topic feel insulted by amex, should i call them? in Credit Cards

feel insulted by amex, should i call them?

dds2be — Sun, 21 Jul 2013 08:12:35 GMT

Hi, new to the forums, but actively read.

I just received my new amex spg in the mail this thursday with a credit line of 5k and an apr of 17.24. Why would they give me the 17.24 apr when i have the costco TE amex since 2009. I run at least 1500 on that card every month, and pif every month, and the apr on that card is 13.24. When i got the spg, my experian score that was included was 776. I feel like with a score like that i should get the lowest apr, even though i pif 97% of the time on all my cards, and i could care less about apr cuz i dont like paying interest, i'd still like the lowest apr in case i ever wanted to carry a balance. has anyone ever been able to lower their apr or even request amex to match highest credit line after receiving the card? or is there a time frame on lowering apr as there is with cli's from them. do you call the # on the back of the card, or the amex recon #?

thanks!!

little summary of my credit reports

im only 23, and have only had credit for 5 years, but i have no baddies, no late payments, nothing! and i got about 50k of available credit. the only credit card i have with a balance is a ge capital financing furniture store card and thats only because it had 0% interest for 48 months. 1 open car loan, 1 pif car loan, and about 30k in student loan debt. and about 2 or less inquiries on each report.

Re: feel insulted by amex, should i call them?

Anonymous — Sun, 21 Jul 2013 10:05:21 GMT

Don't worry too much about it for now since you do not leave a balance. Use the card for 6-12 months, and you should then be eligible for an apr adjustment. If you try to have your apr adjusted now it might just involve a lot of unnecessary hassle.

Re: feel insulted by amex, should i call them?

OptimalCS — Sun, 21 Jul 2013 10:21:07 GMT

Re: feel insulted by amex, should i call them?

LawStudentCivilis — Sun, 21 Jul 2013 11:44:20 GMT

I think if you feel so strongly, maybe give their backdoor number a call. If they don't lower it, then wait the 6-12 months and call again.

Re: feel insulted by amex, should i call them?

Anonymous — Sun, 21 Jul 2013 13:07:51 GMT

@LawStudentCivilis wrote:
I think if you feel so strongly, maybe give their backdoor number a call. If they don't lower it, then wait the 6-12 months and call again.

But if you do, don't use the "at least $1,500 a month" argument. Though it may be a lot to you, it is very light usage by their standards!

Re: feel insulted by amex, should i call them?

navigatethis12 — Sun, 21 Jul 2013 13:12:48 GMT

Annual percentage rates are not only tied to scores and aren't tied to how long you have been a customer with a company either. If you want the option to carry a balance, do it on a card with a low rate, like the Barclay Ring or a card with no rewards. Reward cards are not the best choice to use for carrying a balance. I never get why people feel insulted over something that they don't care about anyway. I would be more concerned about the limit since that is what you will use. 13.24 is not low anyway.

Re: feel insulted by amex, should i call them?

Open123 — Sun, 21 Jul 2013 13:33:31 GMT

In my view, if you PIF, aside from nominal reasons, the APR is meaningless. I wouldn't waste time or effort on it.

In this day and age, where every phone call will be logged and detailed with notes, it's best make requests for things that truly matter to you. I surmise that each of us as customers has certain number of requests, where once we go beyond this threshold, we're tagged as "troublesome."

This is the last list you'd like to be on, if the particular issuer has any value to you.

Re: feel insulted by amex, should i call them?

LawStudentCivilis — Sun, 21 Jul 2013 13:37:49 GMT

@navigatethis12 wrote:
Annual percentage rates are not only tied to scores and aren't tied to how long you have been a customer with a company either. If you want the option to carry a balance, do it on a card with a low rate, like the Barclay Ring or a card with no rewards. Reward cards are not the best choice to use for carrying a balance. I never get why people feel insulted over something that they don't care about anyway. I would be more concerned about the limit since that is what you will use. 13.24 is not low anyway.

