topic Chase Freedom APR Reduction - Denied in Credit Cards

Chase Freedom APR Reduction - Denied

mnavas — Fri, 16 May 2014 04:49:40 GMT

I knew in advance that my odds of getting a lower APR on my Freedom card were very slim. My Chase APR for Purchases is sitting at 18.99 (I still have the promotional 0% APR for a couple of months more) but i gave it a shot anyway.

I sent a secure Message and it took them like 8 hours to reply. Of course it was denied. This is the message i got:

Dear mnavas

Thank you for contacting Chase about your request for
lower Annual Percentage Rate (APR).

Upon review, I found that there is no change in the APR on
your account since its open date.

Hence, the account is not covered by the automatic process
required by the Credit Card Accountability,
Responsibility, and Disclosure (CARD) Act of 2009.

Even though your account is not reviewed as part of this
particular federal regulation, we regularly review
accounts to determine if a lower APR is available. As you
requested, I have reviewed this account and confirmed that
your current APR is the lowest available at this time.

Further, I can confirm that your account currently carries
an introductory APR of 0.00% for purchases, balance
transfers, and balance transfer checks. This introductory
APR will be effective until 08/12/2014. Please note that
there is a due date prior to the expiration date and a
payment is still due by the due date. The APR for cash
advances is 23.99% Variable.

Upon expiration of your introductory APR, your purchase
and balance transfer APR will become 18.99% Variable
(Prime Rate as published in The Wall Street Journal +
15.74%).

The APR may increase or decrease each month if the Prime
Rate changes. Any new rate will be applied as of the first
day of your billing cycle during which the Prime Rate has
changed. If the APR increases, you will pay a higher
interest charge and may pay a higher minimum payment. The
Prime Rate is simply a reference index and is not the
lowest interest rate available. If The Wall Street Journal
stops publishing the Prime Rate, we will select a similar
reference rate.

Please refer to your Cardmember Agreement for more APR
information and other account terms.

If you have any further questions, please reply using the
Secure Message Center.

Thank you,

air
Customer Service Specialist

If you have any further questions, please reply using the
Secure Message Center.

Thank you,

Mod cut
Customer Service Specialist

1-800-436-7927

Account is owned by Chase Bank USA, N.A. and may be
serviced by its affiliates.

Re: Chase Freedom APR Reduction - Denied

mongstradamus — Fri, 16 May 2014 04:51:06 GMT

@mnavas wrote:
I knew in advance that my odds of getting a lower APR on my Freedom card were very slim. My Chase APR for Purchases is sitting at 18.99 (I still have the promotional 0% APR for a couple of months more) but i gave it a shot anyway.

I sent a secure Message and it took them like 8 hours to reply. Of course it was denied. This is the message i got:

Dear mnavas

Thank you for contacting Chase about your request for
lower Annual Percentage Rate (APR).

Upon review, I found that there is no change in the APR on
your account since its open date.

Hence, the account is not covered by the automatic process
required by the Credit Card Accountability,
Responsibility, and Disclosure (CARD) Act of 2009.

Even though your account is not reviewed as part of this
particular federal regulation, we regularly review
accounts to determine if a lower APR is available. As you
requested, I have reviewed this account and confirmed that
your current APR is the lowest available at this time.

Further, I can confirm that your account currently carries
an introductory APR of 0.00% for purchases, balance
transfers, and balance transfer checks. This introductory
APR will be effective until 08/12/2014. Please note that
there is a due date prior to the expiration date and a
payment is still due by the due date. The APR for cash
advances is 23.99% Variable.

Upon expiration of your introductory APR, your purchase
and balance transfer APR will become 18.99% Variable
(Prime Rate as published in The Wall Street Journal +
15.74%).

The APR may increase or decrease each month if the Prime
Rate changes. Any new rate will be applied as of the first
day of your billing cycle during which the Prime Rate has
changed. If the APR increases, you will pay a higher
interest charge and may pay a higher minimum payment. The
Prime Rate is simply a reference index and is not the
lowest interest rate available. If The Wall Street Journal
stops publishing the Prime Rate, we will select a similar
reference rate.

Please refer to your Cardmember Agreement for more APR
information and other account terms.

If you have any further questions, please reply using the
Secure Message Center.

Thank you,

Customer Service Specialist

If you have any further questions, please reply using the
Secure Message Center.

Thank you,

Mod cut
Customer Service Specialist

1-800-436-7927

Account is owned by Chase Bank USA, N.A. and may be
serviced by its affiliates.

Thats interesting. I am going to have to eventually see if i can get my apr reduced next year when my 0% ends .

