topic Re: Chase APR reduction - No Luck but sharing insights in Credit Cards

Chase APR reduction - No Luck but sharing insights

Courtyj725 — Tue, 31 May 2016 19:02:34 GMT

Hello All,

It's been a while but I wanted to share my experience when attempting an APR reduction with the ever difficult CHASE.

I've heard the numerous horror stories about calling Chase and how they simply don't do APR changes or reductions when solicited.

Still, I felt compelled to try my charm since it has worked with Barclay, Discover and Capital One.

RESULTS: NO REDUCTION but insight on when I could possibly receive one

Here's what happened:

I called a backdoor number( tried the credit analyst one).

I explained to the rep that I had receNtly PC'ed over from Slate to Freedom Unlimited but wanted an APR reduction so I could get better use out of the card for some larger purchases I planned to make and pay off over a few months. He kindly told me he'd be transferring me to customer service and in the future, I should call the number on the back of my card. (lol).

Once transferred to customer service, I verified my account details, then explained a similar story, with a little more charm. He thanked me "very much" for contacting them regarding my APR and went on to explain the following:

Accounts are reviewed for APR reduction periodically (he could see my account was up for review in August) and that they happen automatically. He made sure to inform me that there is no need to solicit them for an APR as they only happen during my periodic account reviews.

He did tell me about an option for a 0% APR balance transfer with onetime fee of 2% on my account until July 2017 that he could complete but the account itself would not have any APR changes until August, if available. I declined the BT and told him I'd wait for my review and hope for the best.

So much for trying! Hope this helps for anyone looking to lower their APRs with Chase. They don't budge!

Re: Chase APR reduction - No Luck but sharing insights

Anonymous — Tue, 31 May 2016 19:46:23 GMT

Thanks for sharing! I've heard it's pretty tough to get an APR reduction with Chase, but I've heard the same about Capital One - how did you manage that one?

Re: Chase APR reduction - No Luck but sharing insights

kdm31091 — Tue, 31 May 2016 19:48:13 GMT

Not to burst your bubble but IMO the "periodic account review" is nothing more than a spiel which they tell everyone who asks for a reduction. I've literally never heard of them actually reducing anyone's APR, be it by request or during "review". Suffice it to say the APR at the time of approval is the APR for the life of the account. It's not going down unless the prime rate does.

Re: Chase APR reduction - No Luck but sharing insights

Courtyj725 — Tue, 31 May 2016 20:28:06 GMT

Hello Justme3,

Capital One was superbly easy. I used the chat from the online account services to simply check to see if there were any APR reductions available. Though not a permanent one, I got my 17% down to 14% for 7 months. I also used chat for Discover to reduce my APR and was offered two options, a temporary reduction for a lower rate, or a permanent reduction for a moderate rate, that was still at least 6 points lower than my original. I chose the permanent one. I'd rather not risk ever going back up to the higher rate.

Chats are surprisingly easy ways to reduce APR and product change with Capital One and Discover.

Re: Chase APR reduction - No Luck but sharing insights

Anonymous — Tue, 31 May 2016 20:36:30 GMT

@Courtyj725 wrote:
Hello Justme3,

Capital One was superbly easy. I used the chat from the online account services to simply check to see if there were any APR reductions available. Though not a permanent one, I got my 17% down to 14% for 7 months. I also used chat for Discover to reduce my APR and was offered two options, a temporary reduction for a lower rate, or a permanent reduction for a moderate rate, that was still at least 6 points lower than my original. I chose the permanent one. I'd rather not risk ever going back up to the higher rate.

Chats are surprisingly easy ways to reduce APR and product change with Capital One and Discover.

Thanks! I knew Cap1 gave temporary reductions, but I thought maybe you got a permanent one - I was hoping they had changed their ways

But congrats on all the reductions you did get!

Re: Chase APR reduction - No Luck but sharing insights

Courtyj725 — Tue, 31 May 2016 20:55:20 GMT

Thank you! Maybe Cap changed in the pst year but I've been getting perm reductions every couple years (had this card for 8 years so far).

This is the first temporary reduction they ever gave me.

I'll take what I can get always! lol.

Re: Chase APR reduction - No Luck but sharing insights

Anonymous — Tue, 31 May 2016 22:29:58 GMT

Good information!

Re: Chase APR reduction - No Luck but sharing insights

Anonymous — Wed, 01 Jun 2016 02:34:25 GMT

My statement history goes back to 2010 with Chase. It was 2009/10 when I had some bad behavior and my APR had been 29.99 on my Freedom. I just assumed it was still that. But apparently sometime in 2013 they reduced it to 27.49 during a scheduled review. And now it's .25 higher at 27.74. So I guess they do reviews, but not all that often.

BTW since 2013 they've extended me about $60k in new CL between personal and business after CLD/balance chasing me in 2009/10.

