Chase SP APR Decrease?

[loviedovie]

Has anyone had any luck getting an APR decrease? Mine is so high - 25% with a limit of $27k. (My Citi is only 14%...)

How do I get it decreased? 

[dragontears]

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@loviedovie wrote:

Has anyone had any luck getting an APR decrease? Mine is so high - 25% with a limit of $27k. (My Citi is only 14%...)

How do I get it decreased? 

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Last I knew, chase does not do consumer requested APR reductions. There are a few reported auto reductions from a few years ago but in all honesty you have better odds of winning the lottery than getting one.

[CreditCuriosity]

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@dragontears wrote:

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@loviedovie wrote:

Has anyone had any luck getting an APR decrease? Mine is so high - 25% with a limit of $27k. (My Citi is only 14%...)

How do I get it decreased? 

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Last I knew, chase does not do consumer requested APR reductions. There are a few reported auto reductions from a few years ago but in all honesty you have better odds of winning the lottery than getting one.

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+100 they dont do customer initiated APR reductions.  They might lower yours during their ARs but that is very rare.  PIF if you can and never have to worry about APR, but agree on principle on high apr

[kdm31091]

Chase does not lower APR upon request. Very rarely, they will review accounts, and after the review you will be given an automatic reduction, but you probably have a better chance of being struck by lightning. 

[K-in-Boston]

+1 to everything above.  I've been lucky that all of my Chase cards are at or below the minimum published APR, but I have never read of anyone having success with requesting APR reductions.  On the other hand, Chase is very good about increasing APRs if they think yours is too low.  🙄  (Myself and a handful of others got letters a few years back letting us know that our APRs were being increased to be more in-line with what other cardholders had; my Freedom was like 12.49%.)

There often seems to be no rhyme or reason for the APR assigned by some lenders.  You mentioned your Citi being lower.  My Rewards+ is 11.99% but then when I got Premier later, it was much higher (now 23.49% but 25.49% at approval before Prime Rate changes) even though my scores were better.  But I know several people with excellent credit and not-so-excellent Chase APRs. 

[iced]

I would add that Chase cards are very points/rewards-centric (including cash-back), so carrying a balance on them (even at a 12% rate) would obliterate any gains made from the rewards spend. Most of them are just not meant to be balance-carrying cards, so the APR is largely irrelevant.

[Anonymous]

To answer your question, i would product change the sapphire, then reapply for another one and hope to get a better apr... then, if you need to, reallocate the limits to where you need them to be. 

There is no promise, but i have heard and read that is the only way to have a guaranteed shot at getting a lower apr for the same chase product