topic Re: Lowering APR... in Credit Cards

Lowering APR...

Anonymous — Wed, 23 Jan 2019 08:59:33 GMT

I'm curious to hear about your experiences with getting your credit card APRs lowered. Which lenders are more willing to lower APRs over time with good behaviour and improved credit?

Re: Lowering APR...

Anonymous — Wed, 23 Jan 2019 10:56:17 GMT

Capital One only does temporary 7 month drops of around 4% for me.

My data on US Bank and BoA is from 2008 so it’s too outdated to post and I haven’t asked my other creditors yet.

Re: Lowering APR...

AverageJoesCredit — Wed, 23 Jan 2019 11:59:14 GMT

Discover will lower your apr after a year ,when asked. Navy Federal will entertain this as well after a year. Bsnk of America has been known to lower apr if you have an offer. Citibank too can lower apr, via call or chat. Chase never. Capitol One not permanent. Amex i believe is harder to get but may be possible on case by case* not 100% sure.

Re: Lowering APR...

rbentley — Wed, 23 Jan 2019 13:44:17 GMT

@AverageJoesCredit wrote:
Discover will lower your apr after a year ,when asked. Navy Federal will entertain this as well after a year. Bsnk of America has been known to lower apr if you have an offer. Citibank too can lower apr, via call or chat. Chase never. Capitol One not permanent. Amex i believe is harder to get but may be possible on case by case* not 100% sure.

Great information. One of my goals this year was to focus on possible APR reductions. I got a Chase Amazon card early in my rebuild that has a preditory 24.49%. Needless to say, I only use it for purchases that I can PIF. I had hoped to get an APR reduction this year but that now appears unlikely. Oh well, it is valuable for the 5% off Amazon. No swipes for you Chase Amazon!

Re: Lowering APR...

CreditInspired — Wed, 23 Jan 2019 13:47:45 GMT

Discover will also give you another 12-month 0 APR after 1 yr as long as your credit profile stays good. You just have to ask.

Re: Lowering APR...

Anonymous — Wed, 23 Jan 2019 13:54:53 GMT

@CreditInspired wrote:
Discover will also give you another 12-month 0 APR after 1 yr as long as your credit profile stays good. You just have to ask.

This would be a great deal if they gave you another year of cash back match too 😂

jk. Sorta. I have heard Disco will do this every now and then if you ask which sure beats having to pay a fee for a BT to checking to pay off a large purchase!

Re: Lowering APR...

rbentley — Wed, 23 Jan 2019 13:58:38 GMT

Anyone know what FNBO policy is on APR reductions? They have been generous to me with CLI's but my APR is 21%. The card is pretty much in my sock drawer with occasional small swipes to keep the card active. It is about to become my oldest open card.

Re: Lowering APR...

RicHowe — Wed, 23 Jan 2019 14:05:19 GMT

AMEX will offer lower APR Promos on occasion. These are not permanent APR changes though.

Re: Lowering APR...

Anonymous — Wed, 23 Jan 2019 14:12:16 GMT

@rbentley wrote:
@AverageJoesCredit wrote:
Discover will lower your apr after a year ,when asked. Navy Federal will entertain this as well after a year. Bsnk of America has been known to lower apr if you have an offer. Citibank too can lower apr, via call or chat. Chase never. Capitol One not permanent. Amex i believe is harder to get but may be possible on case by case* not 100% sure.
Great information. One of my goals this year was to focus on possible APR reductions. I got a Chase Amazon card early in my rebuild that has a preditory 24.49%. Needless to say, I only use it for purchases that I can PIF. I had hoped to get an APR reduction this year but that now appears unlikely. Oh well, it is valuable for the 5% off Amazon. No swipes for you Chase Amazon!

Let me save you some time. You have pretty close to a 0% chance of adjusting your APR with Chase. While you may get a periodic promotional offer, a permanent reduction of your variable APR isn't happening.

I have you beat. I still have a Chase card with 25.24%. I have tried on multiple occasions to reduce this. The last time I even escalated to a supervisor. I asked him "If I submit to a HP for a CLI, could I also be considered for an APR reduction?" No.

If I didn't like the Freedom so much, they would be gone permanently. They drive me crazy for quite a few reasons.

Re: Lowering APR...

