topic Re: Chase Cards interest rates in Credit Cards

Chase Cards interest rates

gman — Tue, 26 May 2020 10:30:40 GMT

I have a Chase Freedom unlimited which is 23.74% and a Chase Sapphire Preferred at 15.9%. When I applied for both cards I just came back from being out of the country for 20 years and my scores were in the high 600's/low 700's. As I was rebuilding credit and never hold a balance more than 3% utilization, I wasnt too bothered about the rate which is high.

Fast forward to yesterday when I applied for a NFCU Platinum card and was immediately approved for £5600 at 5.99% which is their lowest. Not too excited with the starting limit but absolutely thrilled with the low rate.

My scores are in the low to medium 700's now and I feel I deserve a better rate. Does anyone know if Chase reviews rates based on a request and if so, do they ever lower and are they hard pulls?

Apologies for the long winded post and any ignorance!

Re: Chase Cards interest rates

wasCB14 — Tue, 26 May 2020 10:49:59 GMT

Chase has a reputation for being inflexible when customers request a lower APR. Maybe they'll be more flexible during a pandemic, but keep your expectations low. I don't think it's something they'd even do a HP to consider.

Sometimes they do send out targeted offers for a permanently or temporarily lower APR, but only a few people have succeeded when calling Chase with a request...and the accounts may have already been designated as having a negotiable APR.

I just ignore the high APRs and PIF.

Re: Chase Cards interest rates

Gmood1 — Tue, 26 May 2020 10:55:34 GMT

∆∆∆∆

What he said, I believe they lowered the rate on my Freedom a year or so ago. It was unsolicited. Tried to get me to switch over to the 1.5 CB version, I declined.

Other than that, I wouldn't waste time. As long as you PIF each month, it doesn't matter.

Re: Chase Cards interest rates

VanderSnoot — Tue, 26 May 2020 11:48:39 GMT

What others have said: Chase gives what they give and rarely revisits, either credit limit or APR. Just chiming in because I have sh***y interest rates from Chase, too, and I feel like whinging (you're welcome) this grey morning.

Re: Chase Cards interest rates

kdm31091 — Tue, 26 May 2020 11:57:56 GMT

Chase unfortunately very rarely will budge on APR. A few people have gotten random decreases here and there and I think maybe I've read one or two stories of requested APR reductions being granted...but I'm talking one or two over the several years I've been on the forums...so it's not common.

With Chase you are best off assuming the APR you started with is the APR that will remain for the life of the account, except for prime rate changes.

Re: Chase Cards interest rates

AverageJoesCredit — Tue, 26 May 2020 12:02:22 GMT

You cannot compare Navy to other lenders especially in comparison of Apr. Noone knows how they assign apr but even lesser profiles often get their lowest rste on first try while others have to work to get it down to that level. Chase doesnt lower apr and they could care less if someone had an 800, they still might not give best apr. I dont know how much your Navy cc is in dollars, but 5600 is a respectable start and within a year can easily be 25k.

Re: Chase Cards interest rates

M_Smart007 — Tue, 26 May 2020 16:06:11 GMT

I do not even bother to call Chase for a APR reduction.

Like winning the lottery if you get a targeted offer for one.

Re: Chase Cards interest rates

Anonymous — Tue, 26 May 2020 20:23:02 GMT

From multiple personal experiences, you have 0% chance.

Re: Chase Cards interest rates

FlaDude — Wed, 27 May 2020 14:54:34 GMT

You can check the cardmember agreements for Chase cards here:

https://www.chase.com/personal/credit-cards/cardmember-agreement.html

For each card they list the range of possible interest rates. You are pretty close the the mininum on the CSP, but way above on the Freedom. I was able to call and get Chase interest rates lowered many years ago, but they might be tougher now. Interest rates mattered to me a lot more back when I had huge CC debt, now that they are all paid, I plan to keep them that way and haven't been paying much attention to my rates. I just checked and see that my CSP is at 22.99%. Just out of curiosity I've asked for a decrease. They don't seem to have an on-line chat option so I sent a secure message, but they say response time is running a week. I'll report back when I hear from them.

