topic Re: Lowering APR on a retail store card. in Credit Cards

Lowering APR on a retail store card.

Anonymous — Mon, 10 Oct 2011 18:02:44 GMT

Is this possible? I have one cc from a retailer that I can use anywhere besides their stores. Just recently they gave me a big credit increase.

Id love to use this card more but I shy away from it because of the insane APR just incase if i have to carry a balance.

Will they ever lower the interest upon request or do they review or is it forever stuck there?

Re: Lowering APR on a retail store card.

RockinRay — Mon, 10 Oct 2011 18:25:17 GMT

I think I would call them and ask. I agree that they chrage outragious amounts of interest.

You might get someone that can help you out, but I kind of doubt you will have luck.

If you call, let us know the results.

Ray

Re: Lowering APR on a retail store card.

Anonymous — Tue, 11 Oct 2011 10:27:09 GMT

Hi, samint!

I doubt they'll lower the interest rate. Their plan is to give you that increase, then have you use that increased CL to carry an interest bearing balance.

Turn the tables on them. Use the card as you wish, but PIF. A few months down the road, use that increased credit line and history to obtain another card from another lender at a rate more palatable to you.

They use you...you use them. Simple!

Good luck with everything!!

Re: Lowering APR on a retail store card.

Anonymous — Tue, 11 Oct 2011 16:34:57 GMT

Rockingray, I called them a couple of months back and asked if they do lower the APR. The representative said yes, that i could call when i complete a year and ask them to review the account and ask for a lower apr. I dont know how honest was his statement.

Uborrow-upay, I have been doing that with them. I was surprised to see the increase before i completed a year with them. I will be looking for a new cc soon.

Re: Lowering APR on a retail store card.

Anonymous — Tue, 11 Oct 2011 17:06:27 GMT

Samint,

Who is your card with?

Re: Lowering APR on a retail store card.

Creditaddict — Tue, 11 Oct 2011 20:18:06 GMT

The "NEW" Target cards, Sams, Walmart, Nordstrom are the only store cards that I can think of that offer a lower rate.

Re: Lowering APR on a retail store card.

Anonymous — Tue, 11 Oct 2011 21:36:22 GMT

@Creditaddict wrote:
The "NEW" Target cards, Sams, Walmart, Nordstrom are the only store cards that I can think of that offer a lower rate.

Well the OP said he could use this card at any store so maybe its a co-branded mc/visa

Could be a bbrzmc that card has different intreast rates

Re: Lowering APR on a retail store card.

Anonymous — Wed, 12 Oct 2011 03:23:58 GMT

beamMEup, it is with Banana Republic ( GEMB ). It's a Visa that I can use outside their network of stores.

Re: Lowering APR on a retail store card.

score_building — Wed, 12 Oct 2011 03:43:17 GMT

@Creditaddict wrote:
The "NEW" Target cards, Sams, Walmart, Nordstrom are the only store cards that I can think of that offer a lower rate.

Nordstrom offers a tiered APR which can be lowered to 'tier 1: http://shop.nordstrom.com/c/nordstrom-card-disclosure-summary

I think Walmart used to but it seems the current t&c lists just one rate: 22.9%

Re: Lowering APR on a retail store card.

score_building — Wed, 12 Oct 2011 03:49:11 GMT

@Anonymous wrote:
beamMEup, it is with Banana Republic ( GEMB ). It's a Visa that I can use outside their network of stores.

Looks like only one rate is offered: https://eapply.bananarepublic.com/eapplygen2/load.do?cHash=2114114118&subActionId=1000

Re: Lowering APR on a retail store card.

Anonymous — Wed, 12 Oct 2011 04:18:58 GMT

I was afraid the representative wasnt being entirely true with his statement. However, I'll still ask when i complete a little over a year. It cant hurt. unless they raise it

Re: Lowering APR on a retail store card.

Creditaddict — Wed, 12 Oct 2011 04:34:27 GMT

The best way to find out if a company will consider lowering your limit is seeing terms of cards they offer, if they do not have tiers of interest rates on new cards they are most likely a 100% not going to lower your rate unless you are in a financial hardship and here is Banana:

nterest Rates and Interest Charges

	Gap Inc. Visa Card	Gap Inc. Credit Card
Annual Percentage Rate (APR) for Purchases	23.99% This APR will vary with the market based on the Prime Rate.	24.99% This APR will vary with the market based on the Prime Rate.

so lower rates are not an option.