topic Re: Why didn't I do this before?! in Credit Cards

Why didn't I do this before?!

atarvuzdar — Wed, 09 Aug 2017 20:25:43 GMT

Noticed the variable APRs on my cards have been increasing over the past few months. Got bored today and decided to try to lower the APR on my bank cards. Didn't expect any luck since my credit isn't stellar but I was actually able to lower a few--including two which had insanely high APRs.

Discover went from 23.99% to 19.24%

Barclaycard went from 25.99% to 21.99%

Citi DC went from 16.99% to 15.24%

Chase wouldn't even take a look ("We review twice a year and WE will reach out to YOU"), CapOne and BofA didn't have any offers at this time.

Citi DC is my favorite card for its generous limit and the super-easy (and often offered) balance transfers--now I have another reason to be an even bigger fan.

Never thought to do this before but I'm happy I went through the exercise. How often do banks usually entertain lowering APRs??

Re: Why didn't I do this before?!

MrDisco99 — Wed, 09 Aug 2017 20:39:54 GMT

Yeah Citi is known around here for being pushovers on APR decreases. You can keep asking them and they'll keep lowering, sometimes only days later.

Chase, on the other hand, WILL NOT lower your APR upon request. My understanding is Amex won't do it either.

Re: Why didn't I do this before?!

simplynoir — Wed, 09 Aug 2017 22:58:17 GMT

@MrDisco99 wrote:
Yeah Citi is known around here for being pushovers on APR decreases. You can keep asking them and they'll keep lowering, sometimes only days later.

Chase, on the other hand, WILL NOT lower your APR upon request. My understanding is Amex won't do it either.

AMEX will they're just really rare like a unicorn sighting. The same goes for Capital One as well.

Re: Why didn't I do this before?!

K-in-Boston — Thu, 10 Aug 2017 01:03:24 GMT

The only two times I have asked Amex they gave me APR reductions. Blue is a 3-tier APR (a, b or c) rather than a range; I've had the lowest tier since getting the card 15 years ago. I asked to see if they would lower it, and they gave me an extra % off, although it is only for a year then it's back to 15%. When I apped for my SPG earlier this year, the computer gave me a 17% APR. I hopped on chat seconds after applying and asked for it to be lowered; they apologized and dropped it 2% to the lowest of the range. I'm 2 for 2 so not sure about the unicorn comment. Maybe I'm lucky or they just really like me?

Re: Why didn't I do this before?!

Anonymous — Thu, 10 Aug 2017 01:11:45 GMT

Most people don't start to think about APRs until they start to fall behind.

Re: Why didn't I do this before?!

simplynoir — Thu, 10 Aug 2017 01:11:59 GMT

Admittedly that comment is more anecdotal since it seems when someone posts on someone getting an AMEX apr reduction there's comments on those posts how they're never able to get one with them.

Re: Why didn't I do this before?!

Anonymous — Thu, 10 Aug 2017 01:46:07 GMT

@atarvuzdar wrote:
Noticed the variable APRs on my cards have been increasing over the past few months. Got bored today and decided to try to lower the APR on my bank cards. Didn't expect any luck since my credit isn't stellar but I was actually able to lower a few--including two which had insanely high APRs.

Discover went from 23.99% to 19.24%
Barclaycard went from 25.99% to 21.99%
Citi DC went from 16.99% to 15.24%

Chase wouldn't even take a look ("We review twice a year and WE will reach out to YOU"), CapOne and BofA didn't have any offers at this time.

Citi DC is my favorite card for its generous limit and the super-easy (and often offered) balance transfers--now I have another reason to be an even bigger fan.

Never thought to do this before but I'm happy I went through the exercise. How often do banks usually entertain lowering APRs??

How did you go about asking Barclays? Did you use the secure messaging when you sign into your account?

I don't need to have it lowered. I pay in full every month but I want to try and see what happens.

Re: Why didn't I do this before?!

atarvuzdar — Thu, 10 Aug 2017 02:23:31 GMT

@Anonymous wrote:
@atarvuzdar wrote:
Noticed the variable APRs on my cards have been increasing over the past few months. Got bored today and decided to try to lower the APR on my bank cards. Didn't expect any luck since my credit isn't stellar but I was actually able to lower a few--including two which had insanely high APRs.

Discover went from 23.99% to 19.24%
Barclaycard went from 25.99% to 21.99%
Citi DC went from 16.99% to 15.24%

Chase wouldn't even take a look ("We review twice a year and WE will reach out to YOU"), CapOne and BofA didn't have any offers at this time.

Citi DC is my favorite card for its generous limit and the super-easy (and often offered) balance transfers--now I have another reason to be an even bigger fan.

Never thought to do this before but I'm happy I went through the exercise. How often do banks usually entertain lowering APRs??
How did you go about asking Barclays? Did you use the secure messaging when you sign into your account?

I don't need to have it lowered. I pay in full every month but I want to try and see what happens.

Attempted the secure message but they responded very soon after that I had to call in. The call took all of three minutes, no fuss no muss.

Re: Why didn't I do this before?!

SouthJamaica — Thu, 10 Aug 2017 02:40:46 GMT

@atarvuzdar wrote:
Noticed the variable APRs on my cards have been increasing over the past few months. Got bored today and decided to try to lower the APR on my bank cards. Didn't expect any luck since my credit isn't stellar but I was actually able to lower a few--including two which had insanely high APRs.

