Ridiculously high Chase Freedom APR

[Anonymous]

Got approved two weeks ago for the Chase Sapphire Preferred with a $5,000 CL and 15.99% APR variable. Figured I would try my luck and apply for the Chase Freedom card as well, which I did this morning. That was approved for a $4,500 limit, but they pegged me at a 22.99% APR—the highest tier for that card.

An APR of 22.99% gives me absolutely no incentive to put any type of spend on the card. I have no negative line items on my credit report, and always pay my balance in full and on time (so wouldn't pay the interest anyway, but still, it's a principle thing). I'm 19-years-old, so my average age of accounts is limited, but my credit is far from subprime, which is contrary to what a 22.99% APR seems to insinuate.

Is there any way for me to get that reviewed and kicked down to 13.99%? Any suggestions are appreciated - thanks!

[northface28]

Who cares? PIF. I wouldnt care if my APR was 99.99%.

[tntexans72]

You are 19 and Chase gave you $9500 in exposure. Be content and like others say, pif. It's obvious banks are loosening up, 2-3 yrs ago, most people couldn't get a Chase card. Enjoy and take care of those cards. You'll get better apr down the road. 

[Anonymous]

+1
Congrats!

[Anonymous]

Well, the APR reflects the way that Chase views my credit profile, and it is also reported to the credit bureaus. I'm not an actuary, but I don't see myself as the particularly high risk client that would warrant a subprime APR. 

I'll take it as a win, though, and try to negotiate it down in a couple of months.

[northface28]

i admire that at your age you are taking this serious. However, your APR should be 0% for first 12 months right? Then after that, call and ask to have it lowered.

[Anonymous]

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@Anonymous wrote:

Well, the APR reflects the way that Chase views my credit profile, and it is also reported to the credit bureaus. I'm not an actuary, but I don't see myself as the particularly high risk client that would warrant a subprime APR. 

I'll take it as a win, though, and try to negotiate it down in a couple of months.

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Your interest rate is absolutely not reported to the credit bureaus. They will also more than likely not entertain lowering your APR until your 0% period expires, which works to your benefit as your credit report should be more robust (and will have more history) by then.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Well, the APR reflects the way that Chase views my credit profile, and it is also reported to the credit bureaus. I'm not an actuary, but I don't see myself as the particularly high risk client that would warrant a subprime APR. 

I'll take it as a win, though, and try to negotiate it down in a couple of months.

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Your interest rate is absolutely not reported to the credit bureaus. They will also more than likely not entertain lowering your APR until your 0% period expires, which works to your benefit as your credit report should be more robust (and will have more history) by then.

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Agreed.

[Anonymous]

Also... CSP doesn't have different APR tiers. 15.9% is the only APR they offer. So that shouldn't be used to gauge what you feel you should be at with Chase.

[woodyman100]

My Freedom APR is also 22.9% and I don't care. This is a rewards card and not meant to carry a balance.

I have other cards for that which are under 8%. Be happy my friend that you pulled off the CSP-Freedom combo! pretty sweet!

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@Anonymous wrote:

Got approved two weeks ago for the Chase Sapphire Preferred with a $5,000 CL and 15.99% APR variable. Figured I would try my luck and apply for the Chase Freedom card as well, which I did this morning. That was approved for a $4,500 limit, but they pegged me at a 22.99% APR—the highest tier for that card.

An APR of 22.99% gives me absolutely no incentive to put any type of spend on the card. I have no negative line items on my credit report, and always pay my balance in full and on time (so wouldn't pay the interest anyway, but still, it's a principle thing). I'm 19-years-old, so my average age of accounts is limited, but my credit is far from subprime, which is contrary to what a 22.99% APR seems to insinuate.

Is there any way for me to get that reviewed and kicked down to 13.99%? Any suggestions are appreciated - thanks!