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Chase lowers APR on my Freedom Card

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Community Leader
Super Contributor

Re: Chase lowers APR on my Freedom Card

Thanks @Birdman7, tells you how much I paid attention after the upgrade offer. lol
They keep emailing me to upgrade my IHG as well...hard pass. lol


My most prized tradeline.
Message 21 of 28
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Senior Contributor

Re: Chase lowers APR on my Freedom Card


@Gmood1 wrote:
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

Nice to be in such esteemed company Smiley Happy

You don't have to take any action to get your APR lowered on the Freedom card; Chase has already decided to do it in September.

 

The only decision is whether or not to keep the Freedom or switch to the Freedom Unlimited.  Like you I've decided to keep the Freedom.

 

Chase has been making a major push lately.  In addition to reducing my APR, I've gotten balance transfer check offers in the mail yesterday and today.





Message 22 of 28
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Frequent Contributor

Re: Chase lowers APR on my Freedom Card

I got this letter in the mail today as well. I'm very happy with it. This was one of my first cards and had a 24.99% APR and the way rates kept going up I thought it would eventually be 30% like some CreditOne predator card
FICO SCORE 08 - Aug 2020 - EQ 772 - TU 768 - EX 770



12/15 - First Tradeline - 12/17 - 800 Credit Score - 3/18 - Homeowner

Message 23 of 28
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Super Contributor

Re: Chase lowers APR on my Freedom Card

You lucky MF’ers! (MyFICOers)😉😁

Hope I get one!
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 24 of 28
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Valued Contributor

Re: Chase lowers APR on my Freedom Card

I just got approved a new Chase card and got a .25% lower APR than it was stated in the disclosures for the expected range.  Then I noticed two of my other cards were also lowered .25% recently. Must have been due to recent shift down in prime rate.

 

Sapphire Reserve   .....   Marriott Bonvoy Boundless  .....  World of Hyatt  cards

 

*Note: My Freedom is still on 0% intro financing for first 15 months so my posted rate on it didn't change. 



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 25 of 28
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Super Contributor

Re: Chase lowers APR on my Freedom Card

Yeah that’s exactly what it is, scheduled for September I believe.
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 26 of 28
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Frequent Contributor

Re: Chase lowers APR on my Freedom Card


@GeorgiaBulldog wrote:

@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.


OP said rate decreased from 25.99% to 17.24%.... so no, I do not think this has anything to do with the Prime rate going down .25

 

Congrats OP!

Personal cards:
Amex Blue Cash Preferred | Capital One Quicksilver VS | Chase Freedom VS | Chase IHG Select WMC | Discover It | NFCU CashRewards MC | US Bank Cash+ VS
Business cards:
Amex Blue Business Cash (Hidden TL)
Total Credit Lines: $150K, DTI: 1%
In the Garden!
July 2020 FICO 8 Scores: EX 808 | EQ 820 | TU 820
Will answer questions about underwriting.
Message 27 of 28
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Super Contributor

Re: Chase lowers APR on my Freedom Card

LOL. Was not talking about OP. Was talking about the post prior to mine: Aim_High.

Pretty sure a quarter of a percent is the feds.
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 28 of 28
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