topic Re: Achieved One of My Gardening Goals Today in Credit Cards

Achieved One of My Gardening Goals Today

Medic981 — Wed, 25 Sep 2019 18:04:13 GMT

Since I can't apply for new credit while in the garden I am tinkering with my credit in other ways to scratch my itch. I called Bank of America and reduced the APR on my Cash Rewards Signature Visa from 21.99% to 18.99%. I never carry a balance on this card but I have had this account for just over two years and my FICO scores have improved by 100 points since I opened this account. I am off to see what other credit goodness I can accomplish for myself.

ETA: The several CSRs that I spoke with were all US-based call centers.

Re: Achieved One of My Gardening Goals Today

AverageJoesCredit — Wed, 25 Sep 2019 17:27:18 GMT

Super grats i did this recently myself my second since opening my card

Re: Achieved One of My Gardening Goals Today

Medic981 — Thu, 26 Sep 2019 23:03:30 GMT

Just got off the phone with Synchrony/Amazon Prime. My interest rate is 28.24%. Per the CSR everyone's APR is 28.24%. Chase's Amazon CC and using AmEx on Amazon is looking better and better. I do not carry a balance on my Amazon account so it isn't really an issue. It is just the principle. So, Amazon Prime CC is now on death row. Once I am able to start applying for Chase CC I think after my coveted Southwest Airlines Rapid Rewards Priority Visa Signature my next card will be Chase's co-branded Amazon CC.

"Hello, Synchrony/Amazon? I am calling to cancel my account. ... Why do you ask? ... I just opened a Chase Amazon Rewards Visa Signature account with a much lower APR than 28.24%."

(Stop this, its not allowed here in any form and is a violation of this sites TOS)

Re: Achieved One of My Gardening Goals Today

Medic981 — Thu, 26 Sep 2019 23:04:46 GMT

STRIKE TWO for Synchrony!

Called Synchrony/Car Care and I am paying 29.99% APR on this card. Again, I never carry a balance however I am determined to try to lower my APRs on all cards.

I was told, again, that this account is fixed at 29.99% APR and except for promotional APRs at the time of purchase that I would not be able to lower the APR on this account.

Now I am understanding first hand why retail credit accounts are not so popular with the knowledgeable credit crowd!

Synchrony/Car Care, you too are sentenced to credit card death row!

Re: Achieved One of My Gardening Goals Today

Medic981 — Wed, 25 Sep 2019 19:16:41 GMT

STRIKE THREE for Synchrony!!!

Wow! I called to try to lower my Synchrony/Conoco account APR of 29.24%. I spoke with a CSR, {Moderator Edit - No need for these types of descriptions- Irish80}, who was happy to tell me that my APR was recently lowered. I then challenged her asking if that was because the prime rate was lower? She paused and said yes. I asked if I could get an additional reduction in my APR and was told that a lower APR was not available at this time.

I could not get any further information out of her but it too sounds like this is a fixed APR and will not be reduced.

A Synchrony death row trifecta!

I am thinking these cards are going to see a lot more of the sock drawer and perhaps die an organic credit death. My Synchrony cards might see the light of day once or twice a year. I am not sure if I should even request CLI in December when I planned on my semiannual request. I am very disappointed in Synchrony right now. They have been good to me in CLI but that is because they want to suck the life out of me if I actually carry a balance.

Shame on you Synchrony!

Re: Achieved One of My Gardening Goals Today

Remedios — Wed, 25 Sep 2019 18:51:33 GMT

First, congrats on your current successful rebuild and all the progress you've made.

It's impressive and great job on having discipline and persistence to achieve your goals.

With that said, you've been around long enough to know Syncrony does not do APR reductions on demand, just like Chase does not and yet, by your own admission and recent thread, that's what you "covet"

It's not their business model and they are not discriminating against you. Anyone calling would have received same response.

The nature of UW for store cards is such that higher APRs compensate for higher risk of default.

