topic Re: The APR Game in Credit Cards

The APR Game

Anonymous — Sun, 02 Nov 2014 15:18:04 GMT

So, everyone is pretty well versed in the CLI game around here, but what about lowering APR's? My lowest currently is at 14.9 which is solid I guess. Especially considering it was from when my scores were down in the 640's or so. Which creditors are more likely to actually lower it? What kind of score increases/timeframe would you say is needed before requesting a reduction? My intention for this thread is more general discussion than for my situation only.

Re: The APR Game

Anonymous — Sun, 02 Nov 2014 15:21:05 GMT

Citibank is good at lowering interest rates. Also if you have been with capital one for a long time, they have promotional offers an lower your interest rate

Re: The APR Game

Anonymous — Sun, 02 Nov 2014 15:30:24 GMT

Yeah I've been at Capital One for about 6 years now. What kind of promotions do they do?

Re: The APR Game

Anonymous — Sun, 02 Nov 2014 16:18:44 GMT

@Anonymous wrote:
Yeah I've been at Capital One for about 6 years now. What kind of promotions do they do?

CapOne hasn't done jack for me since my 12mo Interest free on my Platinum Prestige.

Other than convert my cards to QS's...I mean..

Re: The APR Game

takeshi74 — Sun, 02 Nov 2014 18:06:43 GMT

@Anonymous wrote:
What kind of score increases/timeframe would you say is needed before requesting a reduction? My intention for this thread is more general discussion than for my situation only.

Like everything else, varies by creditor. All I can say is that it seems the Chase is least likely to reduce APR and the typical recommnedation is to just apply for another card if your credit has improved enough to warrant a lower APR with Chase. IIRC there are prior discussions where people have been able to get APR reductions from AmEx and Discover. I don't know about other creditors off the top of my head. I've received APR reductions both by request and automatically from USAA.

Re: The APR Game

gh17 — Sun, 02 Nov 2014 18:15:22 GMT

Capital One seems willing to give temporary reductions for a year or six months but won't do anything permanently.

I've only tried via chat though. I don't care enough to call, and I also feel like it'd be weird asking for an APR reduction when I've literally never paid interest; I almost feel like they'll laugh at me.

If anyone has success lowering interest rates online via chat or secured message, let me know!

I have read good things about Discover lowering via chat, but I'm still in 0% so haven't tried.

Re: The APR Game

gh17 — Sun, 02 Nov 2014 18:17:32 GMT

Also - Citi might, but they tell me I'm at their lowest possible for Citi Forward right now (10.99%). When I got the card, it was higher, and then it decreased a little bit every month I paid in full or something, I forget the exact terms, for some period of time (some promotion when I signed up). But it's reached its limit and now seems locked in.

Again, I haven't tried calling.

Re: The APR Game

Anonymous — Sun, 02 Nov 2014 18:18:37 GMT

My lowest APR card is a fixed 0% plus prime currently at 3.25%. It's fixed in the sense it will only move if prime moves. 10k limit also. BOA Plat Visa from years ago.

Re: The APR Game

gh17 — Sun, 02 Nov 2014 18:26:42 GMT

@Anonymous wrote:
My lowest APR card is a fixed 0% plus prime currently at 3.25%. It's fixed in the sense it will only move if prime moves. 10k limit also. BOA Plat Visa from years ago.

Is there an annual fee? I saw one like this once but it wasn't free. But I know this used to be more common.

Good deal though... I mean you could make minimum payments and invest some of that money instead and would probably profit (although obviously risky). Or pay off something like student loans or a card loan early depending on the rate.

Re: The APR Game

DigitalArk — Sun, 02 Nov 2014 22:27:54 GMT

I had APR reduction from Discover.

Re: The APR Game

Jarrodpd — Mon, 03 Nov 2014 00:33:46 GMT

A few weeks ago I tried calling into USAA to get my platinum mastercard APR decreased from 12.9% to something lower. They said they were unable to do so, Im thinking maybe because I havent had the account for 6 months yet that they are hessitant. Though I find it annoying regardless because I have another card through them along with a checking and savings account.

Re: The APR Game

Anonymous — Mon, 03 Nov 2014 03:06:55 GMT

@gh17 wrote:
@Anonymous wrote:
My lowest APR card is a fixed 0% plus prime currently at 3.25%. It's fixed in the sense it will only move if prime moves. 10k limit also. BOA Plat Visa from years ago.
Is there an annual fee? I saw one like this once but it wasn't free. But I know this used to be more common.

Good deal though... I mean you could make minimum payments and invest some of that money instead and would probably profit (although obviously risky). Or pay off something like student loans or a card loan early depending on the rate.

No annual fee. 0 BT transfer fees also but I don't carry CC balance so I haven't used it.

Re: The APR Game

MyDataMyChoice — Mon, 03 Nov 2014 03:18:09 GMT

Amex, Disocver, and Citi seems to lower interest rates upon request every 6-12 months

Re: The APR Game

Kostya1992 — Mon, 03 Nov 2014 05:43:21 GMT

13.99% Sallie Mae

13.99% Citi

19.80% Cap1

22.99% Chase

I think APR is more important then CLIs which is why I don't open a ton of garbage.

Re: The APR Game

Chris679 — Mon, 03 Nov 2014 10:54:19 GMT

For me Discover and BoA have been the most generous with lowering the APRs. Both of my Citi cards have my lowest APRs but they were pretty low to begin with. Amex dropped it a little bit but gave me a promo of around 7% for like 9 months maybe. Cap One will only do a temporary reduction from 20% to like 18% and Chase will not play ball at all.

Re: The APR Game

Anonymous — Mon, 03 Nov 2014 16:07:36 GMT

Thank you for the responses everyone! There is a lot of good feedback in here. I'll try and work Discover,Cap1,and my CU cards over the next year.