topic Re: USAA APR decrease? in Credit Cards

USAA APR decrease?

Anonymous — Mon, 21 Sep 2015 14:20:47 GMT

I know I'm a bit of a ways off as I just opened WMC preferred cash rewards in August, but I've noticed this is something seldom discussed here in general.

APR's

While scores and approvals are good and awesome APR's are equally important if not more so. As it stands I have a 5k limit on USAA's WMC but with a 19.90 APR, not THAT bad but not good either. The other two cap1 cards (secured and QS1) are in the 20's the secured I'll close once I have my scores to support a good card. I hear stories about CAP1's refusal to lower apr's past some promotion. So I'm wondering if anyone had any success on lowering USAA's APR?

Re: USAA APR decrease?

FinStar — Mon, 21 Sep 2015 14:34:56 GMT

IIRC, USAA does not lower APRs by customer request unless your situation extends to being deployed or if they automatically lower it based on any periodic account reviews.

Re: USAA APR decrease?

Anonymous — Mon, 21 Sep 2015 14:40:55 GMT

@FinStar wrote:
IIRC, USAA does not lower APRs by customer request unless your situation extends to being deployed or if they automatically lower it based on any periodic account reviews.

Correct

Re: USAA APR decrease?

Anonymous — Mon, 21 Sep 2015 14:47:29 GMT

No more deployments for me, DD214 in hand since june '14. So the only option would be a periodic review for USAA. I may try my luck with a low APR card in a credit union after the year is over If my credit jumps up a little more and after I find out if I made it into the Police Academy. I might reach out to cap1 one for $hits and giggles because its a slow monday.

Re: USAA APR decrease?

Anonymous — Mon, 21 Sep 2015 15:24:46 GMT

Hello. I ran into a similar situation with USAA. I couldn't seem to get them to change my APR w/o CLOSING the card in question and reapplying for a card with the features that I was looking for. So, after several tries, I eventually closed my high APR card with 5000 limit and specifically opened the low apr card, which came in at 12000 limit (which was absolutely unexpected), but no benefits. Then, I immediately got back on with them and this time was successful with getting the upgrade so my low apr card can now receive cash back.

Now, to be sure, they did hem and haw about it citing some crap about USAA policy in not mixing the "unique credit features" of the cards. But, I persisted and ended up much better off... Lol... Much higher limit, very low apr, and CASH BACK! I should also tell you the guy was adamant with saying USAA would not combine or mix card features for me ever again, so be sure to "apply" for the exact card that I want with the features that I want. I chuckled inwardly. It is no mistake that USAA offers the low apr card-no benefits, or design the other cards in such a way that keeps us chasing the "better" card. Why else have a policy of not mixing card features? They want us to close and reapply each time we want to move forward.

Re: USAA APR decrease?

itguy_65 — Mon, 21 Sep 2015 16:01:26 GMT

I had a similar situation. I've had a USAA credit card since early 2013. Every time I called, I was told that they periodically review for an APR decrease, but that they do not grant customer initiated requests for APR decrease. I rolled the dice and applied for a new account, and I was approved for a new credit card account at 9.9%. Go Figure!

Re: USAA APR decrease?

Anonymous — Mon, 21 Sep 2015 16:52:13 GMT

Ha you guys making it hard for me to stay in the garden. I don't think my current scores would support a lower APR so I'll hold off. I can do without a lower APR for now becaue I always PIF but its better to have and not need then need and not have because no one knows when a hard spot will hit.

Re: USAA APR decrease?

Anonymous — Mon, 21 Sep 2015 17:15:23 GMT

I uderstand you, but the guy told me when I got the low APR card that USAA will adjust the APR down on the low APR card "more easily" because the "goal of this card is to give members the lowest APR as soon as they qualify" for the lowest possible APR. So, potentially, as your credit profile improves and gets better, then the APR on the low apr card will be on the ever-march downward and eventually should bottom out at the lowest APR available on that card.

Re: USAA APR decrease?

Anonymous — Mon, 21 Sep 2015 18:23:00 GMT

Oh that's cool, but just to make sure I understand you correctly. Seems as though what you're saying is those cards are almost like tier system based. Where you qualify for a certain rate based off their criteria. Where as if you meet the next criteria the lower you go? kind of like playing limbo? (retarded analogy but forgive me its Monday)

Re: USAA APR decrease?

Anonymous — Mon, 21 Sep 2015 18:41:29 GMT

@Anonymous wrote:
Oh that's cool, but just to make sure I understand you correctly. Seems as though what you're saying is those cards are almost like tier system based. Where you qualify for a certain rate based off their criteria. Where as if you meet the next criteria the lower you go? kind of like playing limbo? (retarded analogy but forgive me its Monday)

That's how the USAA representative explained it to me when I got the low APR card. Mine came in at 10.9%, which was HUGE drop from 19.9% and the 22.9% that I had on my other 2 USAA cards. So, he said, "as your credit profile improves, you would be eligible to be reduced to a lower APR on this card." He explained that the low APR card is designed to give the lowest APR that you qualify for- on the way down to the lowest APR POSSIBLE on that card... makes sense?

Re: USAA APR decrease?

Anonymous — Mon, 21 Sep 2015 19:06:32 GMT

Makes perfect sense. That may be my third and final card. either with USAA or a local CU. in theory this sounds good.. at least to me. 1 card for everyday buying. another for big purchases and another for low apr when you know you'll carry a balance.Thanks alot though, you've pretty much addressed the APR concern i've had

Re: USAA APR decrease?

Anonymous — Mon, 21 Sep 2015 20:59:59 GMT

@Anonymous wrote:
Makes perfect sense. That may be my third and final card. either with USAA or a local CU. in theory this sounds good.. at least to me. 1 card for everyday buying. another for big purchases and another for low apr when you know you'll carry a balance.Thanks alot though, you've pretty much addressed the APR concern i've had

Hey... you might even try to talk to them to get cash back or travel or some other rewards feature attached to your low apr card. AGAIN, they hemmed-and-hawed when I did, but it worked out so that I got cash back to be attached to my low apr card. All things being equal, its worth trying, at least. Good luck.