topic Getting Lower APRs - in Credit Cards

Getting Lower APRs -

Anonymous — Sun, 05 Jan 2014 02:16:05 GMT

There is so much focus on getting higher credit limits - but what about lower APRs - which is also a sign of improving credit. I also know there are many who say they do not care about the APR because they always PIF, but I am interested in your journey from high to lower APRs - and how you got there.

MY APRs

9/11 Discover (Requested) - 20.99% last week LOWERED from 23.99% - Interestingly, my highest CL - and my second highest APR.

1/12 Arrival Premier - 24.99%

Recently started getting better initial APRs

7/13 Simplicity -17.99%

8/13 CU Visa $13.24%

10/13 Arrival World -18.99%

12/13 Thank You Pref. 17.99%

12/13 Freedom 18.99%

At this point, my credit lines are fine, but I certainly want lower APRs. What are your improving APRs -and how did you get there?

Re: Getting Lower APRs -

Anonymous — Sat, 04 Jan 2014 23:27:36 GMT

WF 22.5 > it 17.9 > bce 12.99 > freedom 18.9

Appling for barclays ring in 6 months

Re: Getting Lower APRs -

phonic — Sun, 05 Jan 2014 00:29:15 GMT

I honestly had no idea since APR doesn't affect me (PIF). But I decided to check a bunch of my cards:

Chase Sapphire Preferred = 15.24%
Chase IHG = 15.24%
Discover = 17.99%
USAA = 11.9% (Prime + 8.65%)
Citi World Dividend MC = ??? Just PC'd from other card and can't find it on their website.
BOA Cash Rewards Signature Visa = 17.99%
Amex Blue Cash Preferred = ??? Just approved and doesn't show yet.

Since I don't have a balance, I've never requested a lower APR. All of the numbers above were either what I got when I applied, or were automatically lowered to what they are now.

Re: Getting Lower APRs -

Anonymous — Sun, 05 Jan 2014 00:36:04 GMT

@Anonymous wrote:
There is so much focus on getting higher credit limits - but what about lower APRs - which is also a sign of improving credit. I also know there are many who say they do not care about the APR because they never carry a balance, but I am interested in your journey from high to lower APRs - and how you got there.

MY APRs
9/11 Discover (Requested) - 20.99% last week LOWERED from 23.99% - Interestingly, my highest CL - and my second highest APR.
1/12 Arrival Premier - (Requested) 23.99% outrageous - that was lowered from 24.99% in 5/13

Recently started getting better initial APRs

7/13 Simplicity -17.99%
8/13 CU Visa $13.24%
10/13 Arrival World -18.99%
12/13 Thank You Pref. 17.99%
12/13 Freedom 18.99%

At this point, my credit lines are fine, but I certainly want lower APRs. What are your improving APRs -and how did you get there?

you can ask for a manual review with most lenders to have the APR adjusted / reviewed.

my APRs seem to be all over the place.

Some have 1 standard rate (such as CSP), while some come in several ranges (such as WF, Thank You Preferred, etc). Discover and Amex gave me a relatively high APR, somewhere around their midpoint, if I remember correctly, while Chase, Citi, Barclays and WF gave me the lowest APR available.

That being said, I don't really pay much attention to APRs. Whenever I need to leave a balance, I'll do it on a card that still has 0% APR promo, if not I will leave it on my WF card as a last resort, which has around 9% APR.

Re: Getting Lower APRs -

Anonymous — Sun, 05 Jan 2014 01:51:26 GMT

A basic part of getting lower APRs is applying for cards without rewards.

For example, there are a variety of CU cards out there with APRs in the 6-10% range.

Re: Getting Lower APRs -

masscredit — Sun, 05 Jan 2014 03:02:42 GMT

This will be my next goal. My best APRs are with Cap1 (14.9% and 19.9%). The rest are about 22.9% (ouch). It seems like the average APR is in the mid to upper teens (like 18.9%). I'd like to get something that is in the 9-12% range.

Re: Getting Lower APRs -

takeshi74 — Sun, 05 Jan 2014 03:35:56 GMT

@Anonymous wrote:
There is so much focus on getting higher credit limits - but what about lower APRs - which is also a sign of improving credit. I also know there are many who say they do not care about the APR because they always PIF, but I am interested in your journey from high to lower APRs - and how you got there.