Anonymous — Wed, 23 Jan 2019 16:35:49 GMT

Last month I lowered my Bofa card from 18.99% to 16.49% and my Cash Magnet from 15.24% to 12.49%(for 1 year).

All just by calling the number on the back of the card.

Re: Lowering APR...

imaximous — Wed, 23 Jan 2019 16:45:57 GMT

Barclays has lowered the APR on my Uber card by request.

Re: Lowering APR...

Anonymous — Wed, 23 Jan 2019 20:44:25 GMT

@imaximous wrote:
Barclays has lowered the APR on my Uber card by request.

Surprisingly Barclays is pretty good. I do believe the policy now is 1 time per 12 months. I got a 4% permanent reduction and I have marked the calendar for 12 months. I'm going to try to get that as low as possible. I don't carry a balance but it bothers me knowing that I have high APR cards.

Re: Lowering APR...

kdm31091 — Wed, 23 Jan 2019 21:14:23 GMT

Didn’t Amex used to be pretty generous with permanent APR reductions? Guess things have changed

Re: Lowering APR...

Anonymous — Wed, 23 Jan 2019 22:31:53 GMT

Hello All,

Brand New Poster to The Forums

First off, I have been glued for many days reading, probaly (4) 12 hour days ..lol

second and most imortant, Thank you all so very much for all your valuable advice and wisdom (humor too)

I just called Discover after reading about Lower APR and 1 year extention of 0% ..No Lve For Me!

She said not possible, I asked how long She was a CSR?..(I probably shouldnt have) it's not Chase,

so i poked at The Bear.

had my account since 2006 dont remember original SL, but have moved to 11.8K SL with $2600 BT @ 0%

I will likely Try another Disco CSR later or tomorrow.

again Thank you All, I have learned so Much, and have a lot to learn. wished I woulda had all this wisdom and insight from you'all

32 years ago

I have been to Credit HELL and back!!

No BK's ..in 2003 paid off $38,000 in CC Debt ..ouch!

Amex Gold Member since '87

inquires = Embarrising ......(Now Long Term Gardening)

scores Fico 8's all 3 just above 700

(2) 30 day lates on old car loan

and 1 paid child support derog (couldnt get a court date soon enough)

sorry for long post

Re: Lowering APR...

howellco2 — Wed, 23 Jan 2019 23:40:42 GMT

I was lucky needed a new roof called discover asked if they had a lower apr was given 0% for 12 months so now I got my roof Interest free

Re: Lowering APR...

CreditInspired — Thu, 24 Jan 2019 00:32:34 GMT

Congratulations @howell. Yep Disco is great!

Re: Lowering APR...

CreditInspired — Thu, 24 Jan 2019 00:35:31 GMT

Yeah, don’t we all @credit-aholic —
wished I woulda had all this wisdom and insight from you'all 32 years ago

Re: Lowering APR.../ Disco

Anonymous — Thu, 24 Jan 2019 01:51:29 GMT

i have to agree with you, Disco has been Good to me.

1st CL with them in 1999 ....I paid off at time of divorce

Disco Closed Acct. in 2009 - due to inactivity

still showing on EQ CRA after all these years. (almost the Memory of Amex )

I did not use Credit Card's for 10 years from 2006 till 2016

Data Points: (well maybe)

Disco Closed account after 3 years 3 Months of "ZERO" activity ...although YMMV / YEMV in 2019

Account Number: 6X11000XX069XXXX Status: PAYS AS AGREED Account Owner: Individual Account. High Credit: $12,491 Type of Account : Revolving Credit Limit: $12,500 Term Duration: Terms Frequency: Monthly (due every month) Date Opened: 09/01/1999 Balance: $0 Date Reported: 03/01/2009 Amount Past Due: Date of Last Payment: 01/2006 Actual Payment Amount: Scheduled Payment Amount: Date of Last Activity: 01/2006 Date Major Delinquency First Reported: Months Reviewed: 99 Creditor Classification: Activity Designator: Paid and Closed Charge Off Amount: Deferred Payment Start Date: Balloon Payment Amount: Balloon Payment Date: Date Closed: 03/2009 Type of Loan: Credit Card Date of First Delinquency: N/A Comments: Account closed by credit grantor.