topic Re: Amex permanent APR reduction in Credit Cards

Amex permanent APR reduction

Remedios — Sun, 01 May 2022 16:00:31 GMT

So, after all the chatter whether Amex will grant permanent consumer initiated APR reduction, I decided to do some science-ing (I think this is what normal people do at 3 am).

My APR at approval was highest one offered (card was approved at the tail end of prolonged credit seeking) and sometimes I wondered if they added special tier just for me 😐

Anyhow, I used chat and asked if APR reduction was available on my account, they offered temporary apr reduction, 6 months 0% promo or permanent reduction.

I didn't even know how high it was, so I had to read chat twice, apparently it was 24.24% which gave me giggles. That high of Apr is supposed to reflect risk (among other things) but limit is $65K, so I guess Amex be partially scared.

In any case, they did reduce it, so APR reduction is possible.

So, new apr is 21.49% 🤷‍♀️

My current EX score is trashed, 772. It's about 15 lower than 2 years ago when card was approved, so based on the letters they are sending, I fully expect them to notify me in couple of months of APR increase to "bring me in line with current blah blah blah based on scores and other factors"

Re: Amex permanent APR reduction

FinStar — Sun, 01 May 2022 15:56:34 GMT

Since we're doing the science thing. Imma try on a couple of mine just to see if it works. I'll have to spin the wheel (of the many revolvers) to see which ones can be ideal candidates.

How long have you had your favorite AmEx CC? 🥖🤪

Re: Amex permanent APR reduction

Remedios — Sun, 01 May 2022 15:59:16 GMT

A little bit over 2 years, January 2020 I believe.

Re: Amex permanent APR reduction

SoCalGardener — Sun, 01 May 2022 18:43:29 GMT

I think I posted recently that I had asked Amex about this, and got nowhere. The card I use all the time, the BCP, has a higher APR than the card I almost never use, the ED. I asked about lowering the BCP's APR but they said no.

FWIW, the ED is older than the BCP by about two years, the BCP has a much higher CL (partly because I moved all but $1,000 [the mandated limit] of the ED's credit to the BCP). Would it be worth another try? I'm not interested in a promotional/temporary reduction, just permanent.

Re: Amex permanent APR reduction

unsungivy — Sun, 01 May 2022 20:12:20 GMT

@Remedios wrote:
So, after all the chatter whether Amex will grant permanent consumer initiated APR reduction, I decided to do some science-ing (I think this is what normal people do at 3 am).
My APR at approval was highest one offered (card was approved at the tail end of prolonged credit seeking) and sometimes I wondered if they added special tier just for me 😐
Anyhow, I used chat and asked if APR reduction was available on my account, they offered temporary apr reduction, 6 months 0% promo or permanent reduction.
I didn't even know how high it was, so I had to read chat twice, apparently it was 24.24% which gave me giggles. That high of Apr is supposed to reflect risk (among other things) but limit is $65K, so I guess Amex be partially scared.
In any case, they did reduce it, so APR reduction is possible.
So, new apr is 21.49% 🤷‍♀️
My current EX score is trashed, 772. It's about 15 lower than 2 years ago when card was approved, so based on the letters they are sending, I fully expect them to notify me in couple of months of APR increase to "bring me in line with current blah blah blah based on scores and other factors"

I had to read that a few times to verify that they did offer you permanent. Woot! Guess it's. Matter of continuing to try... and possibly using chat rather than calling. What time zone is 3AM for you? Thanks for the science-ing!

My BCP is also the "highest" APR and was making me wonder if I should open a new BCE in hopes of a lower APR for long term (I haven't had the BCP a year yet, so other than liking the card number I got, I have no attachment to switching. My platinum is also the highest APR, while my newly opened Gold is the lowest. Which makes me think they like my profile now, which is why I started trying.)

Re: Amex permanent APR reduction

Remedios — Sun, 01 May 2022 20:41:03 GMT

@unsungivy wrote:
@Remedios wrote:
So, after all the chatter whether Amex will grant permanent consumer initiated APR reduction, I decided to do some science-ing (I think this is what normal people do at 3 am).
My APR at approval was highest one offered (card was approved at the tail end of prolonged credit seeking) and sometimes I wondered if they added special tier just for me 😐
Anyhow, I used chat and asked if APR reduction was available on my account, they offered temporary apr reduction, 6 months 0% promo or permanent reduction.
I didn't even know how high it was, so I had to read chat twice, apparently it was 24.24% which gave me giggles. That high of Apr is supposed to reflect risk (among other things) but limit is $65K, so I guess Amex be partially scared.
In any case, they did reduce it, so APR reduction is possible.
So, new apr is 21.49% 🤷‍♀️
My current EX score is trashed, 772. It's about 15 lower than 2 years ago when card was approved, so based on the letters they are sending, I fully expect them to notify me in couple of months of APR increase to "bring me in line with current blah blah blah based on scores and other factors"

I had to read that a few times to verify that they did offer you permanent. Woot! Guess it's. Matter of continuing to try... and possibly using chat rather than calling. What time zone is 3AM for you? Thanks for the science-ing!

