topic Re: Lower APR Request in Credit Cards

Lower APR Request

wche — Mon, 18 Mar 2013 17:13:05 GMT

Hi all,

I requested to lower my APR on my citi forward that is currently at 12.24%. This is the response I got from them:

Dear Valued Customer,

We received your request to lower the Annual Percentage Rate (APR) on your account.

We are happy to inform you that we have lowered your APR for purchases to a variable rate based on the 3.250 (prime) rate plus 9.990%, currently 13.240 - TOTAL APR%. The APR will not be updated online until your next statement date.

Please let us know if we can be of further assistance.

I don't follow the credit lingo, but what exactly does that mean? What is my new APR? Thanks!

Re: Lower APR Request

Simply827 — Mon, 18 Mar 2013 17:31:16 GMT

It looks like it actually went up to 13.24. I guess their argument is that since it is variable and the prime rate could theoretically go down, you now have a lower rate. If your 12.24% was fixed, I'd go back to that.

Re: Lower APR Request

09Lexie — Mon, 18 Mar 2013 17:32:11 GMT

Re: Lower APR Request

Anonymous — Mon, 18 Mar 2013 17:42:42 GMT

How long have you had the card? The APR automatically gets reduced 2% over the first 2 years if you pay your bill on time each month.

Re: Lower APR Request

wche — Mon, 18 Mar 2013 17:57:28 GMT

I've had it since 2009 and it did go down 2% of the years. So.......should I email back and ask them to bring it back down?! It looks like i did myself more harm than good for asking

Re: Lower APR Request

youngandcreditwrthy — Mon, 18 Mar 2013 17:59:51 GMT

Omg looks like the increases it..

Re: Lower APR Request

09Lexie — Mon, 18 Mar 2013 17:59:54 GMT

Yes, email them and let them know it actually increased. Maybe it's not done manually.
Good luck

Re: Lower APR Request

youngandcreditwrthy — Mon, 18 Mar 2013 18:00:00 GMT

They increased*

Re: Lower APR Request

wche — Mon, 18 Mar 2013 18:18:19 GMT

I just did an online chat with CITI and the rep confirmed my APR is actually lowered from 12.24 to 11.24! PHEW!

Re: Lower APR Request

youngandcreditwrthy — Mon, 18 Mar 2013 18:36:17 GMT

Ohh!! Lol gooood!!!!
Was scared for you for a min!

Re: Lower APR Request

londonhogfan — Mon, 18 Mar 2013 18:39:29 GMT

Congrats on the lower APR!

Could I get some more information on your request? How do you go about doing this?

Online chat, email, call, etc? Did they have to do a HP?

Re: Lower APR Request

wche — Mon, 18 Mar 2013 20:33:55 GMT

I made the request through their secure message on the citi website. I basically asked if it was possible for them to lower my APR. I mentioned that I paid my bills on time 100% since I opened the card. Plain and simple and no HP!

Just make sure you say you do not authorize a HP for the request. I forgot to mention that in the message, but I confirmed it with the rep via online chat that no HP was made. Good luck!

Re: Lower APR Request

londonhogfan — Tue, 19 Mar 2013 00:10:47 GMT

Great. Thanks for the info.

Re: Lower APR Request

Anonymous — Tue, 19 Mar 2013 00:25:53 GMT

Very informative.Thanks

Re: Lower APR Request

Epcot — Thu, 21 Mar 2013 17:01:35 GMT

Congrats on the decrease! My citi card has had an APR of 29.99 despite perfect payment history since I opened the card nearly 8 years ago. I started with an apr at less than half that, then they increased it in late 2009.

I think I will try by sending a message, since my calls always result in "your account is not eligible for an apr reduction at this time".

Re: Lower APR Request

WarJar101 — Fri, 22 Mar 2013 05:20:08 GMT

Very, very informative. Congrats on the APR decrease. I guess I'll be doing the same, after my 2% decrease is finalized? I think I got .50% off thus far. Would be nice if I could expedite the process.

Re: Lower APR Request

wche — Fri, 22 Mar 2013 06:05:38 GMT

I'll shed some history of my card:

Citi Forward opened in 11/2009 with $3000 CL. Used monthly reporting average of $300-500. Requested first CLI in 2011 (SP) to $3500. Second CLI (I forget if it was auto or requested) to $5000. Third CLI last year to $5800 (took a HP for that...). Put a balance transfer on that card for $3500, which expires next month. At the time I requested the APR decrease, I was at 33% util due to the unpaid balance transfer. Perfect history on this card otherwise.

This was really YMMV. I requested one for my dad's Citi card, which was opened in 1995. Perfect payment history. However, he has been carrying a balance near his limit for a year. Paid off that balance and then asked for APR reduction, but was denied.

Re: Lower APR Request

ObeyJohnny12 — Fri, 22 Mar 2013 13:05:38 GMT

Congrats on the lower APR!