Re: Chase Cards interest rates

MrT_521 — Wed, 27 May 2020 15:38:58 GMT

I have a question: I am actually a bit surprised with this discussion of APR rates. I thought that those of us on a credit card forum would not typically carry balances. Do contributors here actually carry balances regularly? Or do you like to get low APRs as a way of raising the perceived value of your credit cards? ("My NFCU credit card has a $45K SL with 2.99% APR!")

While I have carried balances in the past, I have not for probably 15 years now. I do not plan to ever carry a balance again, unless I need funds for something and get a 0% APR promotion or something. I do not give the APR rate one single second of consideration when looking for a new credit card. I don't care if it is 1,000,000%, because I will not use it.

Re: Chase Cards interest rates

kdm31091 — Wed, 27 May 2020 15:41:52 GMT

@MrT_521 wrote:
I have a question: I am actually a bit surprised with this discussion of APR rates. I thought that those of us on a credit card forum would not typically carry balances. Do contributors here actually carry balances regularly? Or do you like to get low APRs as a way of raising the perceived value of your credit cards? ("My NFCU credit card has a $45K SL with 2.99% APR!")

While I have carried balances in the past, I have not for probably 15 years now. I do not plan to ever carry a balance again, unless I need funds for something and get a 0% APR promotion or something. I do not give the APR rate one single second of consideration when looking for a new credit card. I don't care if it is 1,000,000%, because I will not use it.

For some it's just more of a principal thing, feeling that as the score/profile improves, one deserves better APRs.

Financially, it does not make sense to actually use the APR to borrow money in most cases. The exception being a 0% offer or BT offer etc but 22% going down to say, 19% does not mean the card is suddenly great for financing. A reduction is often just something people enjoy seeing if they can get.

The flip side is that it puts eyes on your account and there have been cases where that has resulted in a not so great outcome, but that's usually if you are seeking excessive credit and such (lots of inquiries/new accounts/etc plus wanting your APR reduced can signal risk to issuers).

Re: Chase Cards interest rates

FlaDude — Wed, 27 May 2020 18:38:58 GMT

@MrT_521 wrote:
I have a question: I am actually a bit surprised with this discussion of APR rates. I thought that those of us on a credit card forum would not typically carry balances. Do contributors here actually carry balances regularly?

That's certainly a goal, although not everyone here has achieved it. Many people join this forum because they either have a lot of debt they are dealing with, or have had lates/CO/BK and they are trying to rebuild.

Re: Chase Cards interest rates

VanderSnoot — Wed, 27 May 2020 19:45:36 GMT

@MrT_521 wrote:
I have a question: I am actually a bit surprised with this discussion of APR rates. I thought that those of us on a credit card forum would not typically carry balances. Do contributors here actually carry balances regularly?

Never.

@MrT_521 wrote:
Or do you like to get low APRs as a way of raising the perceived value of your credit cards? ("My NFCU credit card has a $45K SL with 2.99% APR!")

Bingo.

Re: Chase Cards interest rates

AverageJoesCredit — Wed, 27 May 2020 20:11:18 GMT

@MrT_521 wrote:
I have a question: I am actually a bit surprised with this discussion of APR rates. I thought that those of us on a credit card forum would not typically carry balances. Do contributors here actually carry balances regularly? Or do you like to get low APRs as a way of raising the perceived value of your credit cards? ("My NFCU credit card has a $45K SL with 2.99% APR!")

While I have carried balances in the past, I have not for probably 15 years now. I do not plan to ever carry a balance again, unless I need funds for something and get a 0% APR promotion or something. I do not give the APR rate one single second of consideration when looking for a new credit card. I don't care if it is 1,000,000%, because I will not use it.