Re: Chase Freedom APR Reduction - Denied

Anonymous — Fri, 16 May 2014 04:42:17 GMT

While you are in the promo period your account will be Ineligible for an APR reduction.

Re: Chase Freedom APR Reduction - Denied

trumpet-205 — Fri, 16 May 2014 04:50:57 GMT

Just to add on to this thread, the only time lender are required by law to evaluate eligibility for APR reduction is when you are in penalty APR.

Otherwise lender are under no obligation to lower the APR.

Re: Chase Freedom APR Reduction - Denied

NoAnchoviesPlease — Fri, 16 May 2014 05:01:39 GMT

I was talking with a CSR this morning and asked if I could raise my CL or lower my APR. She told me that they were "not currently" reducing APRs, and my 19ish% APR would remain. However, I got my credit line nearly doubled and my account converted to VISA Signature (with a HP, although I haven't seen the INQ yet).

And she seemed to imply that the APR reduction policy for non-penalty rates might change someday, but that's as precise and committed her answer was. Which completely makes sense if it's not their practice.

My CSP is 4% lower so if I had to carry a balance on a Chase card, I'd have a better option.

Re: Chase Freedom APR Reduction - Denied

maiden_girl — Fri, 16 May 2014 06:26:43 GMT

@Anonymous wrote:
While you are in the promo period your account will be Ineligible for an APR reduction.

Re: Chase Freedom APR Reduction - Denied

SnowBowl — Fri, 16 May 2014 06:28:45 GMT

Yup, Chase is extremely firm on APR terms. nothing like Discover at all where you can just log on discover and have a chat with an agent and ask for APR reduction. ( got it reduced from 22.99% to 18.24% ) all it takes is just 10 minutes of your time.

Re: Chase Freedom APR Reduction - Denied

maiden_girl — Fri, 16 May 2014 06:35:31 GMT

I called Discover and they lowed my APR to 16.24% from 18.99%. Not much difference but it's a start. I'll probably call back in a few months and see if it can be lowered again. I might have one of those months I need to carry a balance and want my card to be there and ready.

Re: Chase Freedom APR Reduction - Denied

Anonymous — Fri, 16 May 2014 06:40:52 GMT

You'll have to wait 6 mos in between each reduction for Discover.

Re: Chase Freedom APR Reduction - Denied

trumpet-205 — Fri, 16 May 2014 06:46:08 GMT

@SnowBowl wrote:
Yup, Chase is extremely firm on APR terms. nothing like Discover at all where you can just log on discover and have a chat with an agent and ask for APR reduction. ( got it reduced from 22.99% to 18.24% ) all it takes is just 10 minutes of your time.

You are very lucky. When I called Discover the best they can do is 1.99% APR for 6 months, then back to 14.99%. CSR said they rarely do permanent APR reduction.

So far the are only two lenders are very easy with APR reduction: BofA and AMEX.

Re: Chase Freedom APR Reduction - Denied

maiden_girl — Fri, 16 May 2014 06:46:55 GMT

@Anonymous wrote:
You'll have to wait 6 mos in between each reduction for Discover.

Do they go by the date requested or the date applied to your account? I requested it today via phone but it won't be in effect until my following billing cycle.

Re: Chase Freedom APR Reduction - Denied

mongstradamus — Fri, 16 May 2014 06:48:34 GMT

@trumpet-205 wrote:
@SnowBowl wrote:
Yup, Chase is extremely firm on APR terms. nothing like Discover at all where you can just log on discover and have a chat with an agent and ask for APR reduction. ( got it reduced from 22.99% to 18.24% ) all it takes is just 10 minutes of your time.
You are very lucky. When I called Discover the best they can do is 1.99% APR for 6 months, then back to 14.99%. CSR said they rarely do permanent APR reduction.

So far the are only two lenders are very easy with APR reduction: BofA and AMEX.

I would take 14.99 over 18.24% lol

Re: Chase Freedom APR Reduction - Denied

maiden_girl — Fri, 16 May 2014 06:48:44 GMT

@trumpet-205 wrote:
@SnowBowl wrote:
Yup, Chase is extremely firm on APR terms. nothing like Discover at all where you can just log on discover and have a chat with an agent and ask for APR reduction. ( got it reduced from 22.99% to 18.24% ) all it takes is just 10 minutes of your time.
You are very lucky. When I called Discover the best they can do is 1.99% APR for 6 months, then back to 14.99%. CSR said they rarely do permanent APR reduction.

So far the are only two lenders are very easy with APR reduction: BofA and AMEX.

I would call them again. I called Discover in April and the CSR didn't seem to know what I was talking about (offered me that same 1.99 for 6 month APR too). I called just today and was offered a rate reduction of 16.24 from 18.99. Call was less than 5 minutes!

