topic Re: Chase said NO to APR reduction in Credit Cards

Chase said NO to APR reduction

crunching_numbers — Wed, 16 May 2012 20:46:55 GMT

I called Chase to see if they would reduce the APR on the Freedom card that I have had since 2009. They told me no, and that the only APR reductions they are doing at this time are for people that had their APR's increased. He told me to try back in 4-6 months, and that maybe something might have changed by then. I have hardly any balance on the card at this time either. I just wanted a little love.

Re: Chase said NO to APR reduction

pizzadude — Wed, 16 May 2012 21:35:48 GMT

@crunching_numbers wrote:
I called Chase to see if they would reduce the APR on the Freedom card that I have had since 2009. They told me no, and that the only APR reductions they are doing at this time are for people that had their APR's increased. He told me to try back in 4-6 months, and that maybe something might have changed by then. I have hardly any balance on the card at this time either. I just wanted a little love.

Sorry, but JPMC has to recoup some of the $2,000,000,000 ( give or take a few billion ) that they recently seem to have misplaced

Re: Chase said NO to APR reduction

Anonymous — Wed, 16 May 2012 21:43:33 GMT

@pizzadude wrote:
@crunching_numbers wrote:
I called Chase to see if they would reduce the APR on the Freedom card that I have had since 2009. They told me no, and that the only APR reductions they are doing at this time are for people that had their APR's increased. He told me to try back in 4-6 months, and that maybe something might have changed by then. I have hardly any balance on the card at this time either. I just wanted a little love.

Sorry, but JPMC has to recoup some of the $2,000,000,000 ( give or take a few billion ) that they recently seem to have misplaced

It was actually an $800,000,000 mark-to-market (unrealized) net loss for that single JPMC business unit (CIO), and as a company they will still likely make close to $20,000,000,000 this year alone on over $2,250,000,000,000 in assets (yes, trillion).

This whole news story and now FBI investigation is a little ridiculous in the grand scheme of things. Given the size of the trade, the MTM loss was around 50 bps. No client money was at play, and no taxpayer money was at play. Unfortunately, most people are too stupid/uneducated to understand, especially in Congress. /endrant

Re: Chase said NO to APR reduction

CreditWorld2013 — Wed, 16 May 2012 21:48:46 GMT

@Anonymous wrote:
@pizzadude wrote:
@crunching_numbers wrote:
I called Chase to see if they would reduce the APR on the Freedom card that I have had since 2009. They told me no, and that the only APR reductions they are doing at this time are for people that had their APR's increased. He told me to try back in 4-6 months, and that maybe something might have changed by then. I have hardly any balance on the card at this time either. I just wanted a little love.

Sorry, but JPMC has to recoup some of the $2,000,000,000 ( give or take a few billion ) that they recently seem to have misplaced

It was actually an $800,000,000 mark-to-market (unrealized) net loss for that single JPMC business unit (CIO), and as a company they will still likely make close to $20,000,000,000 this year alone on over $2,250,000,000,000 in assets (yes, trillion).

This whole news story and now FBI investigation is a little ridiculous in the grand scheme of things. Given the size of the trade, the MTM loss was around 50 bps. No client money was at play, and no taxpayer money was at play. Unfortunately, most people are too stupid/uneducated to understand, especially in Congress. /endrant

That is somewhat true but investors got a shalacking by losing (I think it was) about 10% of the share price on that day alone. In addition, the bank itself must face the reputation like many others for making risky decisions to begin with. Back to the OP: Chase will probably never do decreases again since they still love making money at the new steady rates.

Re: Chase said NO to APR reduction

android01 — Wed, 16 May 2012 21:54:34 GMT

@crunching_numbers wrote:
I called Chase to see if they would reduce the APR on the Freedom card that I have had since 2009. They told me no, and that the only APR reductions they are doing at this time are for people that had their APR's increased. He told me to try back in 4-6 months, and that maybe something might have changed by then. I have hardly any balance on the card at this time either. I just wanted a little love.

