Chase APR Reduction

[jlfce1]

I've read a lot on this website that Chase never reduces the APR.  I've had my Freedom since 2005 and at some point I was given the default APR of 29.99%  I never carry a balance on this card because of it, but I noticed today that although the APR is still high, it was reduced to 27.24%. Clearly, not anything to do flips over, but thought that it was interesting to see a reduction of an APR from Chase!

**edited for typo

[red259]

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@jlfce1 wrote:

've read a lot on this website that Chase never reduces the APR.  I've had my Freedom since 2005 and at some point I was given the default APR of 29.99%  I never carry a balance on this card because of it, but I noticed today that although the APR is still high, it was reduced to 27.24%. Clearly, not anything to do flips over, but thought that it was interesting to see a reduction of an APR from Chase!

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I've seen stories of them reducing APR before. Its just not that common. 

[L-TWT]

OMG, your APR is 27.24%?.....I hope you never carry a montly balance!!!!

[missjae]

Something is definitely better than nothing....I think it shows some goodwill. Congrats.

[jlfce1]

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@L-TWT wrote:

OMG, your APR is 27.24%?.....I hope you never carry a montly balance!!!!

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Right, that's why I said I never carry a balance, more specifically, it was at 29.99 before.  It's my oldest card so I keep it open, but I don't use it often and when I do, I pay it right off.

[jlfce1]

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@missjae wrote:
Something is definitely better than nothing....I think it shows some goodwill. Congrats.

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Thanks. 

[FinStar]

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@jlfce1 wrote:

've read a lot on this website that Chase never reduces the APR.  I've had my Freedom since 2005 and at some point I was given the default APR of 29.99%  I never carry a balance on this card because of it, but I noticed today that although the APR is still high, it was reduced to 27.24%. Clearly, not anything to do flips over, but thought that it was interesting to see a reduction of an APR from Chase!

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Unfortunately, unlike Citi, BOA or AMEX, Chase does not have much flexibility with lowering APRs as a common practice.  In rare instances they can, based on periodic reviews (which they do perform).  You might as well treat it as a debit card and PIF.  Hence, if your specific product was locked at a high APR before the Card Act (whether by penalty assessement or product origination), it may stay that way for a long time (folks have reported engaging the EO without much success).  Depending on your profile, and if you credit has improved over time, is to apply for another one of their cards which would offer better APR terms than the one you currently have.

[youngandcreditwrthy]

Yeah, they refuse to lower my Freedom APR@22.99%. Lol... Oh well. Pif and no balance carrying after 0% expires.

[azguy13]

I agree, something is better than nothing. I would definitely get int ouch with Chase EO though and continue to try and get that lowered