topic Re: Does Amex ever lower go-to interest rates on a permanent (not temporary) basis? in Credit Cards

Does Amex ever lower go-to interest rates on a permanent (not temporary) basis?

galahad15 — Sun, 31 Jul 2022 06:27:25 GMT

Does Amex ever lower go-to interest rates on a permanent (not temporary) basis? Or are they like Chase, which pretty much never allows customers to have a lower go-to interest rate?

I recently received a new BCE card, but even with a 771 EX FICO8 score, they still gave me a 20%+ V rate for after the 0% introductory promo expires I know that if cards are PIF monthly, then the interest rate technically doesn't matter, but even then, still with a 20%+ V rate, it just makes me feel like they simply don't value me as a customer, and tbh makes me feel like not using the card at all. (Some years ago I closed out my then-Chase Freedom and Slate cards for the very same reason, since I also had somewhere in the range of 20% - 25% V rates on them, iirc.)

Was also kinda just a lil surprised, since I had recently apped for the Chase Amazon Prime and PayPal cash back cards, and was given the lowest-available rates for them...I guess YMMV...

ETA: btw, is it possible to combine limits on Amex cards as well? Thanks!

Re: Does Amex ever lower go-to interest rates on a permanent (not temporary) basis?

NRB525 — Sun, 31 Jul 2022 09:46:21 GMT

Yes, you can combine limits between AMEX revolvers. There is an online tool to do this yourself, however I have a theory that there may be limits how much specific individuals may be able to move, based on my not being able to move $10k at a time, several years ago. YMMV.

Regarding the APR, all my AMEX cards are disappointing in that 20% range, but with Plan It available, that works out to a much better APR for short periods of paying off specific large charges. Plan It also isolates those charges from new or existing non-Plan It items so your grace period on everything outside the Plan is still intact, no interest.

Re: Does Amex ever lower go-to interest rates on a permanent (not temporary) basis?

purebulldogs — Sun, 31 Jul 2022 12:06:28 GMT

My score just increased a little to 765 and the amex everyday I got not long ago came with around a 25% interest rate after the intro.

My dad just got an amex with an 840 score and they also gave him a high rate after the intro period.

My theory is it's to keep people from carrying balances since amex seems to really prefer pay in full customers. Some issuers prefer balance carry but amex doesn't seem to like that more than a few months at the most.

Even my synchrony account has a much lower rate. If i need to carry a balance it won't be on an amex that's for sure. Out of all my cards amex is the absolute max interest rate. My elan/us bank card I got around the same time as amex gave me the lowest rate after the intro, and every other card since has given me lower rates.

Re: Does Amex ever lower go-to interest rates on a permanent (not temporary) basis?

K-in-Boston — Sun, 31 Jul 2022 18:34:58 GMT

@NRB525 wrote:
Yes, you can combine limits between AMEX revolvers. There is an online tool to do this yourself, however I have a theory that there may be limits how much specific individuals may be able to move, based on my not being able to move $10k at a time, several years ago. YMMV.

I think this is YMMV based on profile, which cards are involved, and how much you leave on the donor card. I moved $40k in one go from Marriott Bonvoy Brilliant (may have still been SPG Luxury at the time) to Delta Reserve online.

Permanent APR reductions are not common with Amex, but they do happen. When I applied for the SPG card, it came with an APR that was a few percent higher than my Blue and POT on Platinum and Gold, which were 14.24% at the time. I hopped on chat when the card arrived, asked them if they could lower it to match, and they did so.

Re: Does Amex ever lower go-to interest rates on a permanent (not temporary) basis?

Anonymous — Sun, 31 Jul 2022 19:38:23 GMT

https://ficoforums.myfico.com/t5/Credit-Cards/Amex-permanent-APR-reduction/m-p/6530286#M1815337

they got theirs lowered so maybe try the chat.

Re: Does Amex ever lower go-to interest rates on a permanent (not temporary) basis?

pizzadude — Mon, 01 Aug 2022 04:11:06 GMT

@Anonymous wrote:
https://ficoforums.myfico.com/t5/Credit-Cards/Amex-permanent-APR-reduction/m-p/6530286#M1815337

they got theirs lowered so maybe try the chat.

