APR reductions

[red259]

I saw another thread talking about Amex APR reduction and I did not want to hijack the thread. I am curious though about how difficult is it to get an APR reduction? Which lenders are more prone to give or not give APR reductions? What is the best way to request a reduction? How you can you maximize your chances at an APR reduction? If you get an APR reduction and start carrying a balance does that cause an issue with the lender? 

[longtime_lurker]

AFAIK, most will consider the request (whether it's a yes or no obviously depends on your profile and use), except notably Chase. They seem to keep you at the APR they approved you at as part of their risk model (have seen VERY few success stories, most just open a new account down the road to receive the lower APR).

[-Wade-]

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@red259 wrote:

I saw another thread talking about Amex APR reduction and I did not want to hijack the thread. I am curious though about how difficult is it to get an APR reduction? Which lenders are more prone to give or not give APR reductions? What is the best way to request a reduction? How you can you maximize your chances at an APR reduction? If you get an APR reduction and start carrying a balance does that cause an issue with the lender? 

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I have gotten 1 APR reduction from Amex and i did it with the online chat . I called in they told me no and then went to online chat and got it a few mins later

[devacraze]

Regarding Chase,

I spoke to two different people at the Chase executive office today and and can confirm that they will not drop your APR to below what it was when you opened the account.

I have a chase card that is twenty (20!) years old that I got in college that has an loanshark rate of 27.7%

They will not drop it even though (i) I have never missed a payment for Chase (or anything else in my life), (ii) that card has a laughably low limit, (iii) my scores are near or above 800, (iv) I have another chase card (with a moderate 20k limit - one of my lower LCs) in 9% APR range and (v) Chase has been my main bank for almost 15 years.

Absolutely no dice for me.

I don't use that card, but I was curious if they would drop the APR. Now I know.

[longtime_lurker]

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@devacraze wrote:

Regarding Chase,

I spoke to two different people at the Chase executive office today and and can confirm that they will not drop your APR to below what it was when you opened the account.

I have a chase card that is twenty (20!) years old that I got in college that has an loanshark rate of 27.7%

They will not drop it even though (i) I have never missed a payment for Chase (or anything else in my life), (ii) that card has a laughably low limit, (iii) my scores are near or above 800, (iv) I have another chase card (with a moderate 20k limit - one of my lower LCs) in 9% APR range and (v) Chase has been my main bank for almost 15 years.

Absolutely no dice for me.

I don't use that card, but I was curious if they would drop the APR. Now I know.

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Yeah, thanks for confirming that. It amazes me, because if they lowered your interest rate, if an emergency came up in these people's lives, they may see some love and get a month or two of interest!

...two different risk models seen here, I suppose (Citi, at the other end of the spectrum, seems to love balances). Regardless, it's funny that they'd turn around and offer you a lower APR if you re-apped. As for me, I just take their UR points and PIF...why would I pay 18.99 when I could pay 8.9....? LOL