Amex permanent APR reduction

[Remedios]

So, after all the chatter whether Amex will grant permanent consumer initiated APR reduction, I decided to do some science-ing (I think this is what normal people do at 3 am). 

My APR at approval was highest one offered (card was approved at the tail end of prolonged credit seeking) and sometimes I wondered if they added special tier just for me 😐 

Anyhow, I used chat and asked if APR reduction was available on my account, they offered temporary apr reduction, 6 months  0% promo or permanent reduction.

I didn't even know how high it was, so I had to read chat twice, apparently it was 24.24% which gave me giggles. That high of Apr is supposed to reflect risk (among other things) but limit is $65K, so I guess Amex be partially scared. 

In any case, they did reduce it, so APR reduction is possible.  

So, new apr is 21.49% 🤷‍♀️

My current EX score is trashed, 772. It's about 15 lower than 2 years ago when card was approved, so based on the letters they are sending, I fully expect them to notify me in couple of months of APR increase to "bring me in line with current blah blah blah based on scores and other factors" 

[FinStar]

Since we're doing the science thing. Imma try on a couple of mine just to see if it works. I'll have to spin the wheel (of the many revolvers) to see which ones can be ideal candidates.

How long have you had your favorite AmEx CC? 🥖🤪

[Remedios]

A little bit over 2 years, January 2020 I believe. 

[SoCalGardener]

I think I posted recently that I had asked Amex about this, and got nowhere. The card I use all the time, the BCP, has a higher APR than the card I almost never use, the ED. I asked about lowering the BCP's APR but they said no.

FWIW, the ED is older than the BCP by about two years, the BCP has a much higher CL (partly because I moved all but $1,000 [the mandated limit] of the ED's credit to the BCP). Would it be worth another try? I'm not interested in a promotional/temporary reduction, just permanent.

[unsungivy]

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@Remedios wrote:

So, after all the chatter whether Amex will grant permanent consumer initiated APR reduction, I decided to do some science-ing (I think this is what normal people do at 3 am). 

My APR at approval was highest one offered (card was approved at the tail end of prolonged credit seeking) and sometimes I wondered if they added special tier just for me 😐 

Anyhow, I used chat and asked if APR reduction was available on my account, they offered temporary apr reduction, 6 months  0% promo or permanent reduction.

I didn't even know how high it was, so I had to read chat twice, apparently it was 24.24% which gave me giggles. That high of Apr is supposed to reflect risk (among other things) but limit is $65K, so I guess Amex be partially scared. 

In any case, they did reduce it, so APR reduction is possible.  

So, new apr is 21.49% 🤷‍♀️

My current EX score is trashed, 772. It's about 15 lower than 2 years ago when card was approved, so based on the letters they are sending, I fully expect them to notify me in couple of months of APR increase to "bring me in line with current blah blah blah based on scores and other factors" 

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I had to read that a few times to verify that they did offer you permanent. Woot! Guess it's. Matter of continuing to try... and possibly using chat rather than calling. What time zone is 3AM for you? Thanks for the science-ing!

My BCP is also the "highest" APR and was making me wonder if I should open a new BCE in hopes of a lower APR for long term (I haven't had the BCP a year yet, so other than liking the card number I got, I have no attachment to switching. My platinum is also the highest APR, while my newly opened Gold is the lowest. Which makes me think they like my profile now, which is why I started trying.)

[Remedios]

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@unsungivy wrote:

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@Remedios wrote:

So, after all the chatter whether Amex will grant permanent consumer initiated APR reduction, I decided to do some science-ing (I think this is what normal people do at 3 am). 

My APR at approval was highest one offered (card was approved at the tail end of prolonged credit seeking) and sometimes I wondered if they added special tier just for me 😐 

Anyhow, I used chat and asked if APR reduction was available on my account, they offered temporary apr reduction, 6 months  0% promo or permanent reduction.

I didn't even know how high it was, so I had to read chat twice, apparently it was 24.24% which gave me giggles. That high of Apr is supposed to reflect risk (among other things) but limit is $65K, so I guess Amex be partially scared. 

In any case, they did reduce it, so APR reduction is possible.  