Generally myfico members are helpful but I have noticed since I joined everyone seems to get real snippety when someone complains or seeks advice about an APR they're unhappy about. OP already stated he (or she) believe it to be plausible to one day carry a balance, and this APR would not be ideal if this was ever to happen. I know myself personally or anyone wouldn't want a perceived high APR because we don't live in a perfect world and there are unforeseen circumstances that may cause someone to carry a balance on their card.

Re: feel insulted by amex, should i call them?

LawStudentCivilis — Sun, 21 Jul 2013 13:42:59 GMT

@Open123 wrote:
In my view, if you PIF, aside from nominal reasons, the APR is meaningless. I wouldn't waste time or effort on it.

In this day and age, where every phone call will be logged and detailed with notes, it's best make requests for things that truly matter to you. I surmise that each of us as customers has certain number of requests, where once we go beyond this threshold, we're tagged as "troublesome."

This is the last list you'd like to be on, if the particular issuer has any value to you.

Hi Open123, my miyagi to my credit! ^_^ I believe you are overthinking this one. I've worked for ATT and have had friends work for other companies where every call is notated and this is not true. It would be unethical to do so, and the average customer is thought of to be unreasonable and they can call and complain about whatever they desire to. There is nothing wrong with stating your APR is unfair, a company cannot deem you as "troublesome" for voicing your opinion about being unhappy with a product. And this if the rep even takes time to read the notations at that.

Re: feel insulted by amex, should i call them?

Open123 — Sun, 21 Jul 2013 13:46:38 GMT

@LawStudentCivilis wrote:
Generally myfico members are helpful but I have noticed since I joined everyone seems to get real snippety when someone complains or seeks advice about an APR they're unhappy about. OP already stated he (or she) believe it to be plausible to one day carry a balance, and this APR would not be ideal if this was ever to happen. I know myself personally or anyone wouldn't want a perceived high APR because we don't live in a perfect world and there are unforeseen circumstances that may cause someone to carry a balance on their card.

The SPG's lowest possible APR is 15.24%. In the event OP would opt to carry a balance, this would be the last card in which to do it. Infinitely better options would be to (1) app for the many 0% promos; (2) utilize one of the many BT promos; (3) and/or, apply for a card geared toward carrying a balance, not the rewards.

Rewards cards such as the SPG will always come with a higher APR than a non rewards card.

Re: feel insulted by amex, should i call them?

navigatethis12 — Sun, 21 Jul 2013 13:47:57 GMT

@LawStudentCivilis wrote:
Generally myfico members are helpful but I have noticed since I joined everyone seems to get real snippety when someone complains or seeks advice about an APR they're unhappy about. OP already stated he (or she) believe it to be plausible to one day carry a balance, and this APR would not be ideal if this was ever to happen. I know myself personally or anyone wouldn't want a perceived high APR because we don't live in a perfect world and there are unforeseen circumstances that may cause someone to carry a balance on their card.

As I stated, get a card with a low rate and keep it for the times when carrying a balance is not avoidable. Don't get a card that you can see has a high interest rate and then complain that the rate is too high. The lowest I have is the Chase Ink at 10.24 and if the world turned upside down and I needed to carry a balance I would either use that or borrow money from parents. I wouldn't put it on the card that has a higher interest rate knowing that I may not be able to pay it off. I wasn't getting "snippety", just pointing out the obvious.

Re: feel insulted by amex, should i call them?

