topic Re: Chase APR reduction? in Credit Cards

Chase APR reduction?

Gallager2014 — Tue, 14 Dec 2021 17:37:25 GMT

How often does Chase grant a APR reduction? I have 4 credit cards with Chase. All cards have the lowest published APR or better, with the exception of one. That card is at 20.74%. Can I get Chase to reduce the APR? They did increase the credit limit on this card and another card a few months ago.

Re: Chase APR reduction?

coldfusion — Tue, 14 Dec 2021 17:40:32 GMT

No harm in calling and asking but Chase generally doesn't make merit-based (i.e not tied to changes in the Prime Rate) APR reductions on existing cards.

Re: Chase APR reduction?

dragontears — Tue, 14 Dec 2021 18:51:18 GMT

@Gallager2014 wrote:
How often does Chase grant a APR reduction? I have 4 credit cards with Chase. All cards have the lowest published APR or better, with the exception of one. That card is at 20.74%. Can I get Chase to reduce the APR? They did increase the credit limit on this card and another card a few months ago.

I don't recall ever hearing about a consumer requested APR decrease being granted by Chase.

You can call and ask (who knows, maybe the policy changed recently) but temper your expectations.

Re: Chase APR reduction?

SPChaser — Tue, 14 Dec 2021 20:18:57 GMT

@dragontears wrote:
@Gallager2014 wrote:
How often does Chase grant a APR reduction? I have 4 credit cards with Chase. All cards have the lowest published APR or better, with the exception of one. That card is at 20.74%. Can I get Chase to reduce the APR? They did increase the credit limit on this card and another card a few months ago.
I don't recall ever hearing about a consumer requested APR decrease being granted by Chase.
You can call and ask (who knows, maybe the policy changed recently) but temper your expectations.

Same. I have called in the past and got notta. They have, on the other hand, randomly lowered my APR out of no where. Never hurts to call or even send a secure message.

Re: Chase APR reduction?

800wannabe420 — Tue, 14 Dec 2021 20:31:27 GMT

@dragontears wrote:
@Gallager2014 wrote:
How often does Chase grant a APR reduction? I have 4 credit cards with Chase. All cards have the lowest published APR or better, with the exception of one. That card is at 20.74%. Can I get Chase to reduce the APR? They did increase the credit limit on this card and another card a few months ago.
I don't recall ever hearing about a consumer requested APR decrease being granted by Chase.
You can call and ask (who knows, maybe the policy changed recently) but temper your expectations.

After reading this post I called and requested an APR reduction. The CSR told me all APR charges were automatic so...☹☹☹

Re: Chase APR reduction?

K-in-Boston — Wed, 15 Dec 2021 01:43:31 GMT

I also do not recall ever hearing of successful APR reduction with Chase. I did, however, get a notification that my APR would be increased (to have it "more in line with what other customers are paying" or similar wording) on Freedom about 4 or 5 years back since at the time it was a few percent below what they were advertising the range for that card.

Re: Chase APR reduction?

jcooks — Wed, 15 Dec 2021 18:51:07 GMT

I find it awefuly strange that they would post instructions on how to lower your APR on a credit card, but not offer it.

Look at #4

https://www.chase.com/personal/credit-cards/education/interest-apr/how-to-score-lower-interest-rate-on-credit-card

Re: Chase APR reduction?

K-in-Boston — Wed, 15 Dec 2021 20:14:22 GMT

@jcooks wrote:
I find it awefuly strange that they would post instructions on how to lower your APR on a credit card, but not offer it.

Look at #4

https://www.chase.com/personal/credit-cards/education/interest-apr/how-to-score-lower-interest-rate-on-credit-card

#4 reads:

Keep in mind that not every credit card issuer or bank accepts these requests and there is no guarantee that this request will be accepted.

Chase is unfortunately far from the sole lender where the APR assigned to the account is permanent.

Re: Chase APR reduction?

Gallager2014 — Fri, 17 Dec 2021 19:51:38 GMT

I asked and they said the 20.74% is the lowest available APR at this time and that they periodically review the accounts. Its shame given that I put most of my spend on that card, but I have always paid in full on most of my cards.

I also received some letters a few months ago about them raising the rates on some cards.

Re: Chase APR reduction?

OmarGB9 — Sat, 18 Dec 2021 00:18:07 GMT

@Gallager2014 wrote:
I asked and they said the 20.74% is the lowest available APR at this time and that they periodically review the accounts. Its shame given that I put most of my spend on that card, but I have always paid in full on most of my cards.

I also received some letters a few months ago about them raising the rates on some cards.

If you always pay in full, at least on this particular account, then the APR should be a moot point.