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APR Reduction?

Regular Contributor

APR Reduction?

Is there such a thing as being able to call your credit card company and request a reduction in your APR? I have numerous credit cards from an app spree when I decided to start trying to rebuild my credit. They've all got smaller limits on them and high APRs. I went through today and submitted a request on every single one of them for a APR reduction and every single one responded back and said "We're not offering that right now."


To me, asking for an APR reduction is better than asking for a CLI. In my messages, I simply stated "I have had this account since XX/XX/XXXX and have made 100% on-time payments. I would like to request an APR reduction." And no, no, no, no, no.


Once I have my credit cleared up, if these guys aren't willing to work with me, I feel like I'll have no option but to let them go dormant or close them. A credit card with 18% interest was fine when I had a 550 credit score, but when you're sitting at 700 you expect something better. I also have this feeling in the back of my throat like I shouldn't bite the hand the fed me since they were the guys that gave me a chance when my credit was whack.


Thoughts on this?

03/19/2011 EQ: 627 EX: 602 TU 590 (lender pull) 07/16/2011 EQ: 646 EX: 629 TU 647 Fell off the wagon in 2012. Starting over in 2013.Current Score: 01/07/2013 EQ: 646 EX: ??? TU 608 Goal Score: 700 club

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Message 1 of 6
Valued Contributor

Re: APR Reduction?

Are you carrying balances (guess you are otherwise you might not care so much about the APR).


The problem with reducing an APR in this case vs a CLI, is that reducing the APR is an immediate decrease in revenue for the company.  In contrast, a CLI has the potential to increase revenue as you charge more (to be weighed against the chance of a default).  So they are less likely to want to agree.


As your  score increases, they may be more agreeable, as your future business becomes more attractive.


I wouldn't worry about biting the hand that fed you.  These are corporations who don't really have feelings.  If and when you get better deals elsewhere, move on without regret.   (If you do that, just remember not to bad-mouth them, as many do here for Capital One.  You don't want to discourage others in your previous state from being able to benefit from these lenders).


Edit:  Also 18% isn't THAT bad. Some APRs are in the low 20s.

Message 2 of 6
Valued Contributor

Re: APR Reduction?

They treat you like crap when nobody take u.......

Example Capital one denied 4 times credit limit increase in the past and as soon as i call them after i add my Amex and Discover...........8 hours they gave me what they want.....

WEll if you credit bad then dont expect much from them cuzzz they will and continue treat u like crap after they soft pull ;-(

Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800

Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Message 3 of 6
Established Contributor

Re: APR Reduction?

While a high apr may seem demeaning, with the revised cc act, interest category is where financial institutions make their money. Many transaction fees like late, over the limit, returned check, etc. are now capped. I would not take it personally. Just do not carry a balance on those cards unless absolutely necessary. I have recently had an interest rate reduction on one of my cc's. I believe that it was because of all of my accounts that are positive with them. My rates are 9.99% to 21.99% on my ccs. As always YMMV.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico)XP 735 (FAKO)
Updated scores 05/01/17 EQ 824, TU 812 EXP 810 (all Fico scores) Remember the Three P's: Pay early in Full, Pay on Time, Patience
Message 4 of 6
Valued Contributor

Re: APR Reduction?

If I have a CC with less than the best APR terms, I ALWAYS ask for an APR reduction when I ask for a CLI.  Kill 2 birds with 1 stone.  If they say no, they say no.  At least I tried.      

FICO Scores Updated 07/15 EQ08 748 EX08 748 TU08 818
Message 5 of 6
Valued Contributor

Re: APR Reduction?

I asked NFCU and they said your account needs to be 1 yeard old to get a APR reduction.
Amex BCE (2500) / Amex SPG (4000) / Amex GoldPR / Merrill+ Visa siggy (5000) / BofA Amex (6000) / Bofa cash rewards (5000) / BofA Privileges Cash Rewards (5000) / Citi Forward (4400) / Citi DP (2000) / Chase Freedom (4000) / Chase CSP (5000) / Chase Hyatt (5000) / Discover IT (1700) / FNBO AMEX (3600) / NFCU cashRewards Visa signature (15000) / NFCU Flagship Visa signature (12500) / NFCU Navcheck (5000) / Nordstrom (500) / MetroCU Visa Elite (5000) / Walmart (4500) / Kays Jewerels (6600) / Kohls (300) / Macys Platinum (2500) / DCU platinum Visa (17500) / Citizens bank cash back (1100) / Bill Me Later (1631) / PayPal Smart connect (2200) / BestBuy store card (2000)
Message 6 of 6