topic Chase APR reduction in Credit Cards

Chase APR reduction

Skye12329 — Tue, 05 Jul 2016 20:05:10 GMT

Callee Chase to see if they could lower my APR on my freedom (22-23%) i forget, whatever is the highest. They said there was an offer on my account to lower it down to 12.74%. I then asked about my other 2 accounts, they said they cannot go lower on csp currently (16%) nor freedom unlimited (23%) and i said thats okay. Note this was reg. cust. service, no eo or anything.

Just as a point it seems that when there is an offer on the account they can do it. Also it does seem that chase does also go lower than their range too. My sister also was able to get her APR decreased, she went from 18% to 14%, no luck on her csp though.

Re: Chase APR reduction

kdm31091 — Tue, 05 Jul 2016 20:13:47 GMT

@Skye12329 wrote:
Callee Chase to see if they could lower my APR on my freedom (22-23%) i forget, whatever is the highest. They said there was an offer on my account to lower it down to 12.74%. I then asked about my other 2 accounts, they said they cannot go lower on csp currently (16%) nor freedom unlimited (23%) and i said thats okay. Note this was reg. cust. service, no eo or anything.

Just as a point it seems that when there is an offer on the account they can do it. Also it does seem that chase does also go lower than their range too. My sister also was able to get her APR decreased, she went from 18% to 14%, no luck on her csp though.

Wow, you should go get a lottery ticket. An APR reduction from Chase?

Maybe they finally are going to let go of their rigid "APR set for life of the account" thing.

Re: Chase APR reduction

Skye12329 — Tue, 05 Jul 2016 20:22:48 GMT

Right! I am wondering if they are turning over a new leaf? However if they could bump up my FU line that would be great...its at 1600.

Its worth a shot to ask, my accts are 2 years old each if it helps anyone.

Re: Chase APR reduction

kdm31091 — Tue, 05 Jul 2016 20:23:51 GMT

@Skye12329 wrote:
Right! I am wondering if they are turning over a new leaf? However if they could bump up my FU line that would be great...its at 1600.

Its worth a shot to ask, my accts are 2 years old each if it helps anyone.

Maybe they are changing policies. All I have ever known Chase to do/say when you ask for a lower APR is to give the spiel about "we review accounts every 6 months and if you qualify we will tell you". Essentially they tell you to not even ask. Of course, I've never heard of this "review" resulting in an actual reduction for anyone.

Re: Chase APR reduction

ddemari — Tue, 05 Jul 2016 20:36:24 GMT

that is a huge accomplishment! asking chase for an apr reduc is like trying to find a pot of gold for most people. Interesting to see if others call in and see what chase can do for them.

Re: Chase APR reduction

sunni_one — Tue, 05 Jul 2016 21:23:03 GMT

Wow and Wow!!! That is fantastic! I haven't read many posts about chase lowering APRs. Thank you for sharing, I'm going to give them a call, hopefully I'll be as fortunate as you. Enjoy!

Re: Chase APR reduction

Anonymous — Wed, 06 Jul 2016 00:10:35 GMT

Congratulations! Could it be because these are mainline Chase cards (i.e. Freedom), and not partner cards (i.e., Hyatt)? Not sure if it can be done with partner cards, but would love it if it were possible.

I just can't see it happening, however, based on Chase's strong history of not doing any APR reductions at all.

Re: Chase APR reduction

CreditCuriosity — Tue, 05 Jul 2016 22:55:43 GMT

Congrats.. Doubtful it is eligible for Co-Branded cards. Although suprised with their regular freedom as well! I won't be calling as I don't want to bring unneeded attention to myself with chase looking at all my accounts ... Good for you OP

Re: Chase APR reduction

kdm31091 — Tue, 05 Jul 2016 22:45:50 GMT

@Anonymous wrote:
Congratulations! Could it be because these are mainline Chase cards (i.e. Freedom), and not partner cards (i.e., Hyatt)? Not sure if it can be done with partner cards, but would love it if it were possible.

Historically, they have never (that I've heard of) been one to lower APR, regardless of whether it was a mainline or partner card. That's why you see so many people with old 23% Freedom cards that remain at 23%. It didn't matter, they just didn't lower APR, period.

Hopefully, that is changing, but this is only one report, so we'll see. OP may have just been extremely lucky.

Re: Chase APR reduction

Anonymous — Tue, 05 Jul 2016 23:30:13 GMT

Wow! The OP did the impossible.

Re: Chase APR reduction

Anonymous — Tue, 05 Jul 2016 23:34:25 GMT

You're one of the very few I've ever seen get an APR reduction, congrats! What's your secret?!

Re: Chase APR reduction

Anonymous — Wed, 06 Jul 2016 00:06:10 GMT

I've only seen two total reports on myfico relative to Chase card APR reduction - one in 2014 and this one in 2016. Those are the only ones, both on Freedom cards.

It certainly does not look very promising for the rest of us.

Re: Chase APR reduction

Anonymous — Tue, 05 Jul 2016 23:48:57 GMT

Congrats!! This is indeed a great news!!!! I am stuck on my close to decade old Freedom (got it around Dec '07) with 24% apr. May be time to test the waters with chase...

Re: Chase APR reduction

Anonymous — Wed, 06 Jul 2016 00:05:51 GMT

addendum- relative to successful Chase APR reduction, may I add.

Sorry, on mobile with no ability to amend post.

Re: Chase APR reduction

Anonymous — Wed, 06 Jul 2016 01:11:56 GMT

Funny how two people from Chase told me they don't do APR reductions.

Just another reason why I'll never regret giving them the finger and closing my account(s) with them.

Re: Chase APR reduction

RonM21 — Wed, 06 Jul 2016 09:52:09 GMT

I didn't recall seeing APR reductions for Chase either. Congrats, that is a nice one! It interests me because it seems I have the card in question and am about to ask for an increase. I don't see my luck being better than yours though.

Re: Chase APR reduction

galahad15 — Wed, 06 Jul 2016 19:19:01 GMT

Congrats!