My BCP is also the "highest" APR and was making me wonder if I should open a new BCE in hopes of a lower APR for long term (I haven't had the BCP a year yet, so other than liking the card number I got, I have no attachment to switching. My platinum is also the highest APR, while my newly opened Gold is the lowest. Which makes me think they like my profile now, which is why I started trying.)

3 am PST

I had to science because there were some conflicting answers, including my own.

I don't think it matters when you ask, I think if it's important to you, continue to ask periodically untill they say yes.

I also think the only reason why they were agreeable is because my APR was horrible to begin with so I got upgraded to terrible.

I suppose lowering APR can help if you're using Plan It when fee is present. Lower APR translates into lower plan it fee.

Re: Amex permanent APR reduction

NRB525 — Mon, 02 May 2022 22:50:38 GMT

@Remedios wrote:
@unsungivy wrote:
@Remedios wrote:
So, after all the chatter whether Amex will grant permanent consumer initiated APR reduction, I decided to do some science-ing (I think this is what normal people do at 3 am).
My APR at approval was highest one offered (card was approved at the tail end of prolonged credit seeking) and sometimes I wondered if they added special tier just for me 😐
Anyhow, I used chat and asked if APR reduction was available on my account, they offered temporary apr reduction, 6 months 0% promo or permanent reduction.
I didn't even know how high it was, so I had to read chat twice, apparently it was 24.24% which gave me giggles. That high of Apr is supposed to reflect risk (among other things) but limit is $65K, so I guess Amex be partially scared.
In any case, they did reduce it, so APR reduction is possible.
So, new apr is 21.49% 🤷‍♀️
My current EX score is trashed, 772. It's about 15 lower than 2 years ago when card was approved, so based on the letters they are sending, I fully expect them to notify me in couple of months of APR increase to "bring me in line with current blah blah blah based on scores and other factors"

I had to read that a few times to verify that they did offer you permanent. Woot! Guess it's. Matter of continuing to try... and possibly using chat rather than calling. What time zone is 3AM for you? Thanks for the science-ing!

My BCP is also the "highest" APR and was making me wonder if I should open a new BCE in hopes of a lower APR for long term (I haven't had the BCP a year yet, so other than liking the card number I got, I have no attachment to switching. My platinum is also the highest APR, while my newly opened Gold is the lowest. Which makes me think they like my profile now, which is why I started trying.)
3 am PST

I had to science because there were some conflicting answers, including my own.
I don't think it matters when you ask, I think if it's important to you, continue to ask periodically untill they say yes.

I also think the only reason why they were agreeable is because my APR was horrible to begin with so I got upgraded to terrible.
I suppose lowering APR can help if you're using Plan It when fee is present. Lower APR translates into lower plan it fee.

While you are sciencing, do you have any exspirmints where you tried to set a Plan It, to see what ballpark range they offered for the fee? Then see whether new Plan It's get a better fee rate?

Congrats on the improvement from usurious to mildly usurious.

Re: Amex permanent APR reduction

Remedios — Mon, 02 May 2022 23:12:25 GMT

I don't know what to use as a comparison. I don't have a balance right now and I have $0.00 Plan It offer through end of May, so even when charges are added this month, it will still show $0.00 for a fee

I can do it next month but I wouldn't know what it would have been had APR reduction not taken place 🤷‍♀️

The only way to do it is to have others pretend to make plans, and show what they in terms of fee and how it relates to APR.

I do remember fee slightly going down when feds were lowering the rate, so it would be interesting to see what 14 percenters get compared to us with young adult APR

Re: Amex permanent APR reduction

kilroy8 — Mon, 02 May 2022 23:56:51 GMT

I just looked, and I am exactly in the middle of a 12 month 0% on purchases promo on 5 y/o card. AmEx balance would set off code red neurosis, so fat chance I'll leave one on there.

Re: Amex permanent APR reduction

K-in-Boston — Tue, 03 May 2022 00:55:28 GMT

Nice job on the APR decrease! As for Plan It, except for 0% offers, converting the fees to an equivalent APR seems to work out somewhere around the actual APR. For science I just tried to create a Plan on my Platinum card, which now has an APR of 15.49% thanks to Prime Rate creep. When I did the math (assuming interest compounded daily), the total of these 3 Plan fees seemed to work out to what I would pay in interest if the APR was 13.910%, 14.185%, and 14.380% respectively.