Discover went from 23.99% to 19.24%
Barclaycard went from 25.99% to 21.99%
Citi DC went from 16.99% to 15.24%

Chase wouldn't even take a look ("We review twice a year and WE will reach out to YOU"), CapOne and BofA didn't have any offers at this time.

Citi DC is my favorite card for its generous limit and the super-easy (and often offered) balance transfers--now I have another reason to be an even bigger fan.

Never thought to do this before but I'm happy I went through the exercise. How often do banks usually entertain lowering APRs??

Fascinating. It took me 2 years and a hard pull to get my first CLI from Citi DC, and I've NEVER had a balance transfer offer from them (other than the initial 30 day one)..

Re: Why didn't I do this before?!

Anonymous — Thu, 10 Aug 2017 08:56:44 GMT

@Anonymous wrote:
Most people don't start to think about APRs until they start to fall behind.

I don't think thats true at all. I use APR as a way to gauge how a bank views me.... If I am getting approvals with the banks highest rate, its time to slow down.

Re: Why didn't I do this before?!

Anonymous — Thu, 10 Aug 2017 12:06:43 GMT

@atarvuzdar wrote:
@Anonymous wrote:
@atarvuzdar wrote:
Noticed the variable APRs on my cards have been increasing over the past few months. Got bored today and decided to try to lower the APR on my bank cards. Didn't expect any luck since my credit isn't stellar but I was actually able to lower a few--including two which had insanely high APRs.

Discover went from 23.99% to 19.24%
Barclaycard went from 25.99% to 21.99%
Citi DC went from 16.99% to 15.24%

Chase wouldn't even take a look ("We review twice a year and WE will reach out to YOU"), CapOne and BofA didn't have any offers at this time.

Citi DC is my favorite card for its generous limit and the super-easy (and often offered) balance transfers--now I have another reason to be an even bigger fan.

Never thought to do this before but I'm happy I went through the exercise. How often do banks usually entertain lowering APRs??
How did you go about asking Barclays? Did you use the secure messaging when you sign into your account?

I don't need to have it lowered. I pay in full every month but I want to try and see what happens.
Attempted the secure message but they responded very soon after that I had to call in. The call took all of three minutes, no fuss no muss.

What did you say to them? Did they ask why you wanted a lower APR?

Re: Why didn't I do this before?!

Anonymous — Thu, 10 Aug 2017 23:29:08 GMT

Did you take any HP's for asking?

Curious cause I have a few I might want to give a shot with. One is a Discover IT card.

Re: Why didn't I do this before?!

atarvuzdar — Fri, 11 Aug 2017 01:58:46 GMT

@Anonymous wrote:
@atarvuzdar wrote:
@Anonymous wrote:
@atarvuzdar wrote:
Noticed the variable APRs on my cards have been increasing over the past few months. Got bored today and decided to try to lower the APR on my bank cards. Didn't expect any luck since my credit isn't stellar but I was actually able to lower a few--including two which had insanely high APRs.

Discover went from 23.99% to 19.24%
Barclaycard went from 25.99% to 21.99%
Citi DC went from 16.99% to 15.24%

Chase wouldn't even take a look ("We review twice a year and WE will reach out to YOU"), CapOne and BofA didn't have any offers at this time.

Citi DC is my favorite card for its generous limit and the super-easy (and often offered) balance transfers--now I have another reason to be an even bigger fan.

Never thought to do this before but I'm happy I went through the exercise. How often do banks usually entertain lowering APRs??
How did you go about asking Barclays? Did you use the secure messaging when you sign into your account?

I don't need to have it lowered. I pay in full every month but I want to try and see what happens.
Attempted the secure message but they responded very soon after that I had to call in. The call took all of three minutes, no fuss no muss.
What did you say to them? Did they ask why you wanted a lower APR?

I told them the truth, that I noticed my APR has been rising over the past few months and that I wanted to know if there was any opportunity to lower it. It was pretty cut and dry.

Re: Why didn't I do this before?!

atarvuzdar — Fri, 11 Aug 2017 02:05:35 GMT

@Anonymous wrote:
Did you take any HP's for asking?

Curious cause I have a few I might want to give a shot with. One is a Discover IT card.

Not at all. If the bank had a chat option I went that route (Discover has this option), otherwise I called. Each bank (except for Chase) ran through their "Sure, let me see if there are any offers on your account" script (via chat or call) and I had my answers within a minute for each. I thanked them all, even the ones who had nothing for me, and moved on to the next bank.

Re: Why didn't I do this before?!

Anonymous — Fri, 11 Aug 2017 22:53:47 GMT

Glad I read this..

Welcome! All of our representatives are U.S.-based and one will be with you shortly.

Info

at 18:44, Aug 11:

You’re now chatting with Xavier J..

Xavier J.

at 18:44, Aug 11:

Hello, how can I help you today?

at 18:44, Aug 11:

Hi! I was inquiring to see if I had any special offers available for my account? Such as lowering my APR or CLI?

Xavier J.

at 18:47, Aug 11:

Good afternoon Michael! Upon review, I'm seeing that your account is qualifies for a rate of a variable 19.24% that will be applied to future purchases only. Would you like me to apply that for you?

at 18:48, Aug 11:

That would be great!

I went from 23.99 to 19.24!!! Looks like we ended up with the same APR reduction offer since it was exactly the same haha

Going to try a few other cards right now.

Re: Why didn't I do this before?!

Anonymous — Fri, 11 Aug 2017 23:25:18 GMT

Congrats on your APR reductions!!!

Discover is usually eligible for an APR reduction every 6 months, ymmv.