If you have no use for these cards, and they are no longer meeting your needs, than closing them is the right choice, regardless of APR. They are not trying to trap you into paying interest, you're the one who is in control of what you pay. These cards were not meant for balance carrying.

When you got these cards, terms were spelled out, and APR listed in no unclear terms, so there should have been no surprises there. Also, written language does not contain accents, so it couldn't have been that. You've mentioned heavy accents in three consecutive posts for no obvious reason, so I'm hoping mine does not offend you.

Re: Achieved One of My Gardening Goals Today

RSX — Wed, 25 Sep 2019 18:59:39 GMT

Agreed. Both my CareCredit and DiscountTire are used for the 6 month, no interest benefit

they could make the APR 35% for all I care.

you only need a couple of cards with lower APR, in case of an emergency. Have a low APR on all cards, that are regularly paid off doesnt have any positive or negative impact.

Re: Achieved One of My Gardening Goals Today

Medic981 — Wed, 25 Sep 2019 19:29:53 GMT

@Remedios wrote:
First, congrats on your current successful rebuild and all the progress you've made.
It's impressive and great job on having discipline and persistence to achieve your goals.

Thank you, it has been long however this forum has been most educational and helpful in getting there.

With that said, you've been around long enough to know Syncrony does not do APR reductions on demand, just like Chase does not and yet, by your own admission and recent thread, that's what you "covet"

Actually, no I have not seen anything regarding Synchrony and APR reductions. This is a new data point for me.

It's not their business model and they are not discriminating against you. Anyone calling would have received same response.
The nature of UW for store cards is such that higher APRs compensate for higher risk of default.

I never said that I was being discriminated. I was just relating my experience trying to lower APRs.

If you have no use for these cards, and they are no longer meeting your needs, than closing them is the right choice, regardless of APR. They are not trying to trap you into paying interest, you're the one who is in control of what you pay. These cards were not meant for balance carrying.

I didn't say I had no use for them. I just today realized though my experience why retail cards are not as useful as bank cards are. As of today, I have placed Synchrony cards in the sock drawer and they are on the chopping block. When I am done in the garden and begin my measured and thought out application for credit, I will evaluate if the Synchrony accounts are worth keeping. Until then, they remain in my credit arsinal.

When you got these cards, terms were spelled out, and APR listed in no unclear terms, so there should have been no surprises there.

No suprises, just realization. How often do you think about the terms of a credit account before you use it?

Also, written language does not contain accents, so it couldn't have been that.

All of my communication today has been verbal, so no, I have not had any accent related issues in written language today.

You've mentioned heavy accents in three consecutive posts for no obvious reason, so I'm hoping mine does not offend you.

I mentioned heavy accents in three consecutive posts because the last three phone converstions I have had dealing with my three Synchrony accounts have been with offshore call centers. I state this because some companies are more concerned about keeping jobs in the US than others. My first post stated that I spoke with a CSR in a US-based call center. It is just to compare and contrast, nothing more as I am not offended accents.

Re: Achieved One of My Gardening Goals Today

Medic981 — Wed, 25 Sep 2019 19:33:55 GMT

@RSX wrote:
Agreed. Both my CareCredit and DiscountTire are used for the 6 month, no interest benefit

they could make the APR 35% for all I care.

you only need a couple of cards with lower APR, in case of an emergency. Have a low APR on all cards, that are regularly paid off doesnt have any positive or negative impact.

I agree.

Synchrony keeps sending me emails and mailed flyers about using CarCare for more than just Tires and Auto Repair. They want it to be a daily driver for gas and convenience store purchases, or so that is the impression I get.

I rarely carry a balance, and Synchrony accounts are definitely not ones I would use if I needed to.

Re: Achieved One of My Gardening Goals Today

Medic981 — Wed, 25 Sep 2019 19:38:34 GMT

Just got off the phone with Discover and it's US-based customer support as anyone who watches TV would know.

