APR Reduction requests. How successful have you been?

Anonymous — Fri, 29 Apr 2016 15:19:24 GMT

I'm about to call all of my lenders and request reductions in APR on all of my credit cards.

I've never done this before, so I'm a little afraid to request it at all.

I have a perfect record of payment for as long as I've had credit cards(Circa 2009). My FICO score is in my sig.

Can anyone here detail how they did it and whether or not they were successful. Am I wasting my time asking at all?

Re: APR Reduction requests. How successful have you been?

Kevin86475391 — Fri, 29 Apr 2016 15:48:29 GMT

Personally I PIF and haven't paid any interest in years. So I'm a bit less concerned about APR rates and I suppose when reviewing my account lenders may also realize they have less to lose by indulging me with an APR reduction. That said, I've done this quite a few times and been very successful with it.

I've gotten at least two APR reductions each with Discover and Bank of America, 1 or 2 with Capital One (I've since closed the account however), and I think one with Chase. Although I've since read that it's almost impossible to get one with Chase and it was years ago, so I may be misremembering.

Anyway, when I've done it I've used one of two strategies:

"I really love using my card and I always pay in full, but I was wondering if I'd qualify for an APR reduction, just in case I ever decide to carry a balance in the future."

"I really love using my card and want to use it even more. However, I was reviewing my statements the other day and I noticed my APR was 'X amount' higher than it is with 'X lender.' Would I qualify for an APR reduction?"

I also don't ask often. I always go at least 1-2 years between asking a given lender. I've generally gotten about 0.5%-3.0% reductions doing this.

topic APR Reduction requests. How successful have you been? in General Credit Topics

APR Reduction requests. How successful have you been?

Re: APR Reduction requests. How successful have you been?