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Chase lowers APR on my Freedom Card

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Moderator

Re: Chase lowers APR on my Freedom Card

Congrats!  That's certainly much better than the letters some of us received a few years ago when they raised our 12-14% APR cards to 15.99% (and with prime rate increases those are of course now 17.x%) "because your APRs are below the lowest APRs we currently offer on similar accounts."  Always nice to hear about the rare unicorn from Chase, though!

Message 11 of 28
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Super Contributor

Re: Chase lowers APR on my Freedom Card

Congratulations, indeed!! Can you put in a good word for me?
For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.

RIP:







Updated June 2020, unless otherwise noted. I took an HP on EX, will reflect on next update.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 12 of 28
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New Contributor

Re: Chase lowers APR on my Freedom Card

Chase just recently brought down my reserve from 19.24 to 18.99, I know it isn’t much but it did go down.

I don’t carry balance so it doesn’t make a difference to me
Message 13 of 28
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Moderator Emeritus

Re: Chase lowers APR on my Freedom Card

@K-in-Boston ... my increases ran from 10.9% to whatever today's posted rate is! There are few lenders that have rates we would benefit by carrying a balance so 12.9% or 27.9% it is too much for me. Only thing I could think of is an emergency to carry?
Starting Score: 300
Current Score: 850
Goal Score: 850


Take the myFICO Fitness Challenge
Message 14 of 28
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Valued Contributor

Re: Chase lowers APR on my Freedom Card


@MaizeandBlue wrote:  Got  an email from Chase today stating that effective September 15 they were lowering the APR on my Freedom card from 25.99% to 17.24%.  So on their own they cut the APR from the highest to the lowest available rate.  Given all the comments about the impossibility of getting Chase to reduce APR this is certainly a nice surprise. 

 Wow, Congrats @MaizeandBlue !!  That is awesome!  Smiley Very Happy

 

I have been a credit customer (not banking) with Chase for 19 years now. 

My oldest account (opened as a SLATE Visa) is now a Freedom Unlimited Visa.

I've never had a BK or any Derogs, rarely even any minor lates over all my credit history with any lender.

My credit scores for last few years have been solid 800-850 range with low utilization.

Chase is my largest lender (5 lines of credit worth $138,400 TCL.)

Chase has also been good to me with balance transfer offers when I was carrying some debt.

Yet many many years ago (15+?) for some reason which I don't even recall, they jacked

my APR on that oldest account to the penalty APR ... currently 29.49%!!! 

It's abhorrent and no good reason for it; it's my biggest gripe with Chase. 

I, too, have gotten the "we review our accounts periodically" line when I tried to lower it.

I choose to keep the account open because it's one of my older ones and I never pay interest anyway.

But it's the principle of the thing.  Like they are holding a grudge for some reason.

 

So maybe this is good news and hope that they may finally soften on this penalty APR crap. 

 

*Incidentally, on all the other cards they have approved me for in the past 15 months,

I've been given the best available rate for that card.  So this one is very inconsistent!

And except for USAA, no other lender has been so stubborn when I approached them

for interest rate adjustments. 



Updated 07/20/2020
Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 27+ years;
AAoA = 8+ years; AoYA = less than 1 year (July 2020)
Total Open Credit Lines Over $521K. Utilization Less Than 1%.
Inquiries until Nov 2020 (TU:3 -- EQ:4 -- EX:8)
New Accounts: 3/6 months; 9/12 months; 12/24 months (as of 07/20/20)
Gardening until at least 04/2021.
*Hover cursor over each card to see name & CL, or press & hold on mobile app.
Message 15 of 28
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Valued Contributor

Re: Chase lowers APR on my Freedom Card

I also received this offer. Honestly, it doesn’t really excite me that much. I’d rather have been offered a quarterly spending bonus or something like that. I honestly think that was a feel-good gesture intended to persuade me to “upgrade” to the Unlimited - not happening.

 

 

I will say though, Chase has been really good to me. I have five credit cards with them and I even got an unsolicited CLI on my Freedom last year. And they gave me my first two cards with sizable limits when I had not-so-great scores and no prior banking relationship. 

 

2FF11BB7-9B5D-4CBF-A1E8-65AEAFE05E7A.jpeg

 

Better Balance Rewards - $1000 || Discover It (Joint) - $2000 || Better Balance Rewards #2 - $2100 || Wells Fargo Platinum - $2900 || Barclays Commence MC - $3700 || Better Balance Rewards #3 - $4000 || Amex SPG - $3000 || Discover It - $5000 || IHG Rewards WM - $5000 || Merrill+ VS - $5000 || Vantage West Connect Rewards VS - $5000 || Wells Fargo Propel Amex - $5100 || AARP VS - $7000 || Wyndham Rewards Visa - $7000 || US Bank Cash+ VS # - $7500 || Citi Dividend - $7600 || Citi Double Cash - $8000 || Sam's Club MC - $8500 || Chase Freedom VS - $8500 || Marriott Rewards VS - $9000 || Penfed Pathfinder Amex - $10000 || Quicksilver WMC - $10500 || US Bank Cash+ VS - $11500 || Amex Everyday - $12000 || Quicksilver VS - $23500 || Amex PRG || Total Credit: $150,400
Message 16 of 28
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Super Contributor

Re: Chase lowers APR on my Freedom Card


@jaylau17 wrote:

I also received this offer. Honestly, it doesn’t really excite me that much. I’d rather have been offered a quarterly spending bonus or something like that. I honestly think that was a feel-good gesture intended to persuade me to “upgrade” to the Unlimited - not happening.

 

 

I will say though, Chase has been really good to me. I have five credit cards with them and I even got an unsolicited CLI on my Freedom last year. And they gave me my first two cards with sizable limits when I had not-so-great scores and no prior banking relationship. 

 

2FF11BB7-9B5D-4CBF-A1E8-65AEAFE05E7A.jpeg

 


They have definitely been pushing people towards the Unlimited vs the regular Freedom for quite awhile. Obviously cheaper for them to pay out flat 1.5% vs the 5% on categories.

Message 17 of 28
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Regular Contributor

Re: Chase lowers APR on my Freedom Card


@Innergflow wrote:
Chase just recently brought down my reserve from 19.24 to 18.99, I know it isn’t much but it did go down.

I don’t carry balance so it doesn’t make a difference to me

Sounds like Chase didn't lower your APR, but rather the Fed cutting the prime rate by .25% led to you having a lower APR.

Favorite cards: AMEX Schwab Platinum, Gold, Blue Business Plus | BofA BBR | Chase Hyatt | FNBO Travelite, Ducks Unlimited
Message 18 of 28
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Community Leader
Super Contributor

Re: Chase lowers APR on my Freedom Card

Congratulations MnB!
I received the same offer email last week.
Received a letter yesterday stating the same thing.
Decided I'll just keep the regular Freedom and sky high APR. lol


My most prized tradeline.
Message 19 of 28
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Super Contributor

Re: Chase lowers APR on my Freedom Card

@Gmood1 No, the APR reduction is independent of the offer to upgrade.

Wish I could get it. I called and asked to lower and they said call back after the promotional 0% APR.
For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.

RIP:







Updated June 2020, unless otherwise noted. I took an HP on EX, will reflect on next update.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 20 of 28
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