topic Re: Am I paying too high a rate? in Credit Cards

Am I paying too high a rate?

Anonymous — Tue, 19 Feb 2008 20:06:48 GMT

I thought that 12.9% APR on my B of A VISA was a pretty good rate... till I started reading here and I think it might be too high!

I have had my B of A VISA for 5 years, have a CL of $23,400 (current balance just under 30%) and have never had a late payment. I've never had a late payment on any account. My most current FICO score on Equifax was 732 - highest was 762 when my VISA was paid off.

Should I ask for a lower rate? I've heard that mentioning that you will transfer your balance to another card may work - but I will not close this account as this is one of my oldest trade lines.

Thanks in advance!

Re: Am I paying too high a rate?

Anonymous — Tue, 19 Feb 2008 20:09:41 GMT

tonsers wrote:
I thought that 12.9% APR on my B of A VISA was a pretty good rate... till I started reading here and I think it might be too high!

I have had my B of A VISA for 5 years, have a CL of $23,400 (current balance just under 30%) and have never had a late payment. I've never had a late payment on any account. My most current FICO score on Equifax was 732 - highest was 762 when my VISA was paid off.

Should I ask for a lower rate? I've heard that mentioning that you will transfer your balance to another card may work - but I will not close this account as this is one of my oldest trade lines.

Thanks in advance!

It never hurts to ask. Sometimes, though, the APR tiers are determined by the card itself, regardless of what your scores or history look like. Depending on which card it is, you may already have the lowest APR available for that particular product.

Still, it never hurts to ask.

Re: Am I paying too high a rate?

haulingthescoreup — Wed, 20 Feb 2008 00:00:17 GMT

Do you carry a balance on your card? Because if not, it's kind of irrelevant.

Re: Am I paying too high a rate?

Anonymous — Wed, 20 Feb 2008 03:33:52 GMT

I read a recent article that 40% of the time when a customer requests a lower APR - they get it-

Almost all of my CC's are tied to prime- so as busy as the fed has been - just keeping MS money and my spreadsheet updated with APR's is tough=

Re: Am I paying too high a rate?

Anonymous — Wed, 20 Feb 2008 03:38:22 GMT

Timothy wrote:
I read a recent article that 40% of the time when a customer requests a lower APR - they get it-

Almost all of my CC's are tied to prime- so as busy as the fed has been - just keeping MS money and my spreadsheet updated with APR's is tough=

I agree, I find it hard to keep up with, too. I don't usually sweat it until I get a statement, then I just update my spreadsheet with the APR listed on the statement. I know it will be a little off for the coming month, but the prime rate doesn't move enough in 30 days to make THAT much of a difference anyway.

Re: Am I paying too high a rate?

Anonymous — Wed, 20 Feb 2008 04:25:08 GMT

cheddar wrote:

tonsers wrote:
I thought that 12.9% APR on my B of A VISA was a pretty good rate... till I started reading here and I think it might be too high!

I have had my B of A VISA for 5 years, have a CL of $23,400 (current balance just under 30%) and have never had a late payment. I've never had a late payment on any account. My most current FICO score on Equifax was 732 - highest was 762 when my VISA was paid off.

Should I ask for a lower rate? I've heard that mentioning that you will transfer your balance to another card may work - but I will not close this account as this is one of my oldest trade lines.

Thanks in advance!
It never hurts to ask. Sometimes, though, the APR tiers are determined by the card itself, regardless of what your scores or history look like. Depending on which card it is, you may already have the lowest APR available for that particular product.

Still, it never hurts to ask.

I agree. It never hurts to ask. Sometimes rate availability changes on a monthly basis--so they may not be able to offer you a better rate this month, but a better APR might be available next month. Also, if they refuse, you might try to wait until your balance is a little lower. I've noticed that in the past, when I've negotiated better rates, discussions with CCCs went extemely well when I had a $0 balance.

Re: Am I paying too high a rate?

Anonymous — Wed, 20 Feb 2008 04:30:55 GMT

psychic wrote:

I agree. It never hurts to ask. Sometimes rate availability changes on a monthly basis--so they may not be able to offer you a better rate this month, but a better APR might be available next month. Also, if they refuse, you might try to wait until your balance is a little lower. I've noticed that in the past, when I've negotiated better rates, discussions with CCCs went extemely well when I had a $0 balance.

Completely agree. This is how DFiancee was able to get her ungodly Sears/Citi MC APR lowered, even just a little bit.

At first they said they couldn't lower the APR, but they would be happy to offer her a 5.99% BT for the life of the balance. She said she doesn't have any balances because she always pays in full. They congratulated her on that, etc etc. She got right back to the point and said "So basically you have nothing useful to offer me." CSR put her on hold and came back with an offer to lower her APR 2 points.

It's not much, but she wouldn't have even gotten that if she didn't have an answer to the BT offer.

BTW she's finally under 20% on that card. 775 FICO with no late payments ever and they're charging her 19-something. And they wonder why she never revolves a balance with them.