topic Re: Can you ask for an APR reduction before the intro period is over? in Credit Cards

Can you ask for an APR reduction before the intro period is over?

chwebb1 — Fri, 16 May 2014 14:01:39 GMT

Sorry for the newbie question. I'd love to get an APR reduction on basically all of my cards (except for the Ring obviously). I was wondering if it's possible to ask for an APR reduction before my 0% intro period expires.

I have:

AMEX BCE APR 17.99% (intro expires in July)

AMEX Blue Sky 22.24% (intro expires April 2015)

Discover It 18.99% (intro expires in August)

Citi Dividend 17.99% (intro expires in August, I think)

BoA Better Balance 18.99% (intro expires in January 2015)

BoA Cash Rewards 19.99% (intro expires in March 2015)

I think I should probably wait unti the AMEX BCE intro rate expires since it's fairly soon, but will any of these other lenders hear out an APR Reduction request before the intro expires? I'm not carrying a balance on any account, but I'd just like to have a lower APR in case I need to at some point. And the APRs I have on all of my cards other than the Ring seem way too high to do that on. And if I have to wait until it expires, can I ask the day it expires, or do I need to wait a few months before asking?

Re: Can you ask for an APR reduction before the intro period is over?

tattooedhusker — Fri, 16 May 2014 14:35:13 GMT

@chwebb1 wrote:
Sorry for the newbie question. I'd love to get an APR reduction on basically all of my cards (except for the Ring obviously). I was wondering if it's possible to ask for an APR reduction before my 0% intro period expires.
I have:
AMEX BCE APR 17.99% (intro expires in July)
AMEX Blue Sky 22.24% (intro expires April 2015)
Discover It 18.99% (intro expires in August)
Citi Dividend 17.99% (intro expires in August, I think)
BoA Better Balance 18.99% (intro expires in January 2015)
BoA Cash Rewards 19.99% (intro expires in March 2015)

I think I should probably wait unti the AMEX BCE intro rate expires since it's fairly soon, but will any of these other lenders hear out an APR Reduction request before the intro expires? I'm not carrying a balance on any account, but I'd just like to have a lower APR in case I need to at some point. And the APRs I have on all of my cards other than the Ring seem way too high to do that on. And if I have to wait until it expires, can I ask the day it expires, or do I need to wait a few months before asking?

I know you can with Discover. I just had my APR lowered from 22.9 to 18, and it's before the intro period. Not sure about the others, YMMV.

Re: Can you ask for an APR reduction before the intro period is over?

chwebb1 — Fri, 16 May 2014 15:13:24 GMT

@tattooedhusker wrote:
@chwebb1 wrote:
Sorry for the newbie question. I'd love to get an APR reduction on basically all of my cards (except for the Ring obviously). I was wondering if it's possible to ask for an APR reduction before my 0% intro period expires.
I have:
AMEX BCE APR 17.99% (intro expires in July)
AMEX Blue Sky 22.24% (intro expires April 2015)
Discover It 18.99% (intro expires in August)
Citi Dividend 17.99% (intro expires in August, I think)
BoA Better Balance 18.99% (intro expires in January 2015)
BoA Cash Rewards 19.99% (intro expires in March 2015)

I think I should probably wait unti the AMEX BCE intro rate expires since it's fairly soon, but will any of these other lenders hear out an APR Reduction request before the intro expires? I'm not carrying a balance on any account, but I'd just like to have a lower APR in case I need to at some point. And the APRs I have on all of my cards other than the Ring seem way too high to do that on. And if I have to wait until it expires, can I ask the day it expires, or do I need to wait a few months before asking?
I know you can with Discover. I just had my APR lowered from 22.9 to 18, and it's before the intro period. Not sure about the others, YMMV.

I just tried Discover and they said that "The system already says you have the lowest rate we offer since you have a promotional rate". Should I try a different agent or call in?

Re: Can you ask for an APR reduction before the intro period is over?

takeshi74 — Fri, 16 May 2014 18:40:40 GMT

You should make it clear you're not referring to the promotional rate.

@chwebb1 wrote:
Can you ask for an APR reduction before the intro period is over?

One can always ask. Getting a reduction, however, is an entirely different matter. You won't find if you can unless you ask. However, unless your credit has improved since you apped there's really no reason to expect a reduction. Creditor's dont' just hand out APR reductions and CLI's abritrarily or in just in exchange for lapsed time.

Re: Can you ask for an APR reduction before the intro period is over?

maiden_girl — Fri, 16 May 2014 21:50:35 GMT

No you can not receive a APR reduction during the 0% promo period. You have to wait until the promo period ends. Youre not paying interest anyway so whats the rush?