I've been trying for at least three years to have Chase reduce the APR on a converted WAMU card that I turned into a Sapphire. It got rate jacked when Chase took over WAMU. They keep telling me to call back in six months. The APR is the default rate of 29.99%. It's a 15 year old account that I'd rather not close. Just to see what would happen, I applied for a JP Morgan Select card and I was approved. The APR on that card is 13.24% (the only rate available on this card). I called Chase up a couple weeks ago to for my umpteenth request for an APR reduction and they STILL said no, even though it was very apparent to them that I had the Select card with a much lower rate. So, my Sapphire sits in the SD and get's a $19 recurring charge to it every month.

Re: Chase said NO to APR reduction

Anonymous — Wed, 16 May 2012 21:58:13 GMT

@CC365 wrote:
@Anonymous wrote:
@pizzadude wrote:
@crunching_numbers wrote:
I called Chase to see if they would reduce the APR on the Freedom card that I have had since 2009. They told me no, and that the only APR reductions they are doing at this time are for people that had their APR's increased. He told me to try back in 4-6 months, and that maybe something might have changed by then. I have hardly any balance on the card at this time either. I just wanted a little love.

Sorry, but JPMC has to recoup some of the $2,000,000,000 ( give or take a few billion ) that they recently seem to have misplaced

It was actually an $800,000,000 mark-to-market (unrealized) net loss for that single JPMC business unit (CIO), and as a company they will still likely make close to $20,000,000,000 this year alone on over $2,250,000,000,000 in assets (yes, trillion).

This whole news story and now FBI investigation is a little ridiculous in the grand scheme of things. Given the size of the trade, the MTM loss was around 50 bps. No client money was at play, and no taxpayer money was at play. Unfortunately, most people are too stupid/uneducated to understand, especially in Congress. /endrant
That is somewhat true but investors got a shalacking by losing (I think it was) about 10% of the share price on that day alone. In addition, the bank itself must face the reputation like many others for making risky decisions to begin with. Back to the OP: Chase will probably never do decreases again since they still love making money at the new steady rates.

It's all headline and regulatory risk, which is why the financial sector as a whole took a plunge. And it was definitely bad timing.

From what's been released so far, it wasn't a very risky trade at all. Bruno Iksil was *selling* insurance (CDS). He just sold too much and essentially became the market. Unless U.S. companies with investment-grade bonds start defaulting on their bonds in a big way, JPM would net a profit by holding these "losing" trades through expiration (2017 for this tranche). Unfortunately, with MTM rules, JPM has to "announce" an unrealized loss that hedge funds created by betting the opposite way.

Anyyyway, OP, if you're carrying a balance you probably should switch to an entirely different card.

Re: Chase said NO to APR reduction

boomhower — Wed, 16 May 2012 23:48:48 GMT

@android01 wrote:
@crunching_numbers wrote:
I called Chase to see if they would reduce the APR on the Freedom card that I have had since 2009. They told me no, and that the only APR reductions they are doing at this time are for people that had their APR's increased. He told me to try back in 4-6 months, and that maybe something might have changed by then. I have hardly any balance on the card at this time either. I just wanted a little love.
I've been trying for at least three years to have Chase reduce the APR on a converted WAMU card that I turned into a Sapphire. It got rate jacked when Chase took over WAMU. They keep telling me to call back in six months. The APR is the default rate of 29.99%. It's a 15 year old account that I'd rather not close. Just to see what would happen, I applied for a JP Morgan Select card and I was approved. The APR on that card is 13.24% (the only rate available on this card). I called Chase up a couple weeks ago to for my umpteenth request for an APR reduction and they STILL said no, even though it was very apparent to them that I had the Select card with a much lower rate. So, my Sapphire sits in the SD and get's a $19 recurring charge to it every month.

Same here. I converted my WAMU card to a Freedom. They jacked my rate to 28.24% when they took it over. I know it will never change. I dealt with the executive office on a CLI which was successful in the end.($1k->$5k) But even they said no dice to an APR reduction.

