I have a Chase Freedom unlimited which is 23.74% and a Chase Sapphire Preferred at 15.9%. When I applied for both cards I just came back from being out of the country for 20 years and my scores were in the high 600's/low 700's. As I was rebuilding credit and never hold a balance more than 3% utilization, I wasnt too bothered about the rate which is high.
Fast forward to yesterday when I applied for a NFCU Platinum card and was immediately approved for £5600 at 5.99% which is their lowest. Not too excited with the starting limit but absolutely thrilled with the low rate.
My scores are in the low to medium 700's now and I feel I deserve a better rate. Does anyone know if Chase reviews rates based on a request and if so, do they ever lower and are they hard pulls?
Apologies for the long winded post and any ignorance!
Chase has a reputation for being inflexible when customers request a lower APR. Maybe they'll be more flexible during a pandemic, but keep your expectations low. I don't think it's something they'd even do a HP to consider.
Sometimes they do send out targeted offers for a permanently or temporarily lower APR, but only a few people have succeeded when calling Chase with a request...and the accounts may have already been designated as having a negotiable APR.
I just ignore the high APRs and PIF.
What he said, I believe they lowered the rate on my Freedom a year or so ago. It was unsolicited. Tried to get me to switch over to the 1.5 CB version, I declined.
Other than that, I wouldn't waste time. As long as you PIF each month, it doesn't matter.
What others have said: Chase gives what they give and rarely revisits, either credit limit or APR. Just chiming in because I have sh***y interest rates from Chase, too, and I feel like whinging (you're welcome) this grey morning.
Chase unfortunately very rarely will budge on APR. A few people have gotten random decreases here and there and I think maybe I've read one or two stories of requested APR reductions being granted...but I'm talking one or two over the several years I've been on the forums...so it's not common.
With Chase you are best off assuming the APR you started with is the APR that will remain for the life of the account, except for prime rate changes.
You cannot compare Navy to other lenders especially in comparison of Apr. Noone knows how they assign apr but even lesser profiles often get their lowest rste on first try while others have to work to get it down to that level. Chase doesnt lower apr and they could care less if someone had an 800, they still might not give best apr. I dont know how much your Navy cc is in dollars, but 5600 is a respectable start and within a year can easily be 25k.
I do not even bother to call Chase for a APR reduction.
Like winning the lottery if you get a targeted offer for one.
You can check the cardmember agreements for Chase cards here:
For each card they list the range of possible interest rates. You are pretty close the the mininum on the CSP, but way above on the Freedom. I was able to call and get Chase interest rates lowered many years ago, but they might be tougher now. Interest rates mattered to me a lot more back when I had huge CC debt, now that they are all paid, I plan to keep them that way and haven't been paying much attention to my rates. I just checked and see that my CSP is at 22.99%. Just out of curiosity I've asked for a decrease. They don't seem to have an on-line chat option so I sent a secure message, but they say response time is running a week. I'll report back when I hear from them.
I have a question: I am actually a bit surprised with this discussion of APR rates. I thought that those of us on a credit card forum would not typically carry balances. Do contributors here actually carry balances regularly? Or do you like to get low APRs as a way of raising the perceived value of your credit cards? ("My NFCU credit card has a $45K SL with 2.99% APR!")
While I have carried balances in the past, I have not for probably 15 years now. I do not plan to ever carry a balance again, unless I need funds for something and get a 0% APR promotion or something. I do not give the APR rate one single second of consideration when looking for a new credit card. I don't care if it is 1,000,000%, because I will not use it.