So, new apr is 21.49% 🤷‍♀️

My current EX score is trashed, 772. It's about 15 lower than 2 years ago when card was approved, so based on the letters they are sending, I fully expect them to notify me in couple of months of APR increase to "bring me in line with current blah blah blah based on scores and other factors" 

---

I had to read that a few times to verify that they did offer you permanent. Woot! Guess it's. Matter of continuing to try... and possibly using chat rather than calling. What time zone is 3AM for you? Thanks for the science-ing!

My BCP is also the "highest" APR and was making me wonder if I should open a new BCE in hopes of a lower APR for long term (I haven't had the BCP a year yet, so other than liking the card number I got, I have no attachment to switching. My platinum is also the highest APR, while my newly opened Gold is the lowest. Which makes me think they like my profile now, which is why I started trying.)

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3 am PST 

I had to science because there were some conflicting answers, including my own. 

I don't think it matters when you ask, I think if it's important to you, continue to ask periodically untill they say yes. 

I also think the only reason why they were agreeable is because my APR was horrible to begin with so I got upgraded to terrible.

I suppose lowering APR can help if you're using Plan It when fee is present. Lower APR translates into lower plan it fee. 

[NRB525]

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@Remedios wrote:

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@unsungivy wrote:

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@Remedios wrote:

So, after all the chatter whether Amex will grant permanent consumer initiated APR reduction, I decided to do some science-ing (I think this is what normal people do at 3 am). 

My APR at approval was highest one offered (card was approved at the tail end of prolonged credit seeking) and sometimes I wondered if they added special tier just for me 😐 

Anyhow, I used chat and asked if APR reduction was available on my account, they offered temporary apr reduction, 6 months  0% promo or permanent reduction.

I didn't even know how high it was, so I had to read chat twice, apparently it was 24.24% which gave me giggles. That high of Apr is supposed to reflect risk (among other things) but limit is $65K, so I guess Amex be partially scared. 

In any case, they did reduce it, so APR reduction is possible.  

So, new apr is 21.49% 🤷‍♀️

My current EX score is trashed, 772. It's about 15 lower than 2 years ago when card was approved, so based on the letters they are sending, I fully expect them to notify me in couple of months of APR increase to "bring me in line with current blah blah blah based on scores and other factors" 

---

I had to read that a few times to verify that they did offer you permanent. Woot! Guess it's. Matter of continuing to try... and possibly using chat rather than calling. What time zone is 3AM for you? Thanks for the science-ing!

My BCP is also the "highest" APR and was making me wonder if I should open a new BCE in hopes of a lower APR for long term (I haven't had the BCP a year yet, so other than liking the card number I got, I have no attachment to switching. My platinum is also the highest APR, while my newly opened Gold is the lowest. Which makes me think they like my profile now, which is why I started trying.)

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3 am PST 

I had to science because there were some conflicting answers, including my own. 

I don't think it matters when you ask, I think if it's important to you, continue to ask periodically untill they say yes. 

I also think the only reason why they were agreeable is because my APR was horrible to begin with so I got upgraded to terrible.

I suppose lowering APR can help if you're using Plan It when fee is present. Lower APR translates into lower plan it fee. 

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While you are sciencing, do you have any exspirmints where you tried to set a Plan It, to see what ballpark range they offered for the fee? Then see whether new Plan It's get a better fee rate?

Congrats on the improvement from usurious to mildly usurious. 

[Remedios]

I don't know what to use as a comparison. I don't have a balance right now and I have $0.00 Plan It offer through end of May, so even when charges are added this month, it will still show $0.00 for a fee 

I can do it next month but I wouldn't know what it would have been had APR reduction not taken place 🤷‍♀️

The only way to do it is to have others pretend to make plans, and show what they in terms of fee and how it relates to APR.  

I do remember fee slightly going down when feds were lowering the rate, so it would be interesting to see what 14 percenters  get compared to us with young adult APR 

[kilroy8]

I just looked, and I am exactly in the middle of a 12 month 0% on purchases promo on 5 y/o card. AmEx balance would set off code red neurosis, so fat chance I'll leave one on there.

[K-in-Boston]

Nice job on the APR decrease!  As for Plan It, except for 0% offers, converting the fees to an equivalent APR seems to work out somewhere around the actual APR.  For science I just tried to create a Plan on my Platinum card, which now has an APR of 15.49% thanks to Prime Rate creep.  When I did the math (assuming interest compounded daily), the total of these 3 Plan fees seemed to work out to what I would pay in interest if the APR was 13.910%, 14.185%, and 14.380% respectively.