Re: Chase said NO to APR reduction

Anonymous — Wed, 16 May 2012 23:50:11 GMT

@android01 wrote:
@crunching_numbers wrote:
I called Chase to see if they would reduce the APR on the Freedom card that I have had since 2009. They told me no, and that the only APR reductions they are doing at this time are for people that had their APR's increased. He told me to try back in 4-6 months, and that maybe something might have changed by then. I have hardly any balance on the card at this time either. I just wanted a little love.
I've been trying for at least three years to have Chase reduce the APR on a converted WAMU card that I turned into a Sapphire. It got rate jacked when Chase took over WAMU. They keep telling me to call back in six months. The APR is the default rate of 29.99%. It's a 15 year old account that I'd rather not close. Just to see what would happen, I applied for a JP Morgan Select card and I was approved. The APR on that card is 13.24% (the only rate available on this card). I called Chase up a couple weeks ago to for my umpteenth request for an APR reduction and they STILL said no, even though it was very apparent to them that I had the Select card with a much lower rate. So, my Sapphire sits in the SD and get's a $19 recurring charge to it every month.

I have the same WAMU Chase card that was set to the default rate of 29.99% back in 2009. I had a balance on the card for a long time. In 2010 they offered me the "pay X per month for 6 months and we will give you X $, do not use the card either". Well, I paid above and beyond the required amount and actually PIF before the 6 months was up. They gave me my bonus and I have PIF every month since. They reduced my rate to 26.99% back in February. I never even noticed until now because I would never carry a balance on that card again. My credit is nowhere near as stellar as Android's so I am quite surprised by the APR reduction. They do not make any sense.

Re: Chase said NO to APR reduction

android01 — Thu, 17 May 2012 00:16:50 GMT

@Anonymous wrote:
@android01 wrote:
@crunching_numbers wrote:
I called Chase to see if they would reduce the APR on the Freedom card that I have had since 2009. They told me no, and that the only APR reductions they are doing at this time are for people that had their APR's increased. He told me to try back in 4-6 months, and that maybe something might have changed by then. I have hardly any balance on the card at this time either. I just wanted a little love.
I've been trying for at least three years to have Chase reduce the APR on a converted WAMU card that I turned into a Sapphire. It got rate jacked when Chase took over WAMU. They keep telling me to call back in six months. The APR is the default rate of 29.99%. It's a 15 year old account that I'd rather not close. Just to see what would happen, I applied for a JP Morgan Select card and I was approved. The APR on that card is 13.24% (the only rate available on this card). I called Chase up a couple weeks ago to for my umpteenth request for an APR reduction and they STILL said no, even though it was very apparent to them that I had the Select card with a much lower rate. So, my Sapphire sits in the SD and get's a $19 recurring charge to it every month.
I have the same WAMU Chase card that was set to the default rate of 29.99% back in 2009. I had a balance on the card for a long time. In 2010 they offered me the "pay X per month for 6 months and we will give you X $, do not use the card either". Well, I paid above and beyond the required amount and actually PIF before the 6 months was up. They gave me my bonus and I have PIF every month since. They reduced my rate to 26.99% back in February. I never even noticed until now because I would never carry a balance on that card again. My credit is nowhere near as stellar as Android's so I am quite surprised by the APR reduction. They do not make any sense.

They make no sense at all. Especially since they issued me a brand new credit card with an APR precisely 16.75% less than the one they refuse to lower the APR on.