My APR with Discover was at 24.99%. I didn't realize this, as again, I rarely if ever carry a balance. The nice lady who I spoke with lowered my APR 4.75 points to 20.24%.

Love you Discover!

Re: Achieved One of My Gardening Goals Today

Anonymous — Wed, 25 Sep 2019 19:40:15 GMT

I certainly think about the terms of any account I sign up for. I go into store cards with the knowledge that they aren’t for carrying balances and if I ever found myself in the position where I would have to, I would do a no-fee BT to my NFCU Platinum to make sure I didn’t pay that crazy interest rate but all of these store cards have benefits for me that outweigh the APRs so I keep them.

Congrats on the APR reductions though, they’re always nice.

Re: Achieved One of My Gardening Goals Today

RSX — Wed, 25 Sep 2019 19:48:42 GMT

1 other point.

I SD'd my CarCare CC for over a year, and they dropped my CL to half. I called in and got most of it back, but best to run 1 tank of gas per month/ every other month so that doesn't happen.

Until you decide to close it anyway

Re: Achieved One of My Gardening Goals Today

Medic981 — Wed, 25 Sep 2019 19:52:33 GMT

@Anonymous wrote:
I certainly think about the terms of any account I sign up for. I go into store cards with the knowledge that they aren’t for carrying balances and if I ever found myself in the position where I would have to, I would do a no-fee BT to my NFCU Platinum to make sure I didn’t pay that crazy interest rate but all of these store cards have benefits for me that outweigh the APRs so I keep them.

Congrats on the APR reductions though, they’re always nice.

As I PIF each month it is not something that is at the forefront of my mind when I spend. I have an emergency fund available that if I lose my job or am unable to work I can get by for 6 months. I can also cover an unexpected expense with my emergency fund as well.

If something were to happen and I needed to carry a balance, I too would apply for a 0% BT card at NFCU. This is my secondary backup plan.

Re: Achieved One of My Gardening Goals Today

Medic981 — Wed, 25 Sep 2019 19:55:17 GMT

@RSX wrote:
1 other point.

I SD'd my CarCare CC for over a year, and they dropped my CL to half. I called in and got most of it back, but best to run 1 tank of gas per month/ every other month so that doesn't happen.
Until you decide to close it anyway

Thanks, good to know.

How do you keep your CareCredit active if you do not have ongoing health care expenses?

Re: Achieved One of My Gardening Goals Today

Anonymous — Wed, 25 Sep 2019 19:57:02 GMT

@Medic981 wrote:
@RSX wrote:
1 other point.

I SD'd my CarCare CC for over a year, and they dropped my CL to half. I called in and got most of it back, but best to run 1 tank of gas per month/ every other month so that doesn't happen.
Until you decide to close it anyway

Thanks, good to know.

How do you keep your CareCredit active if you do not have ongoing health care expenses?

You can use CareCredit to buy anything at Walgreens except cash equivalents, alcohol, and tobacco and you can use it for health care items at Walmart.

Re: Achieved One of My Gardening Goals Today

Aim_High — Wed, 25 Sep 2019 20:07:09 GMT

@Medic981 wrote:
@Remedios wrote:
You've mentioned heavy accents in three consecutive posts for no obvious reason, so I'm hoping mine does not offend you.

I mentioned heavy accents in three consecutive posts because the last three phone converstions I have had dealing with my three Synchrony accounts have been with offshore call centers. I state this because some companies are more concerned about keeping jobs in the US than others. My first post stated that I spoke with a CSR in a US-based call center. It is just to compare and contrast, nothing more as I am not offended accents.

I felt it was for an obvious reason and it was completely relevant to the post. I wasn't offended at all. I certainly hope this wasn't motivated as a rebuke for political correctness.

