topic Re: Chase APR Reduction in Credit Cards

Chase APR Reduction

jlfce1 — Thu, 03 Oct 2013 22:59:05 GMT

I've read a lot on this website that Chase never reduces the APR. I've had my Freedom since 2005 and at some point I was given the default APR of 29.99% I never carry a balance on this card because of it, but I noticed today that although the APR is still high, it was reduced to 27.24%. Clearly, not anything to do flips over, but thought that it was interesting to see a reduction of an APR from Chase!

**edited for typo

Re: Chase APR Reduction

red259 — Thu, 03 Oct 2013 22:48:43 GMT

@jlfce1 wrote:
've read a lot on this website that Chase never reduces the APR. I've had my Freedom since 2005 and at some point I was given the default APR of 29.99% I never carry a balance on this card because of it, but I noticed today that although the APR is still high, it was reduced to 27.24%. Clearly, not anything to do flips over, but thought that it was interesting to see a reduction of an APR from Chase!

I've seen stories of them reducing APR before. Its just not that common.

Re: Chase APR Reduction

L-TWT — Thu, 03 Oct 2013 22:51:50 GMT

OMG, your APR is 27.24%?.....I hope you never carry a montly balance!!!!

Re: Chase APR Reduction

jlfce1 — Thu, 03 Oct 2013 22:54:34 GMT

Re: Chase APR Reduction

missjae — Thu, 03 Oct 2013 22:56:04 GMT

Something is definitely better than nothing....I think it shows some goodwill. Congrats.

Re: Chase APR Reduction

jlfce1 — Thu, 03 Oct 2013 22:57:36 GMT

@L-TWT wrote:
OMG, your APR is 27.24%?.....I hope you never carry a montly balance!!!!

Right, that's why I said I never carry a balance, more specifically, it was at 29.99 before. It's my oldest card so I keep it open, but I don't use it often and when I do, I pay it right off.

Re: Chase APR Reduction

jlfce1 — Thu, 03 Oct 2013 22:58:24 GMT

@missjae wrote:
Something is definitely better than nothing....I think it shows some goodwill. Congrats.

Thanks.

Re: Chase APR Reduction

FinStar — Thu, 03 Oct 2013 23:05:13 GMT

@jlfce1 wrote:
've read a lot on this website that Chase never reduces the APR. I've had my Freedom since 2005 and at some point I was given the default APR of 29.99% I never carry a balance on this card because of it, but I noticed today that although the APR is still high, it was reduced to 27.24%. Clearly, not anything to do flips over, but thought that it was interesting to see a reduction of an APR from Chase!

Unfortunately, unlike Citi, BOA or AMEX, Chase does not have much flexibility with lowering APRs as a common practice. In rare instances they can, based on periodic reviews (which they do perform). You might as well treat it as a debit card and PIF. Hence, if your specific product was locked at a high APR before the Card Act (whether by penalty assessement or product origination), it may stay that way for a long time (folks have reported engaging the EO without much success). Depending on your profile, and if you credit has improved over time, is to apply for another one of their cards which would offer better APR terms than the one you currently have.

Re: Chase APR Reduction

youngandcreditwrthy — Fri, 04 Oct 2013 00:10:21 GMT

Yeah, they refuse to lower my Freedom APR@22.99%. Lol... Oh well. Pif and no balance carrying after 0% expires.

Re: Chase APR Reduction

azguy13 — Fri, 04 Oct 2013 09:20:39 GMT

I agree, something is better than nothing. I would definitely get int ouch with Chase EO though and continue to try and get that lowered

Re: Chase APR Reduction

leoment — Fri, 04 Oct 2013 12:14:11 GMT

in my experience, Chase is terrible with APR reductions. I was approved for a Freedom card when I was 19 at an awful 23.24% rate, and now at 23 they still won't consider lowering it.

I KNOW if I app'ed for that card with my current profile I'd have close to if not the lowest APR rate available too :\ I've considered closing &re-opening, but I don't intend to EVER revolve a balance on this card so it's a moot point.

Re: Chase APR Reduction

takeshi74 — Fri, 04 Oct 2013 12:24:47 GMT

@jlfce1 wrote:
I've read a lot on this website that Chase never reduces the APR.

Be careful assuming statements based on anecdotal evidence as fact (i.e. always consider the source). It's also commonly posted that USAA won't reduce APR's but they just dropped my cards by 1%.