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Chase Cards interest rates

kdm31091
Super Contributor

Re: Chase Cards interest rates


@MrT_521 wrote:

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.


For some it's just more of a principal thing, feeling that as the score/profile improves, one deserves better APRs.

 

Financially, it does not make sense to actually use the APR to borrow money in most cases. The exception being a 0% offer or BT offer etc but 22% going down to say, 19% does not mean the card is suddenly great for financing. A reduction is often just something people enjoy seeing if they can get.

 

The flip side is that it puts eyes on your account and there have been cases where that has resulted in a not so great outcome, but that's usually if you are seeking excessive credit and such (lots of inquiries/new accounts/etc plus wanting your APR reduced can signal risk to issuers).

Message 11 of 25
FlaDude
Established Contributor

Re: Chase Cards interest rates


@MrT_521 wrote:

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?


That's certainly a goal, although not everyone here has achieved it. Many people join this forum because they either have a lot of debt they are dealing with, or have had lates/CO/BK and they are trying to rebuild.

Scores: March 21 FICO 8: EX 810, TU 808, EQ 813
AoOA: closed: 36 years, open: 25 years; AAoA: 11.8 years
Amex Gold, Amex Green, Amex Blue, Amex ED, Amex Delta Gold, Amex Hilton Surpass, BoA Platinum Plus, Chase Freedom Unlimited, Chase Amazon, Chase CSP, Chase United Explorer, Citi AA Plat, Sync Lowes, Sync JC Penney - total CL 145k
Loans: Chase car loan (35k/6yrs 0.9%)
Message 12 of 25
VanderSnoot
Established Contributor

Re: Chase Cards interest rates


@MrT_521 wrote:

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?

Never. 

 


@MrT_521 wrote:

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!")


Bingo.

Most Recent Inquiry: 2020-10
Most Recent Account: 2021-01
Under 5/24: 2021-05 2021-06-13 (due to differing CRA interpretations of 24 months)
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Message 13 of 25
AverageJoesCredit
Community Leader
Mega Contributor

Re: Chase Cards interest rates


@MrT_521 wrote:

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.


The vast majority here earn high income and can afford to not carry balances but for some us we actually do or may have to. I try to pif when i can   due to what ive learned here but  if i need to carry a balance its better  to have a low apr than not. 

NN7! Fico math 1 HP = 20 CG LIEr Club Plankowner
Message 14 of 25
Remedios
Moderator

Re: Chase Cards interest rates

My Chase APRs used to look like payday loans.

Now they just look like terrible APRs.

 

Undead Danny Trejo looks strangely like dead Danny Trejo, who looks exactly like alive Danny Trejo. Thanks, Netflix!
Message 15 of 25
Turbobuick
Established Contributor

Re: Chase Cards interest rates

Longtime Chase cardholder

Freedom  11.24%

Amazon   13.24% 

Don't know if they've gone up, down or stayed the same. I only looked at the rates to contribute here. Never carry chargable balances. 

Message 16 of 25
CardNut
Valued Contributor

Re: Chase Cards interest rates


@Turbobuick wrote:

Longtime Chase cardholder

Freedom  11.24%

Amazon   13.24% 

Don't know if they've gone up, down or stayed the same. I only looked at the rates to contribute here. Never carry chargable balances. 


Those are great rates. Mine are 14.99 on FU and CF. 

 

OP, I never tried to reduce mine, but they can vary by lender.  Some have lower PNC cash rewards card APRs,  and mine is above 20%. If I were to carry a balance with a standard APR, PNC would never be the one to get it.

 

But you have a great low rate on your CU card. If you need to carry a balance, that's the card to use. Hopefully you can keep your balances low enough that you won't need another card like Chase to carry a balance on. Chase has been pretty much, this is what we gave you, you are pretty much stuck new oth CL and APR. 

 

Folks have been able to get CLIs by putting a lot of activity on the card. I wonder if that would work with lowering APRs, thinking more like PIF activity and requesting an APR reduction later.

Scores, HPs/24 mos. (updated 01/13/21):
    Experian FICO Score 8 = 828, 1/24
    Experian FICO Score 9 = 813, 1/24
   TransUnion = 811, 1/24
    Equifax = 813, 0/24

Total 2020 rewards, incl. offers/deals = $1,388.00

Total CL: $247,000

Cards (hover over for CL | interest rate | Date Opened):
Message 17 of 25
Aim_High
Senior Contributor

Re: Chase Cards interest rates


@gman wrote:

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. ... 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?


I'm heavily invested (card accounts) in Chase and I've been with them for over 20 years. 

 

The standard answer you always get if you call them to talk about APR reduction is that they review APRs periodically and adjust them.  There is no 'hard pull' and you can't even request them to review it or talk to anyone.  As others have posted, it appears you are normally stuck with what they give you at opening a card.  I have a few lenders that won't budge but I always try to reduce my APRs when I can.

