topic Re: How to lower APR on Chase Amazon Card? in Credit Cards

How to lower APR on Chase Amazon Card?

cakkd — Sat, 21 Feb 2015 02:05:39 GMT

Once upon a time about six years ago in different finance climes, I had an Chase Amazon Visa Reward card with a 5.24% APR. For reasons, I won't go into, I stupidly cancelled the card.

About four years ago, I got a new Chase Amazon Visa with an APR of 21.24%. I have one 30 day late more than three years ago. My CLI was increased in December from the original $1,500 to $3,000. My CS is in the 710 range.

A couple days ago, I paid my whole balance of $2k. I called today and was told that 21.24% is the lowest they offer on that card and it can't be reduced. I did a little googling, and regardless of what your APR is, that's what they tell you.

After I refi my house in a couple months (and I won't really need a high CS for some time), I reckon my options are thus:

1) Grin and bear it.

2) Cancel the card and later reapply, hoping for a better IR (or that they will reconsider lowering it once I threaten to cancel).

3) Let the card gather dust and apply for a different card with a lower APR.

What say you? Any advice?

Thanks in advance.

Re: How to lower APR on Chase Amazon Card?

kdm31091 — Sat, 21 Feb 2015 02:08:55 GMT

They won't lower it.

Only options are either deal with it or app for a new one and hope for a lower APR

They will always claim that's the lowest they can offer you.

Its one of my main gripes with Chase, they never lower APR and you have to take a HP and open a new account hoping for a better APR. Its stupid.

Re: How to lower APR on Chase Amazon Card?

chalupaman — Sat, 21 Feb 2015 02:20:29 GMT

@cakkd wrote:
Once upon a time about six years ago in different finance climes, I had an Chase Amazon Visa Reward card with a 5.24% APR. For reasons, I won't go into, I stupidly cancelled the card.

About four years ago, I got a new Chase Amazon Visa with an APR of 21.24%. I have one 30 day late more than three years ago. My CLI was increased in December from the original $1,500 to $3,000. My CS is in the 710 range.

A couple days ago, I paid my whole balance of $2k. I called today and was told that 21.24% is the lowest they offer on that card and it can't be reduced. I did a little googling, and regardless of what your APR is, that's what they tell you.

After I refi my house in a couple months (and I won't really need a high CS for some time), I reckon my options are thus:

1) Grin and bear it.
2) Cancel the card and later reapply, hoping for a better IR (or that they will reconsider lowering it once I threaten to cancel).
3) Let the card gather dust and apply for a different card with a lower APR.

What say you? Any advice?

Thanks in advance.

Get a new Chase card like the Freedom or AARP, consolidate the Amazon limit and close it.

Re: How to lower APR on Chase Amazon Card?

cakkd — Sat, 21 Feb 2015 02:22:43 GMT

Thanks for the advice, kdm. That would basically be the opposite of what I did the first time (cancelling a 5.24% APR and reapplying to get a 21.24% APR card. Stupid, I know.)

By the way, the way I got the 5.24% APR 10 years ago is I was peeved that I got a late fee for being a day late, so I called to cancel. They offered me the low APR and a $25 Amazon gift certificate to stay with them.

Re: How to lower APR on Chase Amazon Card?

cakkd — Sat, 21 Feb 2015 02:23:53 GMT

BTW, kimd, what's your APR on your Amazon card?

Popa -- I like the Amazon rewards.

Re: How to lower APR on Chase Amazon Card?

kdm31091 — Sat, 21 Feb 2015 02:29:01 GMT

Apping for a new product and consolidating limits doesn't help you unless you want the different product. If you want amazon rewards still, you have to cancel and reapply

My APR is 22.24 and they have essentially stated they won't lower it.

Re: How to lower APR on Chase Amazon Card?

wacdenney — Sat, 21 Feb 2015 02:33:44 GMT

I see this over and over and I'm not sure why...