LawStudentCivilis — Sun, 21 Jul 2013 13:49:49 GMT

@Open123 wrote:
@LawStudentCivilis wrote:
Generally myfico members are helpful but I have noticed since I joined everyone seems to get real snippety when someone complains or seeks advice about an APR they're unhappy about. OP already stated he (or she) believe it to be plausible to one day carry a balance, and this APR would not be ideal if this was ever to happen. I know myself personally or anyone wouldn't want a perceived high APR because we don't live in a perfect world and there are unforeseen circumstances that may cause someone to carry a balance on their card.
The SPG's lowest possible APR is 15.24%. In the event OP would opt to carry a balance, this would be the last card in which to do it. Infinitely better options would be to (1) app for the many 0% promos; (2) utilize one of the many BT promos; (3) and/or, apply for a card geared toward carrying a balance, not the rewards.

Rewards cards such as the SPG will always come with a higher APR than a non rewards card.

Yes I agree, but the OP asked whether to call to have it lowered and I don't see why he/she shouldn't. Those intro periods don't last forever, and like OP I would like my APRs across the board to be reasonable if I ever wanted to or had to carry a balance.

Re: feel insulted by amex, should i call them?

Open123 — Sun, 21 Jul 2013 13:54:21 GMT

@LawStudentCivilis wrote:
Yes I agree, but the OP asked whether to call to have it lowered and I don't see why he/she shouldn't. Those intro periods don't last forever, and like OP I would like my APRs across the board to be reasonable if I ever wanted to or had to carry a balance.

You're right, there's no reason not to call.

However, from some of my experiences with Amex through the years, they're unlikely to grant the request until after a year. In this case, I just think the time would be better spent on other more "rewarding" pursuits.

Re: feel insulted by amex, should i call them?

LawStudentCivilis — Sun, 21 Jul 2013 13:56:18 GMT

@navigatethis12 wrote:
@LawStudentCivilis wrote:
Generally myfico members are helpful but I have noticed since I joined everyone seems to get real snippety when someone complains or seeks advice about an APR they're unhappy about. OP already stated he (or she) believe it to be plausible to one day carry a balance, and this APR would not be ideal if this was ever to happen. I know myself personally or anyone wouldn't want a perceived high APR because we don't live in a perfect world and there are unforeseen circumstances that may cause someone to carry a balance on their card.
As I stated, get a card with a low rate and keep it for the times when carrying a balance is not avoidable. Don't get a card that you can see has a high interest rate and then complain that the rate is too high. The lowest I have is the Chase Ink at 10.24 and if the world turned upside down and I needed to carry a balance I would either use that or borrow money from parents. I wouldn't put it on the card that has a higher interest rate knowing that I may not be able to pay it off. I wasn't getting "snippety", just pointing out the obvious.

Hi navigatethis,

Although thank God I do have parents I can call on if need be, but not everyone is in the same situation as you or myself. And I don't know why you think everyone has parents for emergency money? OP's question was should he/she call and my response is why not. I don't think people want or even need to be lectured about what card they should or shouldn't get, OP thinks they qualify for a lower interest rate and I say go for it, all they can say is no.

Re: feel insulted by amex, should i call them?

LawStudentCivilis — Sun, 21 Jul 2013 14:00:34 GMT

@Open123 wrote:
@LawStudentCivilis wrote:
Yes I agree, but the OP asked whether to call to have it lowered and I don't see why he/she shouldn't. Those intro periods don't last forever, and like OP I would like my APRs across the board to be reasonable if I ever wanted to or had to carry a balance.
You're right, there's no reason not to call.

However, from some of my experiences with Amex through the years, they're unlikely to grant the request until after a year. In this case, I just think the time would be better spent on other more "rewarding" pursuits.

Yes, again you are the miyagi! I don't know much about Amex, and still bummed about my low CL *sigh*. But I am very happy about their 3x CLI, and I would have never known in a million years if it were not for the forum members.

Anyway OP sounds like me so I can sympathize, and glad you and others are around who know what to do. Me and my lack of understaning of Amex reasoning was it sounds like OP was just approved? So I thought it would to be sort of a recon since the card hasn't been issued yet.

