topic Re: Amex APR reduction? in Credit Cards

Amex APR reduction?

youngandcreditwrthy — Thu, 05 Sep 2013 12:10:22 GMT

The way it's looking, I might still owe $2-3k on my $24.5k BCE when the 0% expires. It's nbd, Amex can have a little interest income. I figure I'll just make $500-$1000 payments til that's paid. Every time I call, they comment on how stellar my payment history is; take note Chiti and Barclay's!

When my Oct 13,2013 0% expires, I would like to get an APR reduction though.
Currently, my purchase apr is 22.24%. I still don't understand how I got the highest on BCE and the lowest APR of 15.24% on Delta heh. Maybe something to do with their internal score?
For those of you who maybe had the higher apr on BCE, was it relatively easy to get it reduced?
A high APR, regardless of pif, will discourage me from using any credit product. There is always the possibility you may need to carry a balance, and I will not pay 20%+ for more than a couple months.

What's the best way to get an APR reduction?
So far, I've called Amex, Chase, and Barclay's-
All of those accounts have some type of promo or another, and so the standard purchase apr hasn't really come into play, BUT none of them would hear of an APR reduction.
Funny how my old WAMU card still has a 9.24% but is unusable lol due to my own closure in 09.
Any advice is appreciated. Simple fact is: if Chase and Barclay's can't reward me for $10-20k in spend on their cards, large pmts, and no defaults- I just won't use my Freedom card or my Trav Amex.
I really wish Amex/Discover had more acceptance and lower merchant fees cause then I really could use them for every purchase!

Re: Amex APR reduction?

Anonymous — Thu, 05 Sep 2013 13:54:15 GMT

@youngandcreditwrthy wrote:
The way it's looking, I might still owe $2-3k on my $24.5k BCE when the 0% expires. It's nbd, Amex can have a little interest income. I figure I'll just make $500-$1000 payments til that's paid. Every time I call, they comment on how stellar my payment history is; take note Chiti and Barclay's!

When my Oct 13,2013 0% expires, I would like to get an APR reduction though.
Currently, my purchase apr is 22.24%. I still don't understand how I got the highest on BCE and the lowest APR of 15.24% on Delta heh. Maybe something to do with their internal score?
For those of you who maybe had the higher apr on BCE, was it relatively easy to get it reduced?
A high APR, regardless of pif, will discourage me from using any credit product. There is always the possibility you may need to carry a balance, and I will not pay 20%+ for more than a couple months.

What's the best way to get an APR reduction?
So far, I've called Amex, Chase, and Barclay's-
All of those accounts have some type of promo or another, and so the standard purchase apr hasn't really come into play, BUT none of them would hear of an APR reduction.
Funny how my old WAMU card still has a 9.24% but is unusable lol due to my own closure in 09.
Any advice is appreciated. Simple fact is: if Chase and Barclay's can't reward me for $10-20k in spend on their cards, large pmts, and no defaults- I just won't use my Freedom card or my Trav Amex.
I really wish Amex/Discover had more acceptance and lower merchant fees cause then I really could use them for every purchase!

Rewards cards typically have higher interest rates, my CU cards have lower interest rates but don't offer any rewards... they have to pay for those rewards some how.

you can get amex down but it's on their own terms and over time, my Delta AMEX has went from 15.24 to 14.5 over the year it has been opened

Re: Amex APR reduction?

youngandcreditwrthy — Fri, 06 Sep 2013 13:02:16 GMT

That'd be fine with me. I'll prob just pay it off if they won't budge. :-)

Re: Amex APR reduction?

kobe2012 — Sat, 19 Oct 2013 23:22:45 GMT

I know this is an old thread, didnt wanna start a new one.... i called amex exec office last week for an APR reduction.. My intro expired yesterday and the gentleman said he will talk to the manager in that "department".. Called me the other day and said he will reduced my apr from 21.99% to 15.74%.. Was pleasant talkin to him... Very helpful.. I only got 0% apr for 6 months on my BCE

Re: Amex APR reduction?

youngandcreditwrthy — Sat, 19 Oct 2013 23:32:23 GMT

I paid mine off a month in advance. I did call after my statement cut and the 22.24% took effect.
They wouldn't reduce it:-( idk how mine is so damn high.
Did you try regular customer service Kobe?
Could you pm me that EO number?? LOL

Re: Amex APR reduction?

chwebb1 — Sat, 19 Oct 2013 23:37:37 GMT

Could someone also send me the information for Amex's Exec office. I plan to give them a call when my 0% expires.

Thanks,

Re: Amex APR reduction?

Anonymous — Sun, 20 Oct 2013 01:14:32 GMT

I tried it when mine ended and to no avail. I think you should wait a few months. I finally gave up because in all reality , they gave me a 15k limit with practically no income. 20 bucks a month in interest is a fair price for that luxury.

You also have a high limit , they might be offended if you try to pay no interest with such a high limit lol.

Re: Amex APR reduction?

youngandcreditwrthy — Sun, 20 Oct 2013 01:25:25 GMT

Well, I utilized that 0% and my balance is zero now. So once I meet the CSP spend, I'll go back to using BCE for groceries and just pif lol
I'm sure it will go down over time.

Re: Amex APR reduction?

Anonymous — Sun, 20 Oct 2013 03:58:22 GMT

@youngandcreditwrthy wrote:
Well, I utilized that 0% and my balance is zero now. So once I meet the CSP spend, I'll go back to using BCE for groceries and just pif lol
I'm sure it will go down over time.

Not sure if Amex (or anyone else for that matter) gives auto-APR reductions, I think you have to ask. I asked Amex after about 15 months and they reduced the APR by 2%.