Amazon is a co-branded rewards card. You get the card and you place your Amazon shopping on it for 3% CB and gas at 2% CB isn't too bad either. You place your spend on it and you PIF and earn rewards. The APR on this type of card is irrelevant. The card is simply not designed to carry a balance on.

If you need to park a balance, that's fine and dandy. I have a couple of balances sitting right now myself. I have a 2.5k balance parked on Discover which is still in its intro APR rate of 0%. I also have a 2.1k balance parked on my DCU Visa because I got a 0% APR offer on it.

These are the kinds of places where you let balances sit. Intro 0% APR cards... low APR credit union cards... Barclay Ring... etc...

Everyone needs a card in there profile for carrying a balance. Don't have one? Get one!!

Re: How to lower APR on Chase Amazon Card?

chalupaman — Sat, 21 Feb 2015 02:37:28 GMT

@cakkd wrote:
BTW, kimd, what's your APR on your Amazon card?

Popa -- I like the Amazon rewards.

They gave me the highest I think but I don't carry a balance on it obviously.

Re: How to lower APR on Chase Amazon Card?

kdm31091 — Sat, 21 Feb 2015 02:42:13 GMT

It's fine to say "this card isn't designed for carrying a balance!" and "always PIF" and all that, and it's true, BUT,

There is nothing wrong with seeking better terms and a lower APR. I don't plan to carry a balance on the card, but suppose I rack up my dining on it during the month and something crazy happens and I can't PIF. Would I not rather have the lower APR?

There's no downside to having a lower APR. There's no upside to having a high one. So I don't see why it bothers you so much when people are simply trying to improve their accounts. We aren't all "ideal and perfect" with a 8% APR card in our profiles, so sometimes we are going to seek out lower APRs on existing cards, and that's fine.

I do want a low APR card in the future, but it doesn't stop me from trying to improve the accounts I have. Again, why not do it? The same reason I don't get why people obsess over "upgrading to WEMC" or some such, I guess is why you don't understand people wanting lower APRs. To each their own.

The APR is not "irrelevant" because it could happen that you have a balance on it someday that you cannot PIF that month or whatever. I consider all my APRs "relevant" because life isn't perfect and stuff happens.

Re: How to lower APR on Chase Amazon Card?

cakkd — Sat, 21 Feb 2015 02:43:27 GMT

On the other hand, as much as I like the Amazon rewards, a bigger part of me says screw Chase. They obviously aren't all that interested in keeping my business. (Even if I didn't care a balance.) Plus, I like to fly as much as I like books.

Re: How to lower APR on Chase Amazon Card?

Anonymous — Sat, 21 Feb 2015 02:45:36 GMT

@cakkd wrote:
On the other hand, as much as I like the Amazon rewards, a bigger part of me says screw Chase. They obviously aren't all that interested in keeping my business. (Even if I didn't care a balance.) Plus, I like to fly as much as I like books.

Shame about that 5.24% APR card...

Re: How to lower APR on Chase Amazon Card?

kdm31091 — Sat, 21 Feb 2015 02:46:01 GMT

I'm not gonna keep the Amazon card forever or have another Chase card. I'm not interested in a lender who refuses to ever lower an APR or offer a CLI without a HP. They don't care about growing with you. its just a fact. They have excellent travel cards. For the rest of us they are completely avoidable IMO. Nothing exciting.

Re: How to lower APR on Chase Amazon Card?

Anonymous — Sat, 21 Feb 2015 02:46:22 GMT

@wacdenney wrote:
I see this over and over and I'm not sure why...

Amazon is a co-branded rewards card. You get the card and you place your Amazon shopping on it for 3% CB and gas at 2% CB isn't too bad either. You place your spend on it and you PIF and earn rewards. The APR on this type of card is irrelevant. The card is simply not designed to carry a balance on.

If you need to park a balance, that's fine and dandy. I have a couple of balances sitting right now myself. I have a 2.5k balance parked on Discover which is still in its intro APR rate of 0%. I also have a 2.1k balance parked on my DCU Visa because I got a 0% APR offer on it.

