topic Re: Total Rewards VISA - APR reduction in Credit Cards

Total Rewards VISA - APR reduction

someg33k — Fri, 20 Nov 2015 22:36:10 GMT

FYI for anyone that has this card and does not have Tier 1 interest rate.

Really did not think this was possible with Commenity, especially with front line CSR.

I was approved for this card a year ago at Tier 3 and only a $4000 limit Got a few CLIs and my CR has improved so Im thinking at least try for siggy and apr reduction.

Sent a secure message asking to upgrade to Signature and reduce APR - They replied with a canned response that in short said no and offered no additional info.

Today I called in and got a very nice and knowledgeable rep on the phone (crazy for Commenity right?) Explained to him what I was after and he said he can not upgrade my account as is directly to Signature. However he went on to explain that there is a process in place that allows upgrades to the account, 1 step every 4 months if you meet the criteria. Did not provide all the details but he said some of what you would expect. No recent negatives on report, account is active - in use the last 4 months. Account history is good.

So today I was upgraded from Tier 3 22.99% to Tier 2 17.99% and he said call back in 4 months and they could upgrade again to Tier 1. At which point I would get lowest APR and Signature card.

Thought I would share as this info should be helpful to some of you.

Re: Total Rewards VISA - APR reduction

FinStar — Fri, 20 Nov 2015 22:47:46 GMT

Some folks have been successful in lowering APRs for their Comenity V/MC/D cards but it's not very common - usually after the account has been open for 12+ months. However, accounts cannot be upgraded to Visa Signature for those that are currently Platinum. Accounts are coded from the get-go based on creditworthiness and usually stay at that level unless you close the card and reapply again (with the hope one gets approved for Signature. APR-wise, if the account is eligible, they can lower it.

Re: Total Rewards VISA - APR reduction

someg33k — Fri, 20 Nov 2015 23:05:01 GMT

@FinStar wrote:
Some folks have been successful in lowering APRs for their Comenity V/MC/D cards but it's not very common - usually after the account has been open for 12+ months. However, accounts cannot be upgraded to Visa Signature for those that are currently Platinum. Accounts are coded from the get-go based on creditworthiness and usually stay at that level unless you close the card and reapply again (with the hope one gets approved for Signature. APR-wise, if the account is eligible, they can lower it.

Thanks for the response but I hope you are wrong

The rep said it's possible to go from plat to sig, but you had to be at the best tier first.

I dont live that far from Columbus, maybe I could visit their office and get a straight anwer LOL

Re: Total Rewards VISA - APR reduction

FinStar — Fri, 20 Nov 2015 23:08:57 GMT

@someg33k wrote:
@FinStar wrote:
Some folks have been successful in lowering APRs for their Comenity V/MC/D cards but it's not very common - usually after the account has been open for 12+ months. However, accounts cannot be upgraded to Visa Signature for those that are currently Platinum. Accounts are coded from the get-go based on creditworthiness and usually stay at that level unless you close the card and reapply again (with the hope one gets approved for Signature. APR-wise, if the account is eligible, they can lower it.
Thanks for the response but I hope you are wrong

The rep said it's possible to go from plat to sig, but you had to be at the best tier first.

I dont live that far from Columbus, maybe I could visit their office and get a straight anwer LOL

Well, only way to find out once you reach that tier, APR-wise. You can also check with their EO.

They're off E Broad St, amongst many other nationwide hubs that they operate, so pay them a visit but I doubt you could get past security to learn if your request is possible

Re: Total Rewards VISA - APR reduction

someg33k — Sat, 21 Nov 2015 00:26:50 GMT

@FinStar wrote:
@someg33k wrote:
@FinStar wrote:
Some folks have been successful in lowering APRs for their Comenity V/MC/D cards but it's not very common - usually after the account has been open for 12+ months. However, accounts cannot be upgraded to Visa Signature for those that are currently Platinum. Accounts are coded from the get-go based on creditworthiness and usually stay at that level unless you close the card and reapply again (with the hope one gets approved for Signature. APR-wise, if the account is eligible, they can lower it.
Thanks for the response but I hope you are wrong

The rep said it's possible to go from plat to sig, but you had to be at the best tier first.

I dont live that far from Columbus, maybe I could visit their office and get a straight anwer LOL
Well, only way to find out once you reach that tier, APR-wise. You can also check with their EO.

They're off E Broad St, amongst many other nationwide hubs that they operate, so pay them a visit but I doubt you could get past security to learn if your request is possible

LOL I'll just tell them FinStar sent me, should be good to go!

Re: Total Rewards VISA - APR reduction

9CLINE — Sat, 21 Nov 2015 03:10:46 GMT

Congrats 2 ya.....

Re: Total Rewards VISA - APR reduction

FinStar — Sat, 21 Nov 2015 03:30:12 GMT

@someg33k wrote:
@FinStar wrote:
@someg33k wrote:
@FinStar wrote:
Some folks have been successful in lowering APRs for their Comenity V/MC/D cards but it's not very common - usually after the account has been open for 12+ months. However, accounts cannot be upgraded to Visa Signature for those that are currently Platinum. Accounts are coded from the get-go based on creditworthiness and usually stay at that level unless you close the card and reapply again (with the hope one gets approved for Signature. APR-wise, if the account is eligible, they can lower it.
Thanks for the response but I hope you are wrong

The rep said it's possible to go from plat to sig, but you had to be at the best tier first.

I dont live that far from Columbus, maybe I could visit their office and get a straight anwer LOL
Well, only way to find out once you reach that tier, APR-wise. You can also check with their EO.