The vast majority here earn high income and can afford to not carry balances but for some us we actually do or may have to. I try to pif when i can due to what ive learned here but if i need to carry a balance its better to have a low apr than not.

Re: Chase Cards interest rates

Remedios — Wed, 27 May 2020 20:32:35 GMT

My Chase APRs used to look like payday loans.

Now they just look like terrible APRs.

Re: Chase Cards interest rates

Turbobuick — Wed, 27 May 2020 21:44:11 GMT

Longtime Chase cardholder

Freedom 11.24%

Amazon 13.24%

Don't know if they've gone up, down or stayed the same. I only looked at the rates to contribute here. Never carry chargable balances.

Re: Chase Cards interest rates

Anonymous — Wed, 27 May 2020 23:49:00 GMT

@Turbobuick wrote:
Longtime Chase cardholder
Freedom 11.24%
Amazon 13.24%
Don't know if they've gone up, down or stayed the same. I only looked at the rates to contribute here. Never carry chargable balances.

Those are great rates. Mine are 14.99 on FU and CF.

OP, I never tried to reduce mine, but they can vary by lender. Some have lower PNC cash rewards card APRs, and mine is above 20%. If I were to carry a balance with a standard APR, PNC would never be the one to get it.

But you have a great low rate on your CU card. If you need to carry a balance, that's the card to use. Hopefully you can keep your balances low enough that you won't need another card like Chase to carry a balance on. Chase has been pretty much, this is what we gave you, you are pretty much stuck new oth CL and APR.

Folks have been able to get CLIs by putting a lot of activity on the card. I wonder if that would work with lowering APRs, thinking more like PIF activity and requesting an APR reduction later.

Re: Chase Cards interest rates

Aim_High — Thu, 28 May 2020 18:07:48 GMT

@gman wrote:
I have a Chase Freedom unlimited which is 23.74% and a Chase Sapphire Preferred at 15.9%. When I applied for both cards I just came back from being out of the country for 20 years and my scores were in the high 600's/low 700's. ... My scores are in the low to medium 700's now and I feel I deserve a better rate. Does anyone know if Chase reviews rates based on a request and if so, do they ever lower and are they hard pulls?

I'm heavily invested (card accounts) in Chase and I've been with them for over 20 years.

The standard answer you always get if you call them to talk about APR reduction is that they review APRs periodically and adjust them. There is no 'hard pull' and you can't even request them to review it or talk to anyone. As others have posted, it appears you are normally stuck with what they give you at opening a card. I have a few lenders that won't budge but I always try to reduce my APRs when I can.

Actually, I have a "flaw" in my credit profile that will probably never go away due to Chase, unless I want to cancel an old card. Back when I had that oldest Chase card in the earliest years, I was heavily in debt due to an unexpected major career transition. I used the float as much as possible since I didn't have the extra money to pay off my bills early. Plus, it was also back before you could quickly watch your accounts online and pay real-time. I normally mailed in paper checks. I don't believe I was ever reported "late" (30+ days) but I believe I had payments arrive a matter of days late due to my not mailing in time. Eventually, they jacked my interest rate up to the penalty rate and it has never come back down, even though I've paid on-time for well over 15 years now. Not that I ever pay interest. But it stinks that they won't lower it. 27.24% Ouch.

Re: Chase Cards interest rates

Aim_High — Thu, 28 May 2020 00:25:08 GMT

@MrT_521 wrote:
I have a question: I am actually a bit surprised with this discussion of APR rates. I thought that those of us on a credit card forum would not typically carry balances. Do contributors here actually carry balances regularly? Or do you like to get low APRs as a way of raising the perceived value of your credit cards? ("My NFCU credit card has a $45K SL with 2.99% APR!")

While I have carried balances in the past, I have not for probably 15 years now. I do not plan to ever carry a balance again, unless I need funds for something and get a 0% APR promotion or something. I do not give the APR rate one single second of consideration when looking for a new credit card. I don't care if it is 1,000,000%, because I will not use it.

