topic Re: Chase APR Reduction in Credit Cards

Chase APR Reduction

Shock — Wed, 16 Apr 2014 03:06:59 GMT

I've read a couple threads lately about Chase not budging on their APR so I'd thought Id share this here.

My mom's Freedom APR was lowered from 21.24 to 14.24.

Presumably they reviewed her account and did it automatically. I know she never carries a balance and shes' had her card for a few years. She isn't really educated in credit but she's one of those whos scared to death of interest, an I know she pay's everything in full. Don't know any other variables except she didn't ask for it. So for those who want it lowered, theres hope!

Re: Chase APR Reduction

eagle2013 — Wed, 16 Apr 2014 03:13:27 GMT

@Shock wrote:
I've read a couple threads lately about Chase not budging on their APR so I'd thought Id share this here.

My mom's Freedom APR was lowered from 21.24 to 14.24.

Presumably they reviewed her account and did it automatically. I know she never carries a balance and shes' had her card for a few years. She isn't really educated in credit but she's one of those whos scared to death of interest, an I know she pay's everything in full. Don't know any other variables except she didn't ask for it. So for those who want it lowered, theres hope!

Nice that's a huge reduction! Congrats Momma Shock!

Any idea of her util, if you don't mind me asking?

Re: Chase APR Reduction

Shock — Wed, 16 Apr 2014 03:18:49 GMT

I honestly don't know. But she tells me she doesn't swipe much. I presume it's only one or two swipes per statement. Less than 100 or 200 bucks I'm almost certain. And I think her limit is in the 1500-1700 range.

Re: Chase APR Reduction

score_building — Wed, 16 Apr 2014 07:22:53 GMT

That it is a significant reduction. Yeah- they supposedly review accounts automatically for APRD, very few reports here of them doing so

and it appears they always deflect actual customer requests for it, unlike many other major lenders.

Re: Chase APR Reduction

Shock — Wed, 16 Apr 2014 07:36:12 GMT

Aside from UR, I still dont see why Chase is so sought after.

Re: Chase APR Reduction

j_casteel — Wed, 16 Apr 2014 08:18:59 GMT

nice reduction!

Re: Chase APR Reduction

lg8302ch — Wed, 16 Apr 2014 08:34:09 GMT

Thanks for sharing and congrats to your mom. So there is hope for me with a lot of time and patience...LOL. Just wish the APR would be visible on credit reports that might challenge Chase a bit if they could see that they are by far the worst on Freedom by at least 8% above the next lower APR

Re: Chase APR Reduction

Chris679 — Wed, 16 Apr 2014 09:28:48 GMT

@Shock wrote:
Aside from UR, I still dont see why Chase is so sought after.

I'm with you on this but I think you could find someone to say the same thing about any of these companies. For example, I love Citi because I have used their cards heavily and therefore they have treated me very well. I've had Chase and Discover for 2-3 years and barely use the cards so not surprisingly they haven't done much for me. I think at the end of the day all of the major card companies are pretty good but your persoanl experiences with them will vary alot based on how much you use their cards. If you scratch their back they will scratch yours.

Re: Chase APR Reduction

Shock — Wed, 16 Apr 2014 10:26:57 GMT

Maybe I am just impatient. But Chase has started me off with low limits, and has slowly given me CLI's. I guess I should be happy that I am an exception, and one of few who get auto LUV. But a company like AMEX gave me a charge card, and 6 months later gave me a revolver (7k) easily doubling my Citi and Cap1 limits. Then 61 days later, I sit at 16.6k. I've been sitting on my limits with Chase for a while..and it sucks because even with a pristine track record with them, the most they would do is match my highest limit card presumably. I don't see them rewarding me for continued spend on their cards. If it wasnt for me shopping on Amazon or the quarterly spend, right now I'd be hard pressed to figure out why I'm still with them.

Re: Chase APR Reduction

kevinjjc — Wed, 16 Apr 2014 10:50:17 GMT

Congrats! Unfortunately, Chase does not appear to accept customer requests for APR reductions.

Re: Chase APR Reduction

Anonymous — Wed, 16 Apr 2014 10:59:05 GMT

Cool ... that your Mom received such a large Apr reduction! Impressive.