Re: feel insulted by amex, should i call them?

navigatethis12 — Sun, 21 Jul 2013 14:01:29 GMT

@LawStudentCivilis wrote:

Hi navigatethis,

Although thank God I do have parents I can call on if need be, but not everyone is in the same situation as you or myself. And I don't know why you think everyone has parents for emergency money? OP's question was should he/she call and my response is why not. I don't think people want or even need to be lectured about what card they should or shouldn't get, OP thinks they qualify for a lower interest rate and I say go for it, all they can say is no.

dds2be can do whatever they want; it doesn't matter to me. I just don't see why if the plan is to never carry a balance. I also don't think people should rely on credit cards when an emergency comes up. I am only 22 and dds2be is only 23 so it's understandable if we don't have much saved up for an emergency. However, everyone should have some money put away so that if an emergency happens, they don't pay any interest at all. I know that not everyone makes a lot of money so they cannot have thousands stashed away, but an emergency fund is something that everyone should have. People using credit cards for an emergency can lead to bad things down the road.

Re: feel insulted by amex, should i call them?

LawStudentCivilis — Sun, 21 Jul 2013 14:05:57 GMT

@navigatethis12 wrote:
@LawStudentCivilis wrote:

Hi navigatethis,

Although thank God I do have parents I can call on if need be, but not everyone is in the same situation as you or myself. And I don't know why you think everyone has parents for emergency money? OP's question was should he/she call and my response is why not. I don't think people want or even need to be lectured about what card they should or shouldn't get, OP thinks they qualify for a lower interest rate and I say go for it, all they can say is no.
dds2be can do whatever they want; it doesn't matter to me. I just don't see why if the plan is to never carry a balance. I also don't think people should rely on credit cards when an emergency comes up. I am only 22 and dds2be is only 23 so it's understandable if we don't have much saved up for an emergency. However, everyone should have some money put away so that if an emergency happens, they don't pay any interest at all. I know that not everyone makes a lot of money so they cannot have thousands stashed away, but an emergency fund is something that everyone should have. People using credit cards for an emergency can lead to bad things down the road.

Ah, gotcha. Well please don't go to post graduate school where you're not allowed to work your entire first year while paying outrageous tuition.

I respectfully bow out.

Re: feel insulted by amex, should i call them?

Open123 — Sun, 21 Jul 2013 14:22:23 GMT

@LawStudentCivilis wrote:
I don't know much about Amex, and still bummed about my low CL *sigh*. But I am very happy about their 3x CLI, and I would have never known in a million years if it were not for the forum members.

More so than any other issuer, Amex's handling of accounts very fluid. They're model relies more heavily on future indicators, as opposed to other issuers who rely more on past indicators (the rear view mirror syndrome, which Barclay personifies). When enough time has passed, I don't think there's an issuer more accomodating to their cardmembers than Amex.

The OP's APR will be 15.24% after some time, and your Amex CL can be 10K before you can even blink.

Re: feel insulted by amex, should i call them?

LawStudentCivilis — Sun, 21 Jul 2013 14:41:56 GMT

You know how to get me excited. I do think they're generous in the growth department. I was thinking of adding a family member with a rough past credit histroy as an AU but decided against it because I do not know how sensitive they are.

Re: feel insulted by amex, should i call them?

youngandcreditwrthy — Sun, 21 Jul 2013 15:41:29 GMT

Interesting post.
The usual pessimists trollin' 'round.

Firstly, I've called Amex to reduce my apr twice - they say no go til 0% is over. Okay, that's cool- I'll pif before that anyway. Lol

I heart Amex. While Barclay's and Citi have been harrassing me, Amex has been cli'ing me and I've been redeeming cashback like crazy!

Additionally, the suggestion that people can just "borrow" money from their wealthy parents is rediculous! What is this? A re run of the 2012 Presidential Campaigns?
You think everyone's parents have $100s of thous for your Harvard Edu? #mr2012? LOL
Nah. I apologize if this offends anyone.
No disrespect, just puttin' another perspective out there. :-)