Re: Amex permanent APR reduction

Remedios — Tue, 03 May 2022 00:56:52 GMT

@K-in-Boston wrote:
Nice job on the APR decrease! As for Plan It, except for 0% offers, converting the fees to an equivalent APR seems to work out somewhere around the actual APR. For science I just tried to create a Plan on my Platinum card, which now has an APR of 15.49% thanks to Prime Rate creep. When I did the math (assuming interest compounded daily), the total of these 3 Plan fees seemed to work out to what I would pay in interest if the APR was 13.910%, 14.185%, and 14.380% respectively.

Fifteen percenters need to leave my thread. If your APR cannot buy cigarettes, you don't belong

Kiddin'

Thanks, K. That's what I thought but had no proof 🤷‍♀️

Re: Amex permanent APR reduction

K-in-Boston — Tue, 03 May 2022 01:08:14 GMT

I got one of my long-awaited "enroll in POT" offers after turning it off a while back to see if I would get an offer when making the screenshots. (I was automatically enrolled on both cards when they introduced POT around 2005 and no bonuses.) This 15%er isn't just leaving, but happily hopping, skipping, and jumping away with 20k. 😂

Re: Amex permanent APR reduction

Remedios — Tue, 03 May 2022 01:19:43 GMT

@K-in-Boston wrote:
I got one of my long-awaited "enroll in POT" offers after turning it off a while back to see if I would get an offer when making the screenshots. (I was automatically enrolled on both cards when they introduced POT around 2005 and no bonuses.) This 15%er isn't just leaving, but happily hopping, skipping, and jumping away with 20k. 😂

Are you telling me you got Amex M&Ms because of my experiment?

If that's the case, I'm going back to cash under mattress and occasional debit card transaction.

Bye, credit. Bye, bye, bye 🎶

Re: Amex permanent APR reduction

K-in-Boston — Tue, 03 May 2022 01:24:53 GMT

I like to think of it as a "paid research study." You pose a question and Amex pays me to answer.

Re: Amex permanent APR reduction

kilroy8 — Tue, 03 May 2022 01:27:37 GMT

I did do one of the "Plan It" zero percent offers back in 2019, but messed it up.

I always had paid balance to zero before statement cut. So when I first signed up for Plan It, I paid new charges that month less the balance I put on the Plan it, thinking this would leave the Plan It balance only. The way they apply payment, is any amount over the "adjusted balance" gets applied to the Plan It balance. Since "adjusted balance" for the previous month was zero, it applied entire payment to Plan It balance, and sent current month forward to next month's "adjusted balance". I got disgusted and just paid if off at that point.

Re: Amex permanent APR reduction

Remedios — Tue, 03 May 2022 01:33:49 GMT

@K-in-Boston wrote:
I like to think of it as a "paid research study." You pose a question and Amex pays me to answer.

Good grief, soon you'll be selling weight loss tea and skin perfecting creams with Amex as only payment method.

Can I change your username to K-In-AmexGram ?

Re: Amex permanent APR reduction

NRB525 — Tue, 03 May 2022 01:59:32 GMT

@K-in-Boston wrote:
Nice job on the APR decrease! As for Plan It, except for 0% offers, converting the fees to an equivalent APR seems to work out somewhere around the actual APR. For science I just tried to create a Plan on my Platinum card, which now has an APR of 15.49% thanks to Prime Rate creep. When I did the math (assuming interest compounded daily), the total of these 3 Plan fees seemed to work out to what I would pay in interest if the APR was 13.910%, 14.185%, and 14.380% respectivel

Yes, that is true if you hold the Plan It for the full term.
But we don't have to stick to the entire Plan term, just like we don't have to carry a PoT or Revolver balance for 12 months.
If one uses a Plan It for 3 months instead of the full Plan of 12 months, pay the remainder in month 4, the fee cost is much less than the cardholder APR. I would pay 2.6% for three months of financing which extrapolates out to less than 12%, compared to the APR on my Platinum of 18.49%.

Re: Amex permanent APR reduction

CYBERSAM — Tue, 03 May 2022 23:05:00 GMT

@Remedios Thanks for the experiment. I got my APR reduction from them too.

Last time I tried, couple of years ago they said no!

Re: Amex permanent APR reduction

Remedios — Tue, 03 May 2022 23:05:34 GMT

@CYBERSAM wrote:
@Remedios Thanks for the experiment. I got my APR reduction from them too.
Last time I tried, couple of years ago they said no!

We're so polite 😂

Glad you got reduction!

Re: Amex permanent APR reduction

FireMedic1 — Tue, 03 May 2022 19:06:39 GMT

Well congrats @Remedios . Wanna trade? Got the APR max on my BCE last week. Need to call and see why I'm a new member for 2022. I had the old green card in the 90's. No go. Guess I was purged for smoking a 305 menthol short.