@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!
I simply don't get this. It is incongruous to say that you have "absolutely no incentive to put any type of spending" on the Freedom based on information you've given. You applied for the Freedom for a reason - rewards, right? You seem like someone who does his/her research and doesn't just apply for cards willy-nilly.
If you were applying for a card specifically with low long-term APR, you know there are better cards for that purpose. Also, you clearly weren't applying for the Freedom to get in with Chase (as many do), as you had gotten in with Chase already with the CSP. Presumably, you saw some value in the rewards structure of the Freedom, which is the same no matter what your APR is, as long as you PIF. I could understand, perhaps, you having a slight bitter taste in your mouth about the card because on principle you don't like the low APR, but I think you're hyperbolizing a bit when you say you have "absolutely no incentive" to use it. Personally, the fact that Discover only approved me for a joint Discover credit card leaves me with a very bitter taste in my mouth, and I express my discontent by not using the card for anything but the bonus categories. But I know that I applied for the card in the first place because the card did offer benefits I could use, presumably like your Freedom does.
All that being said, I commend you for taking such an interest in credit at such a young age. At 19, all I had was a debit card and I eschewed credit cards completely because I didn't know how they worked.