I also recently was able to get an APR reduction on my AMEX BCP account via chat, so it is possible. I think the rate reduction wasn't more than 3% but I'll take it.

Re: Does Amex ever lower go-to interest rates on a permanent (not temporary) basis?

OmarGB9 — Mon, 01 Aug 2022 04:45:45 GMT

@pizzadude wrote:
@Anonymous wrote:
https://ficoforums.myfico.com/t5/Credit-Cards/Amex-permanent-APR-reduction/m-p/6530286#M1815337

they got theirs lowered so maybe try the chat.
I also recently was able to get an APR reduction on my AMEX BCP account via chat, so it is possible. I think the rate reduction wasn't more than 3% but I'll take it.

How long have you had the card and how often can an APR reduction be requested (and approved)?

Re: Does Amex ever lower go-to interest rates on a permanent (not temporary) basis?

Gollum — Mon, 01 Aug 2022 09:51:42 GMT

@galahad15 wrote:
Does Amex ever lower go-to interest rates on a permanent (not temporary) basis? Or are they like Chase, which pretty much never allows customers to have a lower go-to interest rate?

I recently received a new BCE card, but even with a 771 EX FICO8 score, they still gave me a 20%+ V rate for after the 0% introductory promo expires I know that if cards are PIF monthly, then the interest rate technically doesn't matter, but even then, still with a 20%+ V rate, it just makes me feel like they simply don't value me as a customer, and tbh makes me feel like not using the card at all. (Some years ago I closed out my then-Chase Freedom and Slate cards for the very same reason, since I also had somewhere in the range of 20% - 25% V rates on them, iirc.)

Was also kinda just a lil surprised, since I had recently apped for the Chase Amazon Prime and PayPal cash back cards, and was given the lowest-available rates for them...I guess YMMV...

ETA: btw, is it possible to combine limits on Amex cards as well? Thanks!

galahad15,

My American Express BCE card has a variable interest rate. The closing date for my latest statement is 07-27-2022. For comparison purposes, my interest rate from my latest statement is 14.49%.

Edit: Cardmember agreement (07-14-2022) says Prime Rate plus 10.74% to Prime Rate plus 21.74%: https://www.americanexpress.com/content/dam/amex/en-us/company/legal/cardmember-agreements/public-site-adhoc-2022-07-14-cps-bce-pdf-cma/blue-cash-everyday-07-14-2022.pdf

So for whatever reason, you were apparently assigned a high interest rate.

Edit: current Prime Rate is 5.5%: https://www.bankrate.com/rates/interest-rates/prime-rate/

Re: Does Amex ever lower go-to interest rates on a permanent (not temporary) basis?

purebulldogs — Wed, 03 Aug 2022 13:00:59 GMT

I asked Amex if they could lower the interest rate on my everyday card and they declined.

no big deal since it's paid in full each month but I tried

Re: Does Amex ever lower go-to interest rates on a permanent (not temporary) basis?

kdm31091 — Wed, 03 Aug 2022 18:19:00 GMT

Amex used to be more liberal about APR reductions, from what I've seen in recent times, it's usually only a temporary reduction. Still, there are occasional reports of getting a permanent one.

Re: Does Amex ever lower go-to interest rates on a permanent (not temporary) basis?

SunriseEarth — Thu, 04 Aug 2022 08:47:18 GMT

It's been quite some time since I asked for an APR reduction, but I have done so several times through chat successfully. It's worth a try; the worse they can say is "no".

Re: Does Amex ever lower go-to interest rates on a permanent (not temporary) basis?

Anonymous — Thu, 04 Aug 2022 08:57:17 GMT

@kdm31091 wrote:
Amex used to be more liberal about APR reductions, from what I've seen in recent times, it's usually only a temporary reduction. Still, there are occasional reports of getting a permanent one.

My experiences follows with kdm31091's recall. Found Amex willing to review the profile and adjust. However, since I don't travel I closed my AX cards and am not current with today.

Re: Does Amex ever lower go-to interest rates on a permanent (not temporary) basis?

purebulldogs — Thu, 04 Aug 2022 11:24:39 GMT

I looked at all my cards and Amex is my highest interest rate, but not my highest credit limit.

capital one is now my highest credit limit with my lowest ongoing rate. I know it's a variable rate but times sure have changed that's for sure