lowering APRs?

Callandra — Tue, 13 Jan 2015 19:34:53 GMT

I don't think Chase will allow you to apply for the same card again (you'll probably get an error/may not pull your credit due to already having the card) but if it works, let us know! You're probably better off cancelling it and then re-applying.

Re: How is Chase with lowering APRs?

Anonymous — Tue, 13 Jan 2015 19:40:23 GMT

@kdm31091 wrote:
Yeah, I called them and they basically said no. She told me they "periodically review accounts" to lower APRs, but she can't even say when it would happen. I told her I understand it's a new account. I am little surprised they don't give a timeframe, i.e. "review accounts every 6 months", but hey, it is what it is I don't plan to carry a balance anyway

Citi Bank is just as hard. They have never lowered my aprs and always said, "we review all accounts every six months and if a reduction is inorder you will see it." Yeah right about like Chase. The only apr reductions I have ever had is from Cap1. Oops, Chase did lower my rates on a card once from 12.9% to 9.9% apr back in 2010. In short, based on my own happenings and those I read about the odds are slim.

Re: How is Chase with lowering APRs?

kdm31091 — Tue, 13 Jan 2015 22:12:42 GMT

Ugh. It kinda sucks. I think after you've improved scores they should be willing to lower your APR.

Re: How is Chase with lowering APRs?

lg8302ch — Tue, 13 Jan 2015 22:44:52 GMT

I can feel you... Chase gave me 22,99% on my Freedom with 790 Fico (2 years old now)...it is by far the highest APR. First I was frustrated but now I am just shaking my head and smile at that record high APR ... you will get used to it and if Chase does not want a dime in interest...fine with me. All other cards are sooo much lower so if I would ever carry a balance then others will get my business.

Re: How is Chase with lowering APRs?

Anonymous — Wed, 14 Jan 2015 01:02:37 GMT

@lethargic...pretty much.

Re: How is Chase with lowering APRs?

FinStar — Wed, 14 Jan 2015 01:07:26 GMT

@thelethargicage wrote:
You want a lower APR from Chase? Cancel your card and app for it again. That's what I did with my Freedom and it went from 22.99% to 13.9%. It's the only way.

OP - this is the most viable strategy and what Nixon echoed above. Also, no guarantee that you'd achieve much of an APR reduction unless your credit picture remains pristine for sometime and improves with age.

Re: How is Chase with lowering APRs?

Anonymous — Wed, 14 Jan 2015 01:09:16 GMT

@fin, welcome back.

This is one of the few cases where I would rely on a prequal.

Re: How is Chase with lowering APRs?

chalupaman — Wed, 14 Jan 2015 01:11:30 GMT

I heard they are terrible when it comes to that. Don't waste your time.

I think the APRs on my Chase cards are just fine at the moment anyway. They are some of the lowest that I have, even on the AARP.

Re: How is Chase with lowering APRs?

FinStar — Wed, 14 Jan 2015 01:10:55 GMT

@Anonymous wrote:
@fin, welcome back.

This is one of the few cases where I would rely on a prequal.

Exactly, since the APR terms (while fluid) would be spelled out at such point.

Re: How is Chase with lowering APRs?

FinStar — Wed, 14 Jan 2015 01:14:30 GMT

@chalupaman wrote:
I heard they are terrible when it comes to that. Don't waste your time.

I think the APRs on my Chase cards are just fine at the moment anyway.

In the sense of requesting directly, yes. Absolutely no chance it will be honored. Over time, Chase tends to periodically review accounts and adjusts the APR to targeted customers whose credit profiles are above the "excellent" threshold mark along with achieving certain internal score factors.

Re: How is Chase with lowering APRs?

Imperfectfuture — Wed, 14 Jan 2015 02:26:20 GMT

Apply for another chase card (freedom for bonus, or AARP), move limit from Amazon over to other card. Close Amazon for month or two. Re apply, walla. However, I got the lowest apr for a non siggy, and it was my first chase card. At first I was upset, but I don't plan to carry a balance neither. THEY WILL consider transitioning to siggy after two years, and you better be in the 800's. Word on the net, lowest apr for non siggy is 19.24, which is what I got (slightly lower before they add the prime). These are for new apps.