It is difficult enough to take time to call into business Customer Service Centers trying to resolve an issue only to be met with someone whose native language is not your own and to have communication difficulties in trying to take care of business. It is an annoying additional hurdle. The same is true for any person worldwide, regardless of nationality, race, ethnicity, or other issues. And like @Medic981 I am impressed with companies like Discover who recognize that customer satisfaction is more important than out-sourcing their customer service to a lower-cost foreign call center. And who are willing to keep jobs in the USA for American workers and the health of our own economy.

Re: Achieved One of My Gardening Goals Today

Medic981 — Thu, 26 Sep 2019 23:06:39 GMT

I just got off the phone with American Express. (Mod cut) very pleasant guy none the less.

My AmEx account is still in its 0% introductory period until November. I called to ask what my APR would be after the introductory period was over and was told 18.74%.

I am having more fun than a tornado in a trailer park!

Re: Achieved One of My Gardening Goals Today

Medic981 — Wed, 25 Sep 2019 20:19:39 GMT

@Anonymous wrote:
@Medic981 wrote:
@RSX wrote:
1 other point.

I SD'd my CarCare CC for over a year, and they dropped my CL to half. I called in and got most of it back, but best to run 1 tank of gas per month/ every other month so that doesn't happen.
Until you decide to close it anyway

Thanks, good to know.

How do you keep your CareCredit active if you do not have ongoing health care expenses?
You can use CareCredit to buy anything at Walgreens except cash equivalents, alcohol, and tobacco and you can use it for health care items at Walmart.

I should have known. You can use CarCare at a convenience store to buy chips and soda even if you don't purchase gas for your car.

Re: Achieved One of My Gardening Goals Today

Anonymous — Wed, 25 Sep 2019 20:21:58 GMT

@Medic981 wrote:
@Anonymous wrote:
@Medic981 wrote:
@RSX wrote:
1 other point.

I SD'd my CarCare CC for over a year, and they dropped my CL to half. I called in and got most of it back, but best to run 1 tank of gas per month/ every other month so that doesn't happen.
Until you decide to close it anyway

Thanks, good to know.

How do you keep your CareCredit active if you do not have ongoing health care expenses?
You can use CareCredit to buy anything at Walgreens except cash equivalents, alcohol, and tobacco and you can use it for health care items at Walmart.
I should have known. You can use CarCare at a convenience store to buy chips and soda even if you don't purchase gas for your car.

Yeah these cards go with long periods of non-use so they either have to have totally idle credit lines or just find partners that will take the card.

Re: Achieved One of My Gardening Goals Today

Aim_High — Wed, 25 Sep 2019 20:22:11 GMT

@Medic981 wrote:
Since I can't apply for new credit while in the garden I am tinkering with my credit in other ways to scratch my itch. I called Bank of America and reduced the APR on my Cash Rewards Signature Visa from 21.99% to 18.99%. I never carry a balance on this card

Good job! I've done the same thing before. I hear many on the forums say they don't care about APRs since they Pay In Full but I agree it's the principle of the thing. If you have good credit scores and a good payment history, why shouldn't they give you the most competitive APR for that product? No, I don't pay interest, but there is always the chance that something could come up where I was not able to pay off my entire bill right away. I have auto payments set up but only for minimum payments. I won't set up a payment where any bank has full access to debit my bank account for my full credit line! If I have a personal emergency or illness or accident, I might roll a balance and don't want to pay more interest than would be fair. Oddly enough, you hear about banks giving auto-CLIs but you dont' hear as often about lowering APRs unless you ask them. So it pays to be the squeaky wheel.

And I completely agree with your awakening about "store cards" and dealing with certain banks that charge high APRs. I carry higher APRs on my 'rewards' credit cards than some non-rewards cards because most rewards card do charge higher interest to help offset payment of rewards. So I'm getting something back for the risk of possibly paying higher interest. But there is a point where covering risk and 'costs' changes into pure greed and profit-seeking. IMO, charging rates north of 25% is just excessive for any lender and any consumer, unless perhaps there has been recent default with that lender.