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Best Approach for Requesting APR Reduction

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Frequent Contributor

Best Approach for Requesting APR Reduction

 

 

The subject line pretty much says it all. I'm interested in hearing your stories. I prefer the direct, yet polite, approach, but I want to make sure I don't step into a bear trap. Lemme have it!

Message 1 of 9
8 REPLIES 8
Community Leader
Senior Contributor

Re: Best Approach for Requesting APR Reduction

With Citi you can use online Chat to ask if a lower rate is available.  Discover used to have Chat but it has since been removed...at least on my end.  However you can still send them a secure message and request the same.  If an offer is available you'll get it...

Message 2 of 9
Frequent Contributor

Re: Best Approach for Requesting APR Reduction

Ask

 

Cap1 is the only one that I keep asking.  They just give you a temp reduction. At least in my case they do. 

 

 

Good Luck!







RIP: EECU PLOC | BBVA PLOC | Chase SP | Chase Amazon | Chase Freedom | WF Propel
Message 3 of 9
Moderator

Re: Best Approach for Requesting APR Reduction


@CramEiko wrote:

Ask

 

Cap1 is the only one that I keep asking.  They just give you a temp reduction. At least in my case they do. 

 

 

Good Luck!



FWIW Capital One isn't known to give permanent APR reductions... all you'll ever get from them are temporary reductions.

Message 4 of 9
Super Contributor

Re: Best Approach for Requesting APR Reduction

It's really just a matter of asking, keeping in mind not all lenders do permanent APR redutions upon request, so sometimes you won't have any luck just because of how the lender operates.

Message 5 of 9
Established Contributor

Re: Best Approach for Requesting APR Reduction

Just call and ask. They will at least approve one if its available. Disco is good for the 12 month 0% and Cap1 gave me a reduction for set period.
Message 6 of 9
Established Contributor

Re: Best Approach for Requesting APR Reduction

Most banks have heard requests for a lower APR before and have figured out a way to make it work for everyone. Some banks only offer temporary reductions like Capitol One while others like Discover like to pre-approve a 12mo 0% offer for their reps to hand out like lollipops. It really depends on the bank and what they are willing to do for you. Most permanent reductions only happen as a part of a loss of employment along with negotiating a payment plan for a closed account but you never know what a Bank can pull out of their bag of tricks. I had Citi give me a temporary low APR without me asking for it not that I plan on using it. Lastly being nice and courteous works wonders. The reps hear demands, whining, and take a beating all day long so being easy to work with goes a long way for them to just want to help you out.

TU:795 10/08/18 Synchrony--EX: 758 10/26/18 Discover--EQ:810 09/25/18 Citi--Gardening since 10/15/18
Active:
Bank of America (Bankamericard M, Better Balance Rewards M, Cash Rewards VS), Blispay V, Capital One Quicksilver VSC, Chase(AARP VSC, Amazon Prime VS, Freedom VSC), Citi Dividend M, Citizens GreenSense M, Discover It, FNBO Ducks Unlimited VS, FedEx Employee Credit Association V, Synchrony Bank(PayPal Credit, PayPal 2% Cashback M, Walmart M), US Bank Cash+ VS
Wishlist: Barclaycard Uber, Bellco Colorado Rewards, EBates, Marvel, Nusenda Platinum Cash Rewards, PenFed Pathfinder, Security Service Power Travel Rewards, UMB Bank Simply Rewards, Vantage West Connect Rewards, Wells Fargo Propel
Message 7 of 9
Senior Contributor

Re: Best Approach for Requesting APR Reduction

I will occasionally just call. I say I have some large purchases coming up and want to see if they have any special offers for my account, either in the form of extra rewards or a 0% period.
Major spend: CSR, CFU, BBP, Costco
Rewards/AAoA ballast: CF, Discover, ED, BCE, Arrival, DoubleCash
Perks: Schwab Platinum, IHG49, Hyatt75, SPG Luxury, Delta Platinum, Aviator Red
Plan to close: Savor
Message 8 of 9
Highlighted
Established Contributor

Re: Best Approach for Requesting APR Reduction

I just recently got a 2% APR reduction on my BoA card. Called the number on the card and just asked.




 

Amex PRG (NPSL), Amex Blue Cash ($8K), Amex Simply Cash+ ($4K), Discover ($20.7K), Cap 1 Union Plus MC ($2500), Chase FU Visa Sig ($12K), Chase CSP Visa Sig($5K), FCB/Elan Rewards Visa Sig($7.5K), Buckle ($1.3K), BofA AAA Rewards ($65K), Paypal credit ($6.5K), BBVA Clearpoints ($7.5K), Cap 1 Savor ($10K)
Message 9 of 9