topic Re: getting a lower APR in Credit Cards

getting a lower APR

Anonymous — Mon, 22 Apr 2013 02:49:03 GMT

I plan on putting about 2,000-3,000 on a credit card for a surgery I'm having in 6 months to a year. It'll be my first time ever not paying my credit card balance in full so I'm a little worried about my APR now. The card I want to put my surgery on is my Amex Blue Cash Everyday currently at 21.99% (The higher interest rate) However right now my Citi Forward might have to do which started at 12.99% and is now at 11.99% and will be around 11.5% when I have the surgery. Does anyone have any luck with getting them to lower your interest rate?

My other thoughts are to apply for a 0% introductory rate card but I really don't see the need for an additional credit card. I also ran it through a calculator and this really will only save me about 130 bucks if I pay off my card in one year. Anyone have any ideas on a new card to add to my wallet?

In my wallet

American Express Blue Cash-$6,000 at 21.99%

Citi Forward Visa Signature-$7,500 at 11.99%

Barclays Barnes and Noble-$600

Target-$500

Capital One Platinum (Authorized User) $30,000

Re: getting a lower APR

webhopper — Mon, 22 Apr 2013 03:44:08 GMT

Hi! Welcome to myFico community forums!

My suggestion would be to go for either a care credit card for 0% financing or go with discover it for the 18 month 0% deal.

Re: getting a lower APR

LS2982 — Mon, 22 Apr 2013 03:44:10 GMT

@webhopper wrote:
My suggestion would be to go for either a care credit card for 0% financing or go with discover it for the 18 month 0% deal.

Both of these are very good options. I think I would go with Discover.

Re: getting a lower APR

E150GT — Mon, 22 Apr 2013 05:00:08 GMT

if its going to take a year maybe to get the surgery why not just save up until the date of the surgery and pay cash or most cash and some credit or use the credit card and pay a huge chunk right away?

Re: getting a lower APR

09Lexie — Mon, 22 Apr 2013 05:02:48 GMT

+1. Oftentimes, they will offer a cash discount.

Re: getting a lower APR

youngandcreditwrthy — Mon, 22 Apr 2013 05:54:23 GMT

The 18 mos 0% offer for IT is ONLY for bal xfers.
If you get the 18 mos 0% for bts, the purchases apr becomes 6 mos 0%.
So you'd have to get the 14 mos 0% on bts and purchases to use IT for that purchase, unless you Bt'ed it from a current card... But the you get a 3% fee.

Citi Diamond and Simplicty have 18 mos 0% on BOTH bts and purchases...

I'd open a new account either way... Or your util may suffer.
FICO wise, you have these impact scenarios:
Lower score due to newly opened account/inquiry
OR
Lower score due to increased util as a result of surgery...

Which is worse is the question?!
:-) good luck.

Re: getting a lower APR

boomhower — Mon, 22 Apr 2013 08:52:21 GMT

I'd do a new card with a nice 0% offer like the Simplicity. It'll save you money and help your UT.

Re: getting a lower APR

Anonymous — Mon, 22 Apr 2013 21:24:03 GMT

I think going with a new card might be my best bet I'm also looking at the chase freedom and I should get cli on my citi and Amex in the next month or two so that'll help with utilization

Re: getting a lower APR

09Lexie — Mon, 22 Apr 2013 21:42:22 GMT

I assume you are not going to apply until closer to your surgery?

Re: getting a lower APR

Anonymous — Tue, 23 Apr 2013 06:32:06 GMT

yeah i'll apply about a month before.

Re: getting a lower APR

09Lexie — Tue, 23 Apr 2013 06:39:22 GMT

Keep us posted!