Re: Amex APR reduction?

chwebb1 — Sun, 20 Oct 2013 04:00:54 GMT

@Anonymous wrote:
@youngandcreditwrthy wrote:
Well, I utilized that 0% and my balance is zero now. So once I meet the CSP spend, I'll go back to using BCE for groceries and just pif lol
I'm sure it will go down over time.
Not sure if Amex (or anyone else for that matter) gives auto-APR reductions, I think you have to ask. I asked Amex after about 15 months and they reduced the APR by 2%.

@Anonymous: Did you call the number on the back of your card, or did you have to call another number to get your APR reduction?

Re: Amex APR reduction?

Anonymous — Sun, 20 Oct 2013 04:06:38 GMT

As I very rarely phone credit card companies, I think I used secure message on the website, which is now no longer available. So either try chat or call the number on the back of the card, I certainly didn't call something like the executive office.

Re: Amex APR reduction?

youngandcreditwrthy — Sun, 20 Oct 2013 04:08:04 GMT

Well, pre-credit crisis -lenders, such as C1, would lower or auto-adjust rates dependent on market conditions, now you just get completely ripped off if you carry a bal, unless you can get it at 0%- the only goose egg I like! Haha
My cap one used to be 9%. I'm starting to get annoyed by the CARD Act, even though the overall consequences have been positive imo.

Re: Amex APR reduction?

youngandcreditwrthy — Sun, 20 Oct 2013 04:08:57 GMT

You can live chat Amex. I did it last weekend.

Re: Amex APR reduction?

chwebb1 — Sun, 20 Oct 2013 04:09:51 GMT

Do you know how frequently you can ask American Express for an APR reduction, and how long you have to wait after you get the card to ask? Do I have to let the 0% expire?

Re: Amex APR reduction?

Anonymous — Sun, 20 Oct 2013 04:11:10 GMT

Actually, I had started my reply excluding rate reductions caused by decline in the index used by index-based cards (as a "real" APR reduction there would be a reduction in the margin), but I deleted it because I haven't seen such cards for ages. As you say, maybe the CARD act killed them off as rapid rate changes aren't allowed.

Re: Amex APR reduction?

youngandcreditwrthy — Sun, 20 Oct 2013 04:16:58 GMT

But at least Universal Default went away! And crazy rate increases for no reason!
Yeah, my Cap One started at 19.8 in 2006, I called religiously and got it down to 9%+ then in Fall 2009, they sent me a dreadful letter increasing it to 17.9% :-(
Yeah, Amex told me to wait until after the 0% was over.
I called a day or two after it ended and still no dice. She said it was likely because I had just gotten out of the 0%.
It's just so silly because I got that cardmatch offer for 12.99% on BCP, but I didn't take it. Bah

Re: Amex APR reduction?

chwebb1 — Sun, 20 Oct 2013 04:19:01 GMT

@youngandcreditwrthy wrote:
But at least Universal Default went away! And crazy rate increases for no reason!
Yeah, my Cap One started at 19.8 in 2006, I called religiously and got it down to 9%+ then in Fall 2009, they sent me a dreadful letter increasing it to 17.9% :-(
Yeah, Amex told me to wait until after the 0% was over.
I called a day or two after it ended and still no dice. She said it was likely because I had just gotten out of the 0%.
It's just so silly because I got that cardmatch offer for 12.99% on BCP, but I didn't take it. Bah

I'm in the same boat as you. I didn't know about Cardmatch when I applied for my BCE. I'll hit them up a couple of months after my 0% expires.

Re: Amex APR reduction?

Alkalinem0n0 — Wed, 30 Oct 2013 21:12:52 GMT

Got my BofA Cash Rewards down from 20.24% to 12.99%

I'm going to make some big purchases next month buying some ipads for family at home going to call up and see if i can leverage an APR reduction from AMEX before the purchase if not I'll use my BofA cash rewards #BOOM

Re: Amex APR reduction?

loviedovie — Wed, 30 Oct 2013 21:33:30 GMT

@chwebb1 wrote:
@youngandcreditwrthy wrote:
But at least Universal Default went away! And crazy rate increases for no reason!
Yeah, my Cap One started at 19.8 in 2006, I called religiously and got it down to 9%+ then in Fall 2009, they sent me a dreadful letter increasing it to 17.9% :-(
Yeah, Amex told me to wait until after the 0% was over.
I called a day or two after it ended and still no dice. She said it was likely because I had just gotten out of the 0%.
It's just so silly because I got that cardmatch offer for 12.99% on BCP, but I didn't take it. Bah
I'm in the same boat as you. I didn't know about Cardmatch when I applied for my BCE. I'll hit them up a couple of months after my 0% expires.

Chwebb1, youngandcreditworthy-

What's Cardmatch?

Re: Amex APR reduction?

FinStar — Wed, 30 Oct 2013 21:47:50 GMT

@loviedovie wrote:
@chwebb1 wrote:
@youngandcreditwrthy wrote:
But at least Universal Default went away! And crazy rate increases for no reason!
Yeah, my Cap One started at 19.8 in 2006, I called religiously and got it down to 9%+ then in Fall 2009, they sent me a dreadful letter increasing it to 17.9% :-(
Yeah, Amex told me to wait until after the 0% was over.
I called a day or two after it ended and still no dice. She said it was likely because I had just gotten out of the 0%.
It's just so silly because I got that cardmatch offer for 12.99% on BCP, but I didn't take it. Bah
I'm in the same boat as you. I didn't know about Cardmatch when I applied for my BCE. I'll hit them up a couple of months after my 0% expires.
Chwebb1, youngandcreditworthy-

What's Cardmatch?

This may give you some insight > http://ficoforums.myfico.com/t5/Credit-Cards/In-the-land-of-fairies-and-unicorns/td-p/2551293