topic Re: Discover and Chase APRs in Credit Cards

Discover and Chase APRs

smc733 — Wed, 11 Jan 2012 19:22:16 GMT

Hi everyone,

Just a quick update on my Chase situation. Got a call back from the executive office today... and guess what? NOTHING!

I'm "enjoying" the "lowest" rate I can have at 22.9, and I cannot go to a signature card... What a waste of my time, permanent sockdrawer for Chase.

However, I called up Discover. Asked if my 15.99 can be lowered, sure enough she set it at 12.99 and was very pleasant. The rep seemed to want to know if I intended to use the card more, and I told her I did plan on using the card more this year than last.

Just a tale of two cards...

I think the BofA 1-2-3 and Discover More is a nice combination moving forward.

Re: Discover and Chase APRs

laz98 — Wed, 11 Jan 2012 19:39:08 GMT

chase is getting the sockdrawer treatment here too

Re: Discover and Chase APRs

RockinRay — Wed, 11 Jan 2012 20:59:59 GMT

Yep - their APR's are way too high.

I like my Freedom, used it to get the cash back and dropped it in the drawer. While I PIF on that card, the rate is absurd.....

Ray

Re: Discover and Chase APRs

smc733 — Wed, 11 Jan 2012 21:05:15 GMT

@RockinRay wrote:
Yep - their APR's are way too high.

I like my Freedom, used it to get the cash back and dropped it in the drawer. While I PIF on that card, the rate is absurd.....

Ray

Exactly! Even though I PIF, I really don't feel comfortable using a card with that hanging over my head. If something happens, that can be the difference between being able to work and pay off a balance vs going under...

I will cash out the rewards after my next statement and leave it sit.

If an email to Jamie Dimon won't fix the problem, I assume that APR will never move.

@laz98, may I ask why you've decided to sockdrawer Chase?

Re: Discover and Chase APRs

Anonymous — Wed, 11 Jan 2012 21:09:13 GMT

I opened a Freedom last June. My APR is 13.XX%. I wonder why they told you that there is no lower APR than you have. Do you carry a balance on this card? Or why does the APR on a rewards card even matter to you?

Re: Discover and Chase APRs

laz98 — Wed, 11 Jan 2012 21:11:15 GMT

@smc733 wrote:

@laz98, may I ask why you've decided to sockdrawer Chase?

we're trying to pay our other balances off. i don't want to build one up on chase with their ridiculous APR. plus the only category i guess we would use right now is gas stations, since we have an amazon card. why do you ask?

Re: Discover and Chase APRs

smc733 — Wed, 11 Jan 2012 21:15:41 GMT

@Anonymous wrote:
I opened a Freedom last June. My APR is 13.XX%. I wonder why they told you that there is no lower APR than you have. Do you carry a balance on this card? Or why does the APR on a rewards card even matter to you?

I think the 22.9% APR is a different "tier", because they have a whole different cash advance rate for people with that APR.

I don't carry a balance, nor do I plan to, but I just don't like a high APR hanging over my head when I use any card. I realize rewards cards are a little bit higher, but with 740+ FICOs, 22.9% is a bit high.

@Anonymous, I was just curious, because it seems like Chase is a rock on APRs for a lot of people.

Re: Discover and Chase APRs

LS2982 — Wed, 11 Jan 2012 21:32:04 GMT

@smc733 wrote:
Hi everyone,

Just a quick update on my Chase situation. Got a call back from the executive office today... and guess what? NOTHING!

I'm "enjoying" the "lowest" rate I can have at 22.9, and I cannot go to a signature card... What a waste of my time, permanent sockdrawer for Chase.

However, I called up Discover. Asked if my 15.99 can be lowered, sure enough she set it at 12.99 and was very pleasant. The rep seemed to want to know if I intended to use the card more, and I told her I did plan on using the card more this year than last.

Just a tale of two cards...

I think the BofA 1-2-3 and Discover More is a nice combination moving forward.

Good job!! Chase is no longer needed in your wallet!!! Put them on ice!!!!!

Re: Discover and Chase APRs

Anonymous — Wed, 11 Jan 2012 22:09:36 GMT

@LS2982 wrote:
@smc733 wrote:
Hi everyone,

Just a quick update on my Chase situation. Got a call back from the executive office today... and guess what? NOTHING!

I'm "enjoying" the "lowest" rate I can have at 22.9, and I cannot go to a signature card... What a waste of my time, permanent sockdrawer for Chase.

However, I called up Discover. Asked if my 15.99 can be lowered, sure enough she set it at 12.99 and was very pleasant. The rep seemed to want to know if I intended to use the card more, and I told her I did plan on using the card more this year than last.

Just a tale of two cards...

