Chase Sapphire Promotional APR lowered current rate

[Creditsen]

Just today chase sent me a notification email saying I had earned a special promotional rate. They offered 6.99% APR on all purchases made with my Chase Sapphire from April 1, 2020 to September 30, 2020. My standard APR is 21.49 % which I think is fairly typical for rewards cards. Is there a reason for this promotion besides trying to get me to build up a large balance on the card in the hopes I will have it on there still in September? I appreciate the lower rate but I have never carried over a balance, yet, so I haven't paid too much attention to APR. I've also never had a card lower their APR rate past the initial year promotions. Is this normal? A part of me thinks this is pretty cynical of credit card companies to catch people with a balance with the market being tumultuous right now and many work offices closing up shop around the globe. Maybe it is a kindness from Chase in anticipation for people needing to use credit in the coming months? Any thoughts from anyone?

[Remedios]

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@Creditsen wrote:
Just today chase sent me a notification email saying I had earned a special promotional rate. They offered 6.99% APR on all purchases made with my Chase Sapphire from April 1, 2020 to September 30, 2020. My standard APR is 21.49 % which I think is fairly typical for rewards cards. Is there a reason for this promotion besides trying to get me to build up a large balance on the card in the hopes I will have it on there still in September? I appreciate the lower rate but I have never carried over a balance, yet, so I haven't paid too much attention to APR. I've also never had a card lower their APR rate past the initial year promotions. Is this normal? A part of me thinks this is pretty cynical of credit card companies to catch people with a balance with the market being tumultuous right now and many work offices closing up shop around the globe. Maybe it is a kindness from Chase in anticipation for people needing to use credit in the coming months? Any thoughts from anyone?

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I wouldn't describe any lender as "kind". At best, it's a symbiotic relationship. 

As far as APR reductions, those promotional offers are common.

Main goal is to entice spending, so if you're buying something you may not be able to pay off right away, card with 0% or low APR is the way to go. 

If someone happens to pay interest because of it, even better. 

As far as this particular offer, it makes sense for Chase to offer it, because if you do carry a balance, it offsets rewards you're earning, and them paying in return. 

If you dont want it, dont accept it. 

If you already accepted it, then it means their strategy is working because people will do it "just in case", then get carried away because "low" APR. 

[Anonymous]

Perhaps it could be both, although I wonder if anyone else with Chase cards has received a similar offer?

EDIT: Nevermind, I see you got your answer 

[Anonymous]

i never get any offers from chase besides trying to get me to refer friends to open up accounts haha

i hope my relationship will build with them soon.

[Anonymous]

I got same offer for Freedom but at 8.99%.

[Anonymous]

I got 4.99% on csR. Although I have a 0% apr offer on my AA Mileup card. lol

[Creditsen]

Well, at least we know the rates are personalized a little and it isn't limited to any one Chase card.

[seattletravels]

What @Remedios said. These promo APR are fairly common across issuers and are meant to offer a low APR alternative to cardholders for large purchases.

The low APR plus the existing rewards on CSP might make you use that card instead of one you were planning.