 

Actually, I have a "flaw" in my credit profile that will probably never go away due to Chase, unless I want to cancel an old card.  Back when I had that oldest Chase card in the earliest years, I was heavily in debt due to an unexpected major career transition.  I used the float as much as possible since I didn't have the extra money to pay off my bills early.  Plus, it was also back before you could quickly watch your accounts online and pay real-time.  I normally mailed in paper checks.  I don't believe I was ever reported "late" (30+ days) but I believe I had payments arrive a matter of days late due to my not mailing in time.  Eventually, they jacked my interest rate up to the penalty rate and it has never come back down, even though I've paid on-time for well over 15 years now.  Not that I ever pay interest.  But it stinks that they won't lower it.  27.24% Smiley Surprised Ouch.



Length of Credit > 35 years; Total Credit Limits > $500K
AoOA > 27 years (Jun 1993); AoYA (Aug 2020); Gardening since 08/15/20.
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 18 of 25
Aim_High
Senior Contributor

Re: Chase Cards interest rates


@MrT_521 wrote:

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.


I pay-in-full but I lower mine for a few reasons. 

 

For one, I think it's the principle of the thing.  You can be sure if my scores had dropped a lot since I opened my cards or my debt loads had soared, my lenders wouldn't hesitate to raise my APRs, lower my limits, or close my accounts!!   On the contrary,  at this point in my life I have great credit scores and low debt.   If my lenders appreciate having me as a customer, they should give me the same lending criteria they would give me if I applied as a new customer today, not the lending criteria from my credit file ten years ago.   When they do this, it just makes me feel respected and valued as a customer.  

 

Two, while I always pay-in-full and I have automatic payments enabled, I never authorize lenders to pull 100% of my statement balance to pay off my account.  With many higher limit cards, that would be foolish and risky; I just don't keep that much in my checking accounts unless I know I need it.  I just have minimum payments enabled as a backup to my manual payments.  However, I've been around long enough to know that sometimes life happens.  I may forget to pay a card on time, or I may have a medical emergency or something else come up.  If it does, keeping my APRs as low as possible makes sure I pay as little interest as possible before the oversight is corrected.  It's just protection. 

 

Third, for sure it's a matter of feeling I'm getting "good value" from my cards as you mentioned.   It's just a matter of optimizing ALL the credit factors whether it's the rewards payout, the credit limit, getting the "best" cards I can qualify for in terms of benefits or perks, and getting cards with low fees and/or APRs. 



Length of Credit > 35 years; Total Credit Limits > $500K
AoOA > 27 years (Jun 1993); AoYA (Aug 2020); Gardening since 08/15/20.
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 19 of 25
Turbobuick
Established Contributor

Re: Chase Cards interest rates


@Aim_High wrote:

@gman wrote:

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. ... 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?


I'm heavily invested (card accounts) in Chase and I've been with them for over 20 years. 

 

The standard answer you always get if you call them to talk about APR reduction is that they review APRs periodically and adjust them.  There is no 'hard pull' and you can't even request them to review it or talk to anyone.  As others have posted, it appears you are normally stuck with what they give you at opening a card.  I have a few lenders that won't budge but I always try to reduce my APRs when I can.

 

Actually, I have a "flaw" in my credit profile that will probably never go away due to Chase, unless I want to cancel an old card.  Back when I had that oldest Chase card in the earliest years, I was heavily in debt due to an unexpected major career transition.  I used the float as much as possible since I didn't have the extra money to pay off my bills early.  Plus, it was also back before you could quickly watch your accounts online and pay real-time.  I normally mailed in paper checks.  I don't believe I was ever reported "late" (30+ days) but I believe I had payments arrive a matter of days late due to my not mailing in time.  Eventually, they jacked my interest rate up to the penalty rate and it has never come back down, even though I've paid on-time for well over 15 years now.  Not that I ever pay interest.  But it stinks that they won't lower it.  27.24% :smileysurprised: Ouch.


A little off topic, but a chance to rant. lol

 

Chase will screw anyone any chance they get. Back in about 2005 Chase offered a cash advance at 2.9% APR until it's paid in full. This was on my, otherwise worthless, Slate card with a $24K CL.  I had need for cash, new business venture, so I opted in for $15K and made minimum payments for a few years. I met their every requirement, but then, around the 2008 recession, they sent me notice that they were more than doubling my minimum payments from 2% to 5%. They basically voided their own contract. When I called and disputed, they said they could do whatever they wanted as long as I got prior notice, it was in the "terms". I was pissed, but not enough to pay an attorney, and paid 2.5 times my previous monthly payment until it was paid off. Chase was unscrupulous and unethical.  A year or so later, the class action suit brought me a few hundred dollars, but I'll never again trust Chase or any bank for that matter.

Message 20 of 25
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