I think the BofA 1-2-3 and Discover More is a nice combination moving forward.
Good job!! Chase is no longer needed in your wallet!!! Put them on ice!!!!!

if u go to LS' house and he is out of ice, u can always put those frozen cards in ur drink

Re: Discover and Chase APRs

Anonymous — Wed, 11 Jan 2012 22:28:15 GMT

I have the 22.24% from Chase. The reasoning, as far as I can figure it: Once they assign an APR to you, they just don't want to change it. My card was brought over from Wamu, where it had been 8.9%, and maybe raised to the current 22.24%.

Chase took it over, and last year I got Chase to convert it from "no name" to Freedom. Same crappy features (no ability to transfer balances, same bizarre $3,788 credit limit. It was $4,000 but I charged $800 of dental work on it once and they lowered it to within $100 of the balance at that time. By the way, the APR raise was due to nothing I did wrong - I think WaMu didn't like my entire credit profile since I was becoming more indebted at one time, but I have no lates, no anything wrong in any way with anyone on my report in the last five years, pre-dating the existence of the account.)

I have spoken with Chase at length and the conclusion keeps coming back as: There is no fighting "The Computer." They constantly make it sound as if they would like to improve my APR, my CL, my features, but "The Computer" doesn't say I'm eligible for it. When "The Computer" says it's time, it will be time. "The Computer" decides when/if I'll ever get anything out of Chase regarding the 22.24% account.

Apparently the executive offices are also constrained by "The Computer."

Re: Discover and Chase APRs

smc733 — Wed, 11 Jan 2012 22:36:22 GMT

Interesting, I've really wanted to cut down to 4 cards. (From the 5 I have), as I think two in use, two "backups" is the perfect combination, but others tell me not to cut this card, so I suppose I'll let it rot in the sockdrawer...

Either way, I can't ever see this card being used again. Would it really kill me to cut it? Then I'd be left with a nice thin profile

Daily use

BankAmericard 1-2-3: 5k/10.99 - 6/10

Discover More: 2.5k/12.99 - 1/11

Backup

Citi Dividend: 6k/14.24 - 6/10

Amex BCE: 2k/19.24 - 9/11

Re: Discover and Chase APRs

Anonymous — Wed, 11 Jan 2012 22:48:50 GMT

Since you already went to the trouble to communicate with the executive office and they used "The Computer" as their excuse not to change anything, you might want to consider cutting up the card and mailing it back with a record of your correspondence with them, along with a printout of the little list in the above post, complete with APRs, and tell them that they lost your business because they did not compete with their competitors.

They may not care; then again, it may grab someone's attention. I'm a little vengeful that way. When I feel I've been wronged, most often I let it go in a mature manner, but sometimes I like to politely and pointedly point it out to someone that I'm walking out their door, and why.

Re: Discover and Chase APRs

Guava — Wed, 11 Jan 2012 22:58:50 GMT

just my curiosity, why couldn't you upgrade to a signature version?

Re: Discover and Chase APRs

smc733 — Wed, 11 Jan 2012 23:10:09 GMT

@Guava wrote:
just my curiosity, why couldn't you upgrade to a signature version?

One executive said it would "change the terms too much", and today's rep gave me the law/13 month thing.

Re: Discover and Chase APRs

smc733 — Wed, 11 Jan 2012 23:11:03 GMT

@Anonymous wrote:
Since you already went to the trouble to communicate with the executive office and they used "The Computer" as their excuse not to change anything, you might want to consider cutting up the card and mailing it back with a record of your correspondence with them, along with a printout of the little list in the above post, complete with APRs, and tell them that they lost your business because they did not compete with their competitors.

They may not care; then again, it may grab someone's attention. I'm a little vengeful that way. When I feel I've been wronged, most often I let it go in a mature manner, but sometimes I like to politely and pointedly point it out to someone that I'm walking out their door, and why.

I may try that, and I will state "I will not be closing the account, but the card is cut up because that is all the use it will see".

Re: Discover and Chase APRs

CS800 — Thu, 12 Jan 2012 03:13:30 GMT

@laz98 wrote:
chase is getting the sockdrawer treatment here too

@Anonymous freedom is currently my lowest APR @ 17.99%

Re: Discover and Chase APRs

CS800 — Thu, 12 Jan 2012 03:15:26 GMT

My discover is still at 0% until September of next year i believe then 21.99 APR after that.

Re: Discover and Chase APRs

CS800 — Thu, 12 Jan 2012 03:16:04 GMT

@smc733 wrote:
@Guava wrote:
just my curiosity, why couldn't you upgrade to a signature version?
One executive said it would "change the terms too much", and today's rep gave me the law/13 month thing.

Would the Signature version also not report your CL?