topic Re: NAVY PC/Interest Rate Reduction in Credit Cards

NAVY PC/Interest Rate Reduction

TimFlorida — Fri, 17 Mar 2023 18:45:07 GMT

Have been carrying a balance on my GoRewards. It was my cheapest APR. But with interest rates creeping up I called to see if I was eligible for any rate reductions. They told me I was at the lowest APR for both my Flagship (14.24%) and GoRewards (13.24%).

I was however able to PC my GoRewards to a Platinum and shave 3 points off (13.24% to 10.24%).

I'd like to keep my Flagship but might need to consider converting it to Platinum as well. Or try my luck with a new 0% card elsewhere.

Re: NAVY PC/Interest Rate Reduction

OmarGB9 — Fri, 17 Mar 2023 18:54:51 GMT

Thanks for the DP. They refuse to lower my rate any lower than the highest 18%.

Re: NAVY PC/Interest Rate Reduction

MarkintheHV — Fri, 17 Mar 2023 20:06:40 GMT

Citi is offering the Simplicity which is a 21 month 0% card.

@TimFlorida wrote:
Or try my luck with a new 0% card elsewhere.

Re: NAVY PC/Interest Rate Reduction

ptatohed — Fri, 17 Mar 2023 20:52:05 GMT

@MarkintheHV wrote:
Citi is offering the Simplicity which is a 21 month 0% card.

@TimFlorida wrote:
Or try my luck with a new 0% card elsewhere.

Where do you see that? I see 15mo for Rewards+ and 12mo for Simplicity.

https://www.citi.com/credit-cards/compare/view-all-credit-cards?intc=megamenu~creditcards~vac

Re: NAVY PC/Interest Rate Reduction

TimFlorida — Fri, 17 Mar 2023 21:05:52 GMT

@MarkintheHV wrote:
Citi is offering the Simplicity which is a 21 month 0% card.

@TimFlorida wrote:
Or try my luck with a new 0% card elsewhere.

I've been thinking about trying Discover, they've been clearing a small rain forest to send me fancy mailers begging me to apply for a card with them.

Re: NAVY PC/Interest Rate Reduction

M_Smart007 — Fri, 17 Mar 2023 21:15:19 GMT

@ptatohed wrote:
@MarkintheHV wrote:
Citi is offering the Simplicity which is a 21 month 0% card.

@TimFlorida wrote:
Or try my luck with a new 0% card elsewhere.

Where do you see that? I see 15mo for Rewards+ and 12mo for Simplicity.

https://www.citi.com/credit-cards/compare/view-all-credit-cards?intc=megamenu~creditcards~vac

@ptatohed,

Maybe the BT rate?

Balance Transfer Rate:

0% Intro APR for 21 months. After that, the variable APR will be 18.49% - 29.24%, based on your creditworthiness1.

(Click image to enlarge)

Re: NAVY PC/Interest Rate Reduction

CYBERSAM — Fri, 17 Mar 2023 21:47:02 GMT

One of your Chase CCs should offer decent BT option! Transfer fee should be much less then anything you would pay for your lowest APR! With Chase you can move the limits around to a CC that would serve you best, then go for BT and request CLI on others that lost limits.

Chase now offers SP CLI over the phone!

Just in case you don't want to add a new trade line to your report!

Re: NAVY PC/Interest Rate Reduction

ThomasJNewton — Sat, 18 Mar 2023 22:26:28 GMT

@TimFlorida wrote:

I've been thinking about trying Discover, they've been clearing a small rain forest to send me fancy mailers begging me to apply for a card with them.

My Boyfriend gets two to three of them a week. Trying to find a place that can turn Discover credit card offers into building materials or insulation so that at least we could get something out of them. :-D

Re: NAVY PC/Interest Rate Reduction

SUPERSQUID — Sun, 19 Mar 2023 04:24:42 GMT

@OmarGB9 wrote:
Thanks for the DP. They refuse to lower my rate any lower than the highest 18%.

I'm in the same boat with them.

Re: NAVY PC/Interest Rate Reduction

Dadof31978 — Sun, 19 Mar 2023 13:57:49 GMT

I know you don't want to hear the truth, but you need to cut the cards up, and go learn Dave Ramsey.

Re: NAVY PC/Interest Rate Reduction

K-in-Boston — Sun, 19 Mar 2023 16:21:43 GMT

@Dadof31978 wrote:
I know you don't want to hear the truth, but you need to cut the cards up, and go learn Dave Ramsey.

Not everyone can make millions by selling snake oil and most people will actually need credit in their lives. Which of OP's data points point to them being in such severe financial distress that they would need to resort to such drastic measures?

