topic Re: APR reductions?? in Credit Cards

APR reductions??

icyhot — Tue, 28 Apr 2015 20:58:10 GMT

I'm pretty privy on how to get CLI from each of my lenders, but what about APR reductions? I didn't even know you could do that until this forum, and mine are as follows

Citi Forward- 16.99 but auto reduces every quarter
Fidelity Investment Amex- 13.99 but fixed
BofA Cash- 18.99, variable
Venture One- still in 0% but will be 19.9, variable
Delta Gold Amex- 19.24, variable
Citi Gold AAdvantage- 21.99, variable

As you can see I normally get the tail end of APR offers, probably for good reason. I never paid attention to APR or knew that your credit had an impact on it. Does anybody have any experience with getting theirs lowered with these banks? Most of these accounts are new, so should I wait 6 months like for a CLI? Do lower APRs beget lower APRs? Help

Re: APR reductions??

lhcole77 — Tue, 28 Apr 2015 22:37:50 GMT

@icyhot wrote:
I'm pretty privy on how to get CLI from each of my lenders, but what about APR reductions? I didn't even know you could do that until this forum, and mine are as follows

Citi Forward- 16.99 but auto reduces every quarter
Fidelity Investment Amex- 13.99 but fixed
BofA Cash- 18.99, variable
Venture One- still in 0% but will be 19.9, variable
Delta Gold Amex- 19.24, variable
Citi Gold AAdvantage- 21.99, variable

As you can see I normally get the tail end of APR offers, probably for good reason. I never paid attention to APR or knew that your credit had an impact on it. Does anybody have any experience with getting theirs lowered with these banks? Most of these accounts are new, so should I wait 6 months like for a CLI? Do lower APRs beget lower APRs? Help

I was able to lower Citi APRs via online chat. I called in and got BofA lowered. I got AMEX Delta lowered via online chat as well.

Re: APR reductions??

kdm31091 — Tue, 28 Apr 2015 22:39:06 GMT

Yes, your APR is assigned based on your percieved crediworthiness when you app. It's not just coming out of thin air.

Citi, BOA and Capital One will all lower APRs if your profile merits it. As well Amex. All of your lenders appear to be ones that will lower them over time. You usually can only ask every 6 months or so, but there's nothing to lose with calling.

Re: APR reductions??

lhcole77 — Tue, 28 Apr 2015 22:46:31 GMT

My AAdvantage card was less than a month old when I was able to get the APR lowered 4 consecutive times from 19.99 to 13.24%.

BofA was less than 6 months old--closer to three months actually.

AMEX was maybe a year old when I got that lowered.

Re: APR reductions??

icyhot — Tue, 28 Apr 2015 22:49:26 GMT

Cool! Did you have to speak to a credit analyst or can a front line CSR do it?

Re: APR reductions??

lhcole77 — Tue, 28 Apr 2015 22:51:49 GMT

@icyhot wrote:
Cool! Did you have to speak to a credit analyst or can a front line CSR do it?

With AMEX and Citi I chatted with CSRs via online chat. I imagine they are front line. With BofA I spoke with front line as well. I had called in to inquire about a BT offer and then I asked if it was possible to get a lower APR as well.

Re: APR reductions??

icyhot — Tue, 28 Apr 2015 22:54:04 GMT

Great. I heard online chat isn't that helpful in some instances so that's good to know

Re: APR reductions??

Anonymous — Tue, 28 Apr 2015 22:56:24 GMT

@icyhot wrote:
Great. I heard online chat isn't that helpful in some instances so that's good to know

I got my Cap One Journey lowered from 19.8 to 15.8 then PC'd to Quicksilver. APR Reduction they did on online chat. PC I had to call EO.

Re: APR reductions??

Themanwhocan — Tue, 28 Apr 2015 23:53:52 GMT

I online chatted with AMEX just now, they were not able to reduce my APR (it started at the lowest rate 24 months ago) but provided a phone number that can override the system if they choose. I called, and they did not choose

I online chatted with Discover, and got another 2% off, so now my purchase apr is 14.24%.

I recently called Barclays, they couldnt reduce the Priceline card (i swear that card must be cursed...) but they did transfer me to someplace for the Sallie Mae, and that group did lower the APR of one card by 4%, to 16.99%

Called Bank of America. No lower APR was available, but they said the next time they will actually check for a possible lowering of purchase APR is 5/13. I opened my BOA card on 6/9 of last year. Currently at 18.99%

I want a cookie.

Re: APR reductions??

Anonymous — Wed, 29 Apr 2015 00:06:46 GMT

@Themanwhocan wrote:
I online chatted with AMEX just now, they were not able to reduce my APR (it started at the lowest rate 24 months ago) but provided a phone number that can override the system if they choose. I called, and they did not choose

I online chatted with Discover, and got another 2% off, so now my purchase apr is 14.24%.

I recently called Barclays, they couldnt reduce the Priceline card (i swear that card must be cursed...) but they did transfer me to someplace for the Sallie Mae, and that group did lower the APR of one card by 4%, to 16.99%

Called Bank of America. No lower APR was available, but they said the next time they will actually check for a possible lowering of purchase APR is 5/13. I opened my BOA card on 6/9 of last year. Currently at 18.99%

I want a cookie.

Sorry no cookies... BUT CONGRATS

Re: APR reductions??

Anonymous — Wed, 29 Apr 2015 21:49:17 GMT

Good to know BoA will play ball. What about Chase?

Those two are my highest APR cards (24-30%). Got them both about 15 years ago, ran into some financial hardships shortly after and got rate-jacked. I've been responsible with them since (12+ years). Haven't bothered asking about an APR reduction up to this point, but it'd make me sleep easier at night if/when I need to carry a balance in the future.

Re: APR reductions??

galahad15 — Wed, 29 Apr 2015 22:09:06 GMT

@icyhot wrote:
I'm pretty privy on how to get CLI from each of my lenders, but what about APR reductions? I didn't even know you could do that until this forum, and mine are as follows

Citi Forward- 16.99 but auto reduces every quarter
Fidelity Investment Amex- 13.99 but fixed
BofA Cash- 18.99, variable
Venture One- still in 0% but will be 19.9, variable
Delta Gold Amex- 19.24, variable
Citi Gold AAdvantage- 21.99, variable

As you can see I normally get the tail end of APR offers, probably for good reason. I never paid attention to APR or knew that your credit had an impact on it. Does anybody have any experience with getting theirs lowered with these banks? Most of these accounts are new, so should I wait 6 months like for a CLI? Do lower APRs beget lower APRs? Help

Sorry if I may have already mentioned this in another thread earlier (may have possibly but can't really remember atm, lol), but if you want an out-of-the-gate, starting low-APR card and you think you may qualify based on your credit profile, you can always apply until 5/31/2015 for the FNBO Amex (6.25% V plus 1.5 rewards points received per dollar spent).

https://www.firstnational.com/common/shared/amex/amex_march_landing.html?ecid=150204OMACRD0073PTMMS1NAA

Re: APR reductions??

galahad15 — Wed, 29 Apr 2015 22:11:36 GMT

deleted accidental duplicate double-post (sorry)

Re: APR reductions??

Anonymous — Wed, 29 Apr 2015 22:58:39 GMT

@Anonymous wrote:
Good to know BoA will play ball. What about Chase?

Chase does not play ball. They do not reduce APRs and will tell you to close and reapply if you want a better APR. I know it's lame, but that's the story.