Re: Chase said NO to APR reduction

Anonymous — Thu, 17 May 2012 00:30:53 GMT

@android01 wrote:
@Anonymous wrote:
@android01 wrote:
@crunching_numbers wrote:
I called Chase to see if they would reduce the APR on the Freedom card that I have had since 2009. They told me no, and that the only APR reductions they are doing at this time are for people that had their APR's increased. He told me to try back in 4-6 months, and that maybe something might have changed by then. I have hardly any balance on the card at this time either. I just wanted a little love.
I've been trying for at least three years to have Chase reduce the APR on a converted WAMU card that I turned into a Sapphire. It got rate jacked when Chase took over WAMU. They keep telling me to call back in six months. The APR is the default rate of 29.99%. It's a 15 year old account that I'd rather not close. Just to see what would happen, I applied for a JP Morgan Select card and I was approved. The APR on that card is 13.24% (the only rate available on this card). I called Chase up a couple weeks ago to for my umpteenth request for an APR reduction and they STILL said no, even though it was very apparent to them that I had the Select card with a much lower rate. So, my Sapphire sits in the SD and get's a $19 recurring charge to it every month.
I have the same WAMU Chase card that was set to the default rate of 29.99% back in 2009. I had a balance on the card for a long time. In 2010 they offered me the "pay X per month for 6 months and we will give you X $, do not use the card either". Well, I paid above and beyond the required amount and actually PIF before the 6 months was up. They gave me my bonus and I have PIF every month since. They reduced my rate to 26.99% back in February. I never even noticed until now because I would never carry a balance on that card again. My credit is nowhere near as stellar as Android's so I am quite surprised by the APR reduction. They do not make any sense.
They make no sense at all. Especially since they issued me a brand new credit card with an APR precisely 16.75% less than the one they refuse to lower the APR on.

The really ironic thing is that I'm sure I would not qualify for any other cards issued by them and they would probably deny me if I tried to convert it to a Freedom. So here I sit with a great aged card that does absolutely nothing for me rewards wise or carrying a balance wise. I keep it because it's the only prime looking card on my credit report.

Re: Chase said NO to APR reduction

andre181 — Thu, 17 May 2012 01:39:50 GMT

@boomhower wrote:
@android01 wrote:
@crunching_numbers wrote:
I called Chase to see if they would reduce the APR on the Freedom card that I have had since 2009. They told me no, and that the only APR reductions they are doing at this time are for people that had their APR's increased. He told me to try back in 4-6 months, and that maybe something might have changed by then. I have hardly any balance on the card at this time either. I just wanted a little love.
I've been trying for at least three years to have Chase reduce the APR on a converted WAMU card that I turned into a Sapphire. It got rate jacked when Chase took over WAMU. They keep telling me to call back in six months. The APR is the default rate of 29.99%. It's a 15 year old account that I'd rather not close. Just to see what would happen, I applied for a JP Morgan Select card and I was approved. The APR on that card is 13.24% (the only rate available on this card). I called Chase up a couple weeks ago to for my umpteenth request for an APR reduction and they STILL said no, even though it was very apparent to them that I had the Select card with a much lower rate. So, my Sapphire sits in the SD and get's a $19 recurring charge to it every month.
Same here. I converted my WAMU card to a Freedom. They jacked my rate to 28.24% when they took it over. I know it will never change. I dealt with the executive office on a CLI which was successful in the end.($1k->$5k) But even they said no dice to an APR reduction.

Same here too. They converted my WaMu card that was 12.49% to 24.24% and converted it to a Freedom. It is now SD'd with a $9/month reoccuring charge, and it will not get anymore use until they lower it.

I've called multiple times and get the same story that they review accounts periodically blah blah blah. It bugs me because I'm constantly getting preapprovals for a new Freedom card in the mail with an APR of 13.99%.

I hate Chase.

Re: Chase said NO to APR reduction

crunching_numbers — Thu, 17 May 2012 02:23:00 GMT

@andre181 wrote:
@boomhower wrote:
@android01 wrote:
@crunching_numbers wrote:
I called Chase to see if they would reduce the APR on the Freedom card that I have had since 2009. They told me no, and that the only APR reductions they are doing at this time are for people that had their APR's increased. He told me to try back in 4-6 months, and that maybe something might have changed by then. I have hardly any balance on the card at this time either. I just wanted a little love.
I've been trying for at least three years to have Chase reduce the APR on a converted WAMU card that I turned into a Sapphire. It got rate jacked when Chase took over WAMU. They keep telling me to call back in six months. The APR is the default rate of 29.99%. It's a 15 year old account that I'd rather not close. Just to see what would happen, I applied for a JP Morgan Select card and I was approved. The APR on that card is 13.24% (the only rate available on this card). I called Chase up a couple weeks ago to for my umpteenth request for an APR reduction and they STILL said no, even though it was very apparent to them that I had the Select card with a much lower rate. So, my Sapphire sits in the SD and get's a $19 recurring charge to it every month.
Same here. I converted my WAMU card to a Freedom. They jacked my rate to 28.24% when they took it over. I know it will never change. I dealt with the executive office on a CLI which was successful in the end.($1k->$5k) But even they said no dice to an APR reduction.
Same here too. They converted my WaMu card that was 12.49% to 24.24% and converted it to a Freedom. It is now SD'd with a $9/month reoccuring charge, and it will not get anymore use until they lower it.