Re: NAVY PC/Interest Rate Reduction

M_Smart007 — Sun, 19 Mar 2023 17:09:24 GMT

@Dadof31978 wrote:
I know you don't want to hear the truth, but you need to cut the cards up, and go learn Dave Ramsey.

That statement is going to be a very hard sell on this forum

I have borrowed up to $100K interest free on personal / Biz cards. (money borrowed for free)

I cannot tell you how much I have made in sign up bonuses, and $rewards

Oh and having the ability to not have to write checks, carry a huge wad of cash...

Maybe I should mention not having your bank account cleared out via debit card fraud.

I know I am missing some other things here.

Re: NAVY PC/Interest Rate Reduction

ThomasJNewton — Sun, 19 Mar 2023 17:47:30 GMT

To those who have received interest rate reductions, how did you go about it? Did you try through the chat? Did you ask on a voice call? Was there a hard or soft pull? My Cash Rewards account is currently my only personal open account (I am an AU on my BF's Apple Card and a friend's Sapphire Preferred), and after having run a large balance on it for several years, I paid off the card in full in October and have not run a balance since.

Since I am not paying interest right now, I am not terribly bothered by the 18% rate (as I do not even have a current active card see: here :-) ), but I would like to bring it down on principle. It was opened over 8 years ago and with a starting line of $25,000. I have never missed a payment since I got the card.

Re: NAVY PC/Interest Rate Reduction

fury1995 — Sun, 19 Mar 2023 17:55:32 GMT

@Dadof31978 wrote:
I know you don't want to hear the truth, but you need to cut the cards up, and go learn Dave Ramsey.

The OP has kindly provided specific data points for rate reductions with NFCU, popular cards from a popular card issuer.

I also have the Platinum and Flagship cards from Navy. Alot of folks here have interest in this type of information. These data points are useful to me for what prefer for my personal finances.. and floating debt is not indicative to mismanaging money.

Dave Ramsey wouldn't have anything to offer for me, unless it's free money.

Re: NAVY PC/Interest Rate Reduction

TimFlorida — Sun, 19 Mar 2023 17:55:56 GMT

@ThomasJNewton wrote:
To those who have received interest rate reductions, how did you go about it? Did you try through the chat? Did you ask on a voice call? Was there a hard or soft pull?

I simply called NFCU credit card department and stated "I'd like to see if I'm eligible for an interest rate reduction on my credit card(s)". She said "let me look" and then told me I was already at the lowest level for the cards I'm carrying. The last time I had got a rate reduction from Navy I had called in for something else and they volunteered the rate reduction to me without asking, but YMMV on that.

No hard pull.

Re: NAVY PC/Interest Rate Reduction

fury1995 — Sun, 19 Mar 2023 18:02:59 GMT

@TimFlorida wrote:
Have been carrying a balance on my GoRewards. It was my cheapest APR. But with interest rates creeping up I called to see if I was eligible for any rate reductions. They told me I was at the lowest APR for both my Flagship (14.24%) and GoRewards (13.24%).

I was however able to PC my GoRewards to a Platinum and shave 3 points off (13.24% to 10.24%).

I'd like to keep my Flagship but might need to consider converting it to Platinum as well. Or try my luck with a new 0% card elsewhere.

Thanks for the data point. I just took a peek at what my Platinum and Flagship cards currently have. My Platinum is 10.24% so no oppourtunity there but my Flagship is 17.74%. I'm not ready to give up my Flagship yet but you've just given me a goal APR to shoot for. Probably going to call Monday.

Thanks and congrats!

Re: NAVY PC/Interest Rate Reduction

Adkins — Mon, 20 Mar 2023 03:43:01 GMT

@ThomasJNewton wrote:
To those who have received interest rate reductions, how did you go about it? Did you try through the chat? Did you ask on a voice call? Was there a hard or soft pull? My Cash Rewards account is currently my only personal open account (I am an AU on my BF's Apple Card and a friend's Sapphire Preferred), and after having run a large balance on it for several years, I paid off the card in full in October and have not run a balance since.

Since I am not paying interest right now, I am not terribly bothered by the 18% rate (as I do not even have a current active card see: here :-) ), but I would like to bring it down on principle. It was opened over 8 years ago and with a starting line of $25,000. I have never missed a payment since I got the card.

I sent them a message asking for an interest rate reduction and I got it.

Re: NAVY PC/Interest Rate Reduction

mfinsmi1 — Mon, 20 Mar 2023 08:45:56 GMT

Did you guys wait a full year before requesting the APR reduction?