I pay-in-full but I lower mine for a few reasons.

For one, I think it's the principle of the thing. You can be sure if my scores had dropped a lot since I opened my cards or my debt loads had soared, my lenders wouldn't hesitate to raise my APRs, lower my limits, or close my accounts!! On the contrary, at this point in my life I have great credit scores and low debt. If my lenders appreciate having me as a customer, they should give me the same lending criteria they would give me if I applied as a new customer today, not the lending criteria from my credit file ten years ago. When they do this, it just makes me feel respected and valued as a customer.

Two, while I always pay-in-full and I have automatic payments enabled, I never authorize lenders to pull 100% of my statement balance to pay off my account. With many higher limit cards, that would be foolish and risky; I just don't keep that much in my checking accounts unless I know I need it. I just have minimum payments enabled as a backup to my manual payments. However, I've been around long enough to know that sometimes life happens. I may forget to pay a card on time, or I may have a medical emergency or something else come up. If it does, keeping my APRs as low as possible makes sure I pay as little interest as possible before the oversight is corrected. It's just protection.

Third, for sure it's a matter of feeling I'm getting "good value" from my cards as you mentioned. It's just a matter of optimizing ALL the credit factors whether it's the rewards payout, the credit limit, getting the "best" cards I can qualify for in terms of benefits or perks, and getting cards with low fees and/or APRs.

Re: Chase Cards interest rates

Turbobuick — Thu, 28 May 2020 04:28:17 GMT

@Aim_High wrote:
@gman wrote:
I have a Chase Freedom unlimited which is 23.74% and a Chase Sapphire Preferred at 15.9%. When I applied for both cards I just came back from being out of the country for 20 years and my scores were in the high 600's/low 700's. ... My scores are in the low to medium 700's now and I feel I deserve a better rate. Does anyone know if Chase reviews rates based on a request and if so, do they ever lower and are they hard pulls?
I'm heavily invested (card accounts) in Chase and I've been with them for over 20 years.

The standard answer you always get if you call them to talk about APR reduction is that they review APRs periodically and adjust them. There is no 'hard pull' and you can't even request them to review it or talk to anyone. As others have posted, it appears you are normally stuck with what they give you at opening a card. I have a few lenders that won't budge but I always try to reduce my APRs when I can.

Actually, I have a "flaw" in my credit profile that will probably never go away due to Chase, unless I want to cancel an old card. Back when I had that oldest Chase card in the earliest years, I was heavily in debt due to an unexpected major career transition. I used the float as much as possible since I didn't have the extra money to pay off my bills early. Plus, it was also back before you could quickly watch your accounts online and pay real-time. I normally mailed in paper checks. I don't believe I was ever reported "late" (30+ days) but I believe I had payments arrive a matter of days late due to my not mailing in time. Eventually, they jacked my interest rate up to the penalty rate and it has never come back down, even though I've paid on-time for well over 15 years now. Not that I ever pay interest. But it stinks that they won't lower it. 27.24% :smileysurprised: Ouch.

A little off topic, but a chance to rant. lol

Chase will screw anyone any chance they get. Back in about 2005 Chase offered a cash advance at 2.9% APR until it's paid in full. This was on my, otherwise worthless, Slate card with a $24K CL. I had need for cash, new business venture, so I opted in for $15K and made minimum payments for a few years. I met their every requirement, but then, around the 2008 recession, they sent me notice that they were more than doubling my minimum payments from 2% to 5%. They basically voided their own contract. When I called and disputed, they said they could do whatever they wanted as long as I got prior notice, it was in the "terms". I was pissed, but not enough to pay an attorney, and paid 2.5 times my previous monthly payment until it was paid off. Chase was unscrupulous and unethical. A year or so later, the class action suit brought me a few hundred dollars, but I'll never again trust Chase or any bank for that matter.