Chase Lowers Credit Card APR%

[ridgebackpilot]

I just noticed that sometime in the past month, Chase lowered the purchase APR on all my credit cards by about 2 percent across the board. I have eight Chase cards and each APR was reduced by approximately the same amount.

Apparently Chase did this without my asking for a reduction in APR and they never notified me. I've never seen this before, but maybe I just wasn't paying attention. Do card issuers like Chase regularly make changes to their credit card APR without telling card holders?

[Anonymous]

Prime rate was cut 1.5% last month so every variable card went down or will be going down. 

[AllZero]

I'm guessing Fed slashes interest rates to 0 ?

[CreditCuriosity]

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@Anonymous wrote:

Prime rate was cut 1.5% last month so every variable card went down or will be going down. 

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What he said.. 1.5% actually

[ridgebackpilot]

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@Anonymous wrote:

Prime rate was cut 1.5% last month so every variable card went down or will be going down. 

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 Ah, yes that explains it. I keep forgetting the APR on most cards is variable and fluctuates with the Prime Rate. It always surprises me when a card issure voluntarily lowers my APR!

[Anonymous]

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@ridgebackpilot wrote:

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@Anonymous wrote:

Prime rate was cut 1.5% last month so every variable card went down or will be going down. 

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 Ah, yes that explains it. I keep forgetting the APR on most cards is variable and fluctuates with the Prime Rate. It always surprises me when a card issure voluntarily lowers my APR!

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Yeah it's nice seeing those numbers go down. My NFCU Platinum will drop to 5.99% on 5/1. But it will hurt to watch those numbers go back up later.

[AverageJoesCredit]

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@Anonymous wrote:

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@ridgebackpilot wrote:

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@Anonymous wrote:

Prime rate was cut 1.5% last month so every variable card went down or will be going down. 

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 Ah, yes that explains it. I keep forgetting the APR on most cards is variable and fluctuates with the Prime Rate. It always surprises me when a card issure voluntarily lowers my APR!

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Yeah it's nice seeing those numbers go down. My NFCU Platinum will drop to 5.99% on 5/1. But it will hurt to watch those numbers go back up later.

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This.  But on another level @ridgebackpilot  , there are lenders with whom you CAN request apr reductions  unlike Chase. Citi, Discover, Amex, Boa , Navy Fed, amongst a few

[Wavester64]

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@ridgebackpilot wrote:

I just noticed that sometime in the past month, Chase lowered the purchase APR on all my credit cards by about 2 percent across the board. I have eight Chase cards and each APR was reduced by approximately the same amount.

Apparently Chase did this without my asking for a reduction in APR and they never notified me. I've never seen this before, but maybe I just wasn't paying attention. Do card issuers like Chase regularly make changes to their credit card APR without telling card holders?

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EIGHT? Sheesh, I can't even get one.  

Good for you however  

[Anonymous]

Time to try to take advantage and pay down balances if you can.

Of course when these rate cut opportunities arise, every other facet of your finances may prevent you from doing so. Job loss, stock losses, savings rate cuts, pay cuts, etc. But if you can, good time to put it to work. If you are in this position, I hope the rate cut helps.

[Anonymous]

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@Anonymous wrote:

Yeah it's nice seeing those numbers go down. My NFCU Platinum will drop to 5.99% on 5/1. But it will hurt to watch those numbers go back up later.

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That's pretty good! If I had Plat with that rate I'd just use them for a Loan purposes, much better than most Loan rates and no HP!