Are auto APR reductions as typical as auto CLIs?

Blodreina · ‎10-25-2014

See title.

MarineVietVet · ‎10-25-2014

@Simba501 wrote:
See title.

I can only speak of my experience. I've never to my knowledge received an automatic APR reduction.

Anonymous · ‎10-25-2014

No. Many issuers give automatic CLI increases but few give automatic APR reductions. I have had to ask for APR reductions to get them. Some issuers reduce/increase APR based on the prime rate (e.g. My credit union reduced my APR to 6.9% for a while then raised it for new purchases to 9.9%). I can't draw a generalization based on just my experience, but from my experience automatic CLIs are not uncommon, while automatic APR reductions are very rare (even my CU only did it due to fluctuations in prime lending rate).

Berk · ‎10-25-2014

I have always had to ask.

coldnmn · ‎10-25-2014

I have never been offered a apr reduction.

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wmweeza · ‎10-25-2014

I am still confused as to why my bank likes me, but BofA gave me CLI's every 4 months like clockwork, then they cancelled out my annual fee, and then they reduced my APR. Now mind you I only change $30-150 a month and PIF. I don't get it

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Anonymous · ‎10-25-2014

Chase lowered me from 12.9% to 9.9% on a Chase Flexible Rewards Visa. Only time I can remember. Citi Bank says they review accounts every six months for auto-reductions for Aprs ... hmm I wonder if this is script to the CRSs.

gh17 · ‎10-25-2014

No.

The only card I've gotten an APR reduction on is my Citi Forward. And I think this was a feature of the card where for the first x months if you paid on time you got an APR reduction. But once it reached its limit, it became permantently stuck in one place. Although at 10.99%, not so bad of an APR for an awesome rewards card (not that I pay interest).

I've occasionally tried via chat or secured message to lower my APRs, just out of curiosity, but with no luck. I wasn't really expecting anything of it but figured I'd try. Maybe it's more likely with calling. My Capital One card has 20.99% which is my highest rate (aside from store cards), so I'd like to get that one lowered just on principle.

pipeguy · ‎10-25-2014

@Anonymous wrote:
No. Many issuers give automatic CLI increases but few give automatic APR reductions. I have had to ask for APR reductions to get them. Some issuers reduce/increase APR based on the prime rate (e.g. My credit union reduced my APR to 6.9% for a while then raised it for new purchases to 9.9%). I can't draw a generalization based on just my experience, but from my experience automatic CLIs are not uncommon, while automatic APR reductions are very rare (even my CU only did it due to fluctuations in prime lending rate).

+1+ You've gotta ASK (fight) for a APR decrease as they don't give up the cash cow that easy.

MarineVietVet · ‎10-25-2014

@MarineVietVet wrote:
@Simba501 wrote:
See title.
I can only speak of my experience. I've never to my knowledge received an automatic APR reduction.

I need to reply to my own post.

After thinking about it I remembered that Discover gave me annual auto CLI's for several years after opeining it but I haven't had an auto CLI in a long, long time.