ETA: The only cards I can tell you the APRs on are the ones I have around for the specific purposes of transfering balances to if necessary. A few that run between 7.5-8.75% (and my newest card which is my first BoA and I was happy I got a low 11.24, even though I only have it around for 0%).

Re: Chase APR reduction - No Luck but sharing insights

RonM21 — Wed, 01 Jun 2016 10:14:24 GMT

I've heard the same, that they are very difficult with giving APR reductions. SO I probably will never bother.

Re: Chase APR reduction - No Luck but sharing insights

Sharingan — Wed, 01 Jun 2016 10:57:02 GMT

@kdm31091 wrote:
Not to burst your bubble but IMO the "periodic account review" is nothing more than a spiel which they tell everyone who asks for a reduction. I've literally never heard of them actually reducing anyone's APR, be it by request or during "review". Suffice it to say the APR at the time of approval is the APR for the life of the account. It's not going down unless the prime rate does.

I agree with Kdm. I have a number of Chase cards, and not one of them has ever had an APR reduction. In recent years, I've received around 80k in credit from Chase alone, so they evidently do find me quite creditworthy otherwise. What is amusing to me is that my Chase Marriott and Chase Sapphire (formerly Preferred) have my lowest rates from the bank, and I received them when they were a single rate offering (15.24% back then). This is another area that Chase is extremely inflexible with, and the previous spiel was that customers should reapply for products they already have if they want lower rates (Slate, Freedom, Amazon). Of course, that's not so easy nor practical anymore due to their nonsensical 5/24. Even if you haven't hit it yet, it could pose a problem for future applications if you are reapplying for products you already have now.

Re: Chase APR reduction - No Luck but sharing insights

takeshi74 — Wed, 01 Jun 2016 12:56:16 GMT

Always be careful relying on what one CSR says with any company. They can be mistaken, misinformed, misleading, etc. While there are good, knowledgeable CSR's out there you can also find plenty of examples in prior threads where CSR's have been incorrect.

I haven't seen an APR reduction from Chase in the years that I've had cards with them. Granted, one's anecdotal evidence doesn't really mean much on its own. I've also never seen an auto CLI but my wife has. She hasn't received any APR reductions either though, FWIW.

Re: Chase APR reduction - No Luck but sharing insights

Courtyj725 — Wed, 01 Jun 2016 14:34:23 GMT

Thanks for those added details. I know the reviews have purpose and can change things, I just don't know what they are looking for to reduce an APR. Either way, I'm still a ways to go and in my pay down period these days so I don't expect leaps and bounds to change. I just keep an eye out for breaks wherever I can get them.

Hopefully Chase sees something in my review worth reducing my APR for.

Re: Chase APR reduction - No Luck but sharing insights

Courtyj725 — Wed, 01 Jun 2016 14:41:13 GMT

Thanks @Sharingan for the insight.

I am nowhere near ready to reapply for cards or capable of justifying a reason it would be beneficial to. That's really silly that they would ask people to do that rather than work with them on their existing profiles.

I am just remembering now that had my APR lowered when I requested it on my Slate. I had the lovely no APR for an extended period of time and I told them I would pay it all off right now if they couldn't give me a lower APR than my lowers credit card at the time. They lowered it for me so that I could chip away at the debt. I wound up paying it off in full 3 months later, but, I wonder if my threat to pay it off really mattered or if lower APRs on the Slate are more flexible since the card doesn't offer any other perks.

Re: Chase APR reduction - No Luck but sharing insights

Courtyj725 — Wed, 01 Jun 2016 14:44:47 GMT

Thanks for that reminder Takeshi!

I always try for myself to get information, and don't take any one person's word for the final answer, hence the reason I ever called Chase in the first place. I did post about it because I found the review date that the CSR was able to see of interest. I have never read abotut that before.

I'll try again after paying off my Chase Freedom in a few months. I'll PIF and then call and say I would carry a balance if the rate wasn't so high. See if it gets me anywhere with another CSR then.

Re: Chase APR reduction - No Luck but sharing insights

Imperfectfuture — Wed, 01 Jun 2016 15:05:04 GMT

@Courtyj725 wrote:
Hello Justme3,

Capital One was superbly easy. I used the chat from the online account services to simply check to see if there were any APR reductions available. Though not a permanent one, I got my 17% down to 14% for 7 months. I also used chat for Discover to reduce my APR and was offered two options, a temporary reduction for a lower rate, or a permanent reduction for a moderate rate, that was still at least 6 points lower than my original. I chose the permanent one. I'd rather not risk ever going back up to the higher rate.

Chats are surprisingly easy ways to reduce APR and product change with Capital One and Discover.

Temporary reductions no good. Get perma reductions (I have done it). Planned to use same technique with Chase, but may close card,