I've called multiple times and get the same story that they review accounts periodically blah blah blah. It bugs me because I'm constantly getting preapprovals for a new Freedom card in the mail with an APR of 13.99%.

I hate Chase.

My original card was either an Overstock Visa or an Airtran Visa (I can't remember which) that they converted to a Freedom card. My rate is not even really bad, just not as good as it could be. I am at 16.24%. Freedom officially starts at 12.99% and goes to 22.99% on the new applicants.

As far as my advice to YOU andre181, I would try to apply for the Freedom MC instead of the VISA you probably have. They will issue one of each I think. Get a Freedom card at a better rate, and SD the high rate one with the good aging.

Re: Chase said NO to APR reduction

Anonymous — Thu, 17 May 2012 03:04:31 GMT

I don't see what all the hate is about with interest rates. Chase is a very strange company when it comes to their credit offerings. They won't consumer CLI most often without a pull and even then sometimes only gives a few hundred increase. I started with a Freedom back in 2010 with them with a CL at 2,000 and a rate of 23.24. Even after putting through close to 35,000 in a year and having to pay weekly at times to keep my balances in check they gave me an auto CLI to 2,300. I added an Amazon 6months later that sits at 1,500. 7 months after that got a Sapphire Preferred at 5,000 line and 15.24. Original cards stayed the same in terms of rate and limits. And finally a week ago got the Palladium at 15,000 @ 13.24. Moral of the story is to PIF and neglect whatever the interest rate is, Chase will often not give you a decent CLI in an existing card but will willingly give you a new card, and they'll openly extend you credit if you're a qualified borrower. I went from having total CLs with them of $2,000 -> 3,500 -> 3,800 -> 8,800 -> 23,800 all while adding two car leases. And I still haven't heard the excuse that some CC companies say that you have too much available credit.

Re: Chase said NO to APR reduction

android01 — Thu, 17 May 2012 03:12:45 GMT

Your story is the perfect example of YMMV. Congrats on the Palladium. I thought about it but couldn't jusitfy the AF.

Re: Chase said NO to APR reduction

crunching_numbers — Sat, 19 May 2012 18:52:58 GMT

@Anonymous wrote:
@I don't see what all the hate is about with interest rates. Chase is a very strange company when it comes to their credit offerings. They won't consumer CLI most often without a pull and even then sometimes only gives a few hundred increase. I started with a Freedom back in 2010 with them with a CL at 2,000 and a rate of 23.24. Even after putting through close to 35,000 in a year and having to pay weekly at times to keep my balances in check they gave me an auto CLI to 2,300. I added an Amazon 6months later that sits at 1,500. 7 months after that got a Sapphire Preferred at 5,000 line and 15.24. Original cards stayed the same in terms of rate and limits. And finally a week ago got the Palladium at 15,000 @ 13.24. Moral of the story is to PIF and neglect whatever the interest rate is, Chase will often not give you a decent CLI in an existing card but will willingly give you a new card, and they'll openly extend you credit if you're a qualified borrower. I went from having total CLs with them of $2,000 -> 3,500 -> 3,800 -> 8,800 -> 23,800 all while adding two car leases. And I still haven't heard the excuse that some CC companies say that you have too much available credit.

My CL was higher before the credit crunch, but the balance was high at the time they balanced chased DH and my cards, and that actually PRESERVED most of my CL. You are right about new cards though. Now I only owe Freedim like $250. I apped last month for a Hyatt card and they gave me a generous CL on the new card. (CL's in sig)