Re: Chase Freedom APR Reduction - Denied

maiden_girl — Fri, 16 May 2014 06:51:24 GMT

Chase won't give a APR reduction request for anyone it seems. If you call them, they won't do anything but read the Card Act to you. They'll say when your account is up for review, they will lower it. They seem perfectly fine with giving me CLIs without a request but have a hard time with that APR. Lol

Re: Chase Freedom APR Reduction - Denied

mongstradamus — Fri, 16 May 2014 06:54:48 GMT

@maiden_girl wrote:
Chase won't give a APR reduction request for anyone it seems. If you call them, they won't do anything but read the Card Act to you. They'll say when your account is up for review, they will lower it. They seem perfectly fine with giving me CLIs without a request but have a hard time with that APR. Lol

Will see what happens when my 0% ends in January , I probably will have max Apr since when I appljed my credit wasn't that great.

Should have waited till my credit got better,before I applied for freedom and discover ,gonna be stuck with bad Apr on freedom and no CLI ever on discover

Re: Chase Freedom APR Reduction - Denied

maiden_girl — Fri, 16 May 2014 06:58:42 GMT

@mongstradamus wrote:
@maiden_girl wrote:
Chase won't give a APR reduction request for anyone it seems. If you call them, they won't do anything but read the Card Act to you. They'll say when your account is up for review, they will lower it. They seem perfectly fine with giving me CLIs without a request but have a hard time with that APR. Lol
Will see what happens when my 0% ends in January , I probably will have max Apr since when I appljed my credit wasn't that great.

Should have waited till my credit got better,before I applied for freedom and discover ,gonna be stuck with bad Apr on freedom and no CLI ever on discover

You should be fine. Garden and show good use with your card and you should be fine. I had limited credit when I opened my Discover card (only 1.5k limit) few years ago.

Re: Chase Freedom APR Reduction - Denied

mongstradamus — Fri, 16 May 2014 07:02:28 GMT

Discover is more of an annoyance that they won't sp CLI. Going to leave balances few times and see what happens.in October after I app for spg and Sallie Mae card.going to see if I want to use HP for a CLI.

Every other card I have has gotten sp CLI or auto CLI with freedom

Re: Chase Freedom APR Reduction - Denied

SnowBowl — Fri, 16 May 2014 07:06:28 GMT

@mongstradamus wrote:
Discover is more of an annoyance that they won't sp CLI. Going to leave balances few times and see what happens.in October after I app for spg and Sallie Mae card.going to see if I want to use HP for a CLI.

Every other card I have has gotten sp CLI or auto CLI with freedom

Tell me about it!!! my 1K CL thru Discover is the same as 14 months ago ( soon to be 15th month billing statement ) UGHH!! I just want to see it bumped up to 2K or 2.5K CL. lol

Re: Chase Freedom APR Reduction - Denied

mongstradamus — Fri, 16 May 2014 07:12:07 GMT

@SnowBowl wrote:
@mongstradamus wrote:
Discover is more of an annoyance that they won't sp CLI. Going to leave balances few times and see what happens.in October after I app for spg and Sallie Mae card.going to see if I want to use HP for a CLI.

Every other card I have has gotten sp CLI or auto CLI with freedom
Tell me about it!!! my 1K CL thru Discover is the same as 14 months ago ( soon to be 15th month billing statement ) UGHH!! I just want to see it bumped up to 2K or 2.5K CL. lol

Yeah I don't know what trick is to get those sp CLI everybody seems to be getting.somebody suggested to leave balance so going to try that. I think chase didn't want to give me an really high initial cl on my CSP approval because of my discover low cl😢

Re: Chase Freedom APR Reduction - Denied

maiden_girl — Fri, 16 May 2014 08:05:54 GMT

@mongstradamus wrote:
@SnowBowl wrote:
@mongstradamus wrote:
Discover is more of an annoyance that they won't sp CLI. Going to leave balances few times and see what happens.in October after I app for spg and Sallie Mae card.going to see if I want to use HP for a CLI.

Every other card I have has gotten sp CLI or auto CLI with freedom
Tell me about it!!! my 1K CL thru Discover is the same as 14 months ago ( soon to be 15th month billing statement ) UGHH!! I just want to see it bumped up to 2K or 2.5K CL. lol
Yeah I don't know what trick is to get those sp CLI everybody seems to be getting.somebody suggested to leave balance so going to try that. I think chase didn't want to give me an really high initial cl on my CSP approval because of my discover low cl😢

Usage will get you those CLIs. If they don't see a need, they won't bump you unless you take a HP.