They're off E Broad St, amongst many other nationwide hubs that they operate, so pay them a visit but I doubt you could get past security to learn if your request is possible
LOL I'll just tell them FinStar sent me, should be good to go!

I'll stop by next week and bring them some cookies...from you! But, definitely keep this thread posted in the future (or PM me) in the event that they can do it. For as long as they've been running the co-branded Visa cards (those that are Platinum & Signature) and after some system upgrades back in the day, they have not been able to upgrade (or took the option away) but they can lower APR for some accounts - so halfway there!

Re: Total Rewards VISA - APR reduction

someg33k — Sat, 21 Nov 2015 06:43:15 GMT

@FinStar wrote:
@someg33k wrote:
@FinStar wrote:
@someg33k wrote:
@FinStar wrote:
Some folks have been successful in lowering APRs for their Comenity V/MC/D cards but it's not very common - usually after the account has been open for 12+ months. However, accounts cannot be upgraded to Visa Signature for those that are currently Platinum. Accounts are coded from the get-go based on creditworthiness and usually stay at that level unless you close the card and reapply again (with the hope one gets approved for Signature. APR-wise, if the account is eligible, they can lower it.
Thanks for the response but I hope you are wrong

The rep said it's possible to go from plat to sig, but you had to be at the best tier first.

I dont live that far from Columbus, maybe I could visit their office and get a straight anwer LOL
Well, only way to find out once you reach that tier, APR-wise. You can also check with their EO.

They're off E Broad St, amongst many other nationwide hubs that they operate, so pay them a visit but I doubt you could get past security to learn if your request is possible
LOL I'll just tell them FinStar sent me, should be good to go!
I'll stop by next week and bring them some cookies...from you! But, definitely keep this thread posted in the future (or PM me) in the event that they can do it. For as long as they've been running the co-branded Visa cards (those that are Platinum & Signature) and after some system upgrades back in the day, they have not been able to upgrade (or took the option away) but they can lower APR for some accounts - so halfway there!

mmm cookies...

I will keep this one pinned and update as progress happens.

Re: Total Rewards VISA - APR reduction

ddemari — Sat, 21 Nov 2015 19:29:42 GMT

Thanks for sharing! Congrats on your success! I'm going to try this method once my card is atleast 6 months old.

Re: Total Rewards VISA - APR reduction

Anonymous — Sun, 22 Nov 2015 01:59:55 GMT

Congrats on your success!

Re: Total Rewards VISA - APR reduction

someg33k — Fri, 11 Mar 2016 21:51:11 GMT

*Update*

Called back today and was able to get the APR reduced to 14.24% which is the lowest they offer for this card.

But as Finstar predicted (damn you ) no siggy upgrade process available. Would have to close and apply again. Obviously not worth doing, so it is what it is...

Anyway cool deal on the APR reduction. If I ever need to carry a balance it sure beats the initial 23.24% I had when first opening the card.

Re: Total Rewards VISA - APR reduction

galahad15 — Fri, 11 Mar 2016 22:05:09 GMT

Congrats!

Re: Total Rewards VISA - APR reduction

Anonymous — Fri, 11 Mar 2016 23:10:26 GMT

@someg33k wrote:
FYI for anyone that has this card and does not have Tier 1 interest rate.

Really did not think this was possible with Commenity, especially with front line CSR.

I was approved for this card a year ago at Tier 3 and only a $4000 limit Got a few CLIs and my CR has improved so Im thinking at least try for siggy and apr reduction.
Sent a secure message asking to upgrade to Signature and reduce APR - They replied with a canned response that in short said no and offered no additional info.

Today I called in and got a very nice and knowledgeable rep on the phone (crazy for Commenity right?) Explained to him what I was after and he said he can not upgrade my account as is directly to Signature. However he went on to explain that there is a process in place that allows upgrades to the account, 1 step every 4 months if you meet the criteria. Did not provide all the details but he said some of what you would expect. No recent negatives on report, account is active - in use the last 4 months. Account history is good.

So today I was upgraded from Tier 3 22.99% to Tier 2 17.99% and he said call back in 4 months and they could upgrade again to Tier 1. At which point I would get lowest APR and Signature card.

Thought I would share as this info should be helpful to some of you.

@humuhumunukunukuapua'a wrote:

Correct - I was able to do this APR redux as well after 6 months of having the card and using it regularly and for fairly large amounts, also paying in full. Mine is a Visa Signature and was moved to Tier 2 - was told to call 4 months after the last APR reduction and if I keep regular usage and payments, I should be able to get the card to 13.99%. Not bad.

My card started out as a Visa Signature. If your card did not, they will not be able to allow upgrades to Signature.

Congratulations OP on your successful APR reduction!

Re: Total Rewards VISA - APR reduction

FinStar — Sat, 12 Mar 2016 01:24:37 GMT

@someg33k wrote:
*Update*

Called back today and was able to get the APR reduced to 14.24% which is the lowest they offer for this card.

But as Finstar predicted (damn you ) no siggy upgrade process available. Would have to close and apply again. Obviously not worth doing, so it is what it is...

Anyway cool deal on the APR reduction. If I ever need to carry a balance it sure beats the initial 23.24% I had when first opening the card.

LOL Yes, I agree, not worth to apply all over again since you already have history with this CC.

Very happy to hear that they were able to lower APR reduction - nicely done! That definitely wins in my book. Thanks for updating the thread since these are great data points for others.