Re: Chase APR Reduction

navigatethis12 — Wed, 16 Apr 2014 11:16:07 GMT

@Shock wrote:
Aside from UR, I still dont see why Chase is so sought after.

High limits and good rewards(Freedom, Amazon, and Ink) is why I like them. A lot of people go after there partner(travel) cards, which they seem to have many of. Opinions differ for everyone, so I'm sure more people agree with you. I really don't see why everyone swoons over American Express, but then there are plenty of people who will come up with reasons that are good for them.

Re: Chase APR Reduction

Shock — Wed, 16 Apr 2014 12:23:34 GMT

I don't think they're really customer oriented. A cardholder could be miserable for years and they coouldnt care. Practically a double pull per app, hell bent on HP CLI's, no customer initiated APR reductions, etc.

Re: Chase APR Reduction

navigatethis12 — Wed, 16 Apr 2014 13:13:54 GMT

@Shock wrote:
I don't think they're really customer oriented. A cardholder could be miserable for years and they coouldnt care. Practically a double pull per app, hell bent on HP CLI's, no customer initiated APR reductions, etc.

I've not experienced getting two inquiries for an application, but I always have them locked, so that could be why. The credit limit increases have always been a hard inquiry for me, but they've been worth it. One was a 5000 increase and the next was 4000 more one week later. I've never asked and never will ask for reduction of the rate, so I don't know. Anyway, they're just one of many, so not having them isn't that bad. In my opinion, they have the best sign up bonuses with the least amount of spending.

Re: Chase APR Reduction

ACsteel — Wed, 16 Apr 2014 13:29:42 GMT

@Shock wrote:
I've read a couple threads lately about Chase not budging on their APR so I'd thought Id share this here.

My mom's Freedom APR was lowered from 21.24 to 14.24.

Presumably they reviewed her account and did it automatically. I know she never carries a balance and shes' had her card for a few years. She isn't really educated in credit but she's one of those whos scared to death of interest, an I know she pay's everything in full. Don't know any other variables except she didn't ask for it. So for those who want it lowered, theres hope!

Pretty good insight, thanks for sharing!

Re: Chase APR Reduction

Anonymous — Thu, 17 Apr 2014 00:08:10 GMT

Received a letter today from Chase regarding my Slate Card informing me that they lowered

my APR from 17.24% to 13.24% for current purchase balance and new purchase transactions.

Very seldom use this card due to the high APR and never requested a reduction.

Wonders will never cease.

Re: Chase APR Reduction

maiden_girl — Thu, 17 Apr 2014 02:27:52 GMT

I wonder if Chase would do this for me? Planning on carrying a balance for 2 months.

Re: Chase APR Reduction

Anonymous — Thu, 17 Apr 2014 03:28:30 GMT

Chase has great rewards and large sign up bonuses. To balance the sheets they have to offset those losses with higher APRs. In fact, looking at their list of cards they have some of the highest APRs among large banks.

Re: Chase APR Reduction

kevinjjc — Thu, 17 Apr 2014 11:18:21 GMT

@Anonymous wrote:
Received a letter today from Chase regarding my Slate Card informing me that they lowered
my APR from 17.24% to 13.24% for current purchase balance and new purchase transactions.

Very seldom use this card due to the high APR and never requested a reduction.

Wonders will never cease.

Congrats! Thanks for sharing the good news. It looks like Chase is automatically lowering the APR for many cardholders.

Re: Chase APR Reduction

kevinjjc — Thu, 17 Apr 2014 11:16:28 GMT

@navigatethis12 wrote:
@Shock wrote:
I don't think they're really customer oriented. A cardholder could be miserable for years and they coouldnt care. Practically a double pull per app, hell bent on HP CLI's, no customer initiated APR reductions, etc.

I've not experienced getting two inquiries for an application, but I always have them locked, so that could be why. The credit limit increases have always been a hard inquiry for me, but they've been worth it. One was a 5000 increase and the next was 4000 more one week later. I've never asked and never will ask for reduction of the rate, so I don't know. Anyway, they're just one of many, so not having them isn't that bad. In my opinion, they have the best sign up bonuses with the least amount of spending.

Same here, no double pull for a new credit app ... credit was not locked/frozen. Chase probably double pulls for borderline apps.