These are the kinds of places where you let balances sit. Intro 0% APR cards... low APR credit union cards... Barclay Ring... etc...

Everyone needs a card in there profile for carrying a balance. Don't have one? Get one!!

Re: How to lower APR on Chase Amazon Card?

cakkd — Sat, 21 Feb 2015 02:47:49 GMT

They are supposed to compete for your business. What I'm hearing is Chase is refusing to compete on a key factor. It's the too-big-to-faily kind of hubris.

Re: How to lower APR on Chase Amazon Card?

wacdenney — Sat, 21 Feb 2015 02:50:24 GMT

@kdm31091 wrote:
It's fine to say "this card isn't designed for carrying a balance!" and "always PIF" and all that, and it's true, BUT,

There is nothing wrong with seeking better terms and a lower APR. I don't plan to carry a balance on the card, but suppose I rack up my dining on it during the month and something crazy happens and I can't PIF. Would I not rather have the lower APR?

There's no downside to having a lower APR. There's no upside to having a high one. So I don't see why it bothers you so much when people are simply trying to improve their accounts. We aren't all "ideal and perfect" with a 8% APR card in our profiles, so sometimes we are going to seek out lower APRs on existing cards, and that's fine.

I do want a low APR card in the future, but it doesn't stop me from trying to improve the accounts I have. Again, why not do it? The same reason I don't get why people obsess over "upgrading to WEMC" or some such, I guess is why you don't understand people wanting lower APRs. To each their own.

The APR is not "irrelevant" because it could happen that you have a balance on it someday that you cannot PIF that month or whatever. I consider all my APRs "relevant" because life isn't perfect and stuff happens.

yes, stuff happens so get yourself a card for that. Call it your "stuff happens" card and when stuff happens use it.

Do a balance transfer if all else fails. NEVER pay interest and if you must 10% TOPS.

I actually had stuff happen recently. My taxes got all screwed up because I forgot to change my withholdings last year and I wound up owing 1.3k. I have room to park that on a 0% card but then there's the processing fee and the turbo tax charges. Even a 0% APR couldn't handle this stuff. I decided to go with a signup bonus. AMEX HHonors is brand new and I will earn 40k points in a single transaction. That's at least a $400 value and I'll transfer that balance off of the card before I pay any interest on it.

Yes, stuff happens so have a plan.

You are correct about Visa Signature and World Mastercard btw, also a total waste of time and effort.

Re: How to lower APR on Chase Amazon Card?

kdm31091 — Sat, 21 Feb 2015 02:51:12 GMT

Also you have to remember that most consumers don't PIF so even though us credit people are all about it, that's not the average person. APR is always relevant. Every credit card is designed to carry a balance in that that's part of the definition of a credit card.

Re: How to lower APR on Chase Amazon Card?

gdale6 — Sat, 21 Feb 2015 02:52:11 GMT

@cakkd wrote:
On the other hand, as much as I like the Amazon rewards, a bigger part of me says screw Chase. They obviously aren't all that interested in keeping my business. (Even if I didn't care a balance.) Plus, I like to fly as much as I like books.

IMO the Sallie Mae is a much better rewards card than the Chase Amazon, really depends on your monthly spend at Amazon..

Re: How to lower APR on Chase Amazon Card?

kdm31091 — Sat, 21 Feb 2015 02:52:36 GMT

Glad we agree on totally not understanding the obsession with WEMC and such though.

Re: How to lower APR on Chase Amazon Card?

Anonymous — Sat, 21 Feb 2015 02:55:30 GMT

@kdm31091 wrote:
Glad we agree on totally not understanding the obsession with WEMC and such though.

Shiny logo.

Re: How to lower APR on Chase Amazon Card?

kdm31091 — Sat, 21 Feb 2015 02:57:25 GMT

Shiny logo is fine but the amount of time and effort people put into what amounts to a logo and benefits they are 98 percent of the time not going to use is mind boggling

Marketing convinces people they need the elite version without them understanding or caring what the benefits are or how it would even be useful IMO