I was being limited by utilization. At >60% I was being given the highest APR on approvals. Once I dropped my utilization to under 10% I was being offered the lowest APR on approvals.

Some creditors will lower APR's. Others will not and you'll have to app for a new card to attempt to get a lower APR.

Re: Getting Lower APRs -

chwebb1 — Sun, 05 Jan 2014 04:26:09 GMT

My APRs are all around 18-19%.

From lowest to highest:

Barclaycard Ring: 8%

AMEX BCE: 17.99%

Citi Dividend: 17.99%

Discover It: 18.99%

Bank of America Better Balance Rewards: 18.99%

Not sure about AMEX Blue Sky. I just applied for that not too long ago and it isn't available online yet.

As a rule, I won't keep a card around if it has over 20% APR.

My understanding is that AMEX, Citi, Discover, and BoA will negotiate on APR after having the card for a while, so I plan to call each of them up after I've had their cards for over a year and a half.

Re: Getting Lower APRs -

Anonymous — Sun, 05 Jan 2014 04:37:36 GMT

@takeshi74 wrote:
@Anonymous wrote:
There is so much focus on getting higher credit limits - but what about lower APRs - which is also a sign of improving credit. I also know there are many who say they do not care about the APR because they always PIF, but I am interested in your journey from high to lower APRs - and how you got there.
I was being limited by utilization. At >60% I was being given the highest APR on approvals. Once I dropped my utilization to under 10% I was being offered the lowest APR on approvals.

Some creditors will lower APR's. Others will not and you'll have to app for a new card to attempt to get a lower APR.

Yeah - I got a $7000 CLI from Discover a couple of weeks ago - With such a CLI - I figured they were ready to significantly reduce my APR - but it only dropped from 24.99% to 20.99%. I asked Barclay for an APR reduction on the Arrival Premier - and they said they would reduce it from 24.99% to 23.99%. I think I told them not to bother, especially since I am currently riding out a 0% until April offer from them. One rep told me to call back after that offer has expired. My utilization is pretty low 3-5%, maybe. I figure that my APRs on the new accounts are still on the high side becuse of the baddies still on my CRs.

Re: Getting Lower APRs -

phonic — Mon, 06 Jan 2014 22:25:40 GMT

Just got my Amex BCP in the mail today, so I finally found out my APR on it: 12.99%. Appears to be the lowest available on that card, and I think pretty good for Amex. Not that it matters since I don't carry a balance. Plus I get 0% until April 2015.

Re: Getting Lower APRs -

Anonymous — Mon, 06 Jan 2014 23:16:21 GMT

@phonic wrote:
Just got my Amex BCP in the mail today, so I finally found out my APR on it: 12.99%. Appears to be the lowest available on that card, and I think pretty good for Amex. Not that it matters since I don't carry a balance. Plus I get 0% until April 2015.

Nice APR! So is $10,000 your starting credit limit on that card?

Re: Getting Lower APRs -

phonic — Mon, 06 Jan 2014 23:23:48 GMT

@Anonymous wrote:
@phonic wrote:
Just got my Amex BCP in the mail today, so I finally found out my APR on it: 12.99%. Appears to be the lowest available on that card, and I think pretty good for Amex. Not that it matters since I don't carry a balance. Plus I get 0% until April 2015.
Nice APR! So is $10,000 your starting credit limit on that card?

Thanks and yes, they auto approved me for the $10k CL.

I also have a PRG that I used to spend a ton on, but haven't used it much in the past 18 months. Plus I'm an AU on my wife's Zinc (which was a Gold we downgraded), so I have a bit of a profile with them. I'm hoping I get the CLI to $25k. I don't want to push my luck and go for $30k.

I'm not familiar with Amex credit cards since this is my first. Is a low APR like 12.99% hard to get from them?

Now I'm off to the store to buy some groceries on it .

Re: Getting Lower APRs -

masscredit — Tue, 07 Jan 2014 00:24:44 GMT

Has anyone tried to get their Barclay APR reduced?

Re: Getting Lower APRs -

blondy250 — Tue, 07 Jan 2014 00:34:27 GMT

I also don't carry a balance, but here are a few. Amex-15.9%, Chase 10.24% Citi 19.9%, Discover 17.9%.