Chase said no APRD

[kc12286]

So I called Chase to ask for an APR reduction, since I've paid down almost all of my balance (last payment will be on the 24th!) AND they said no. They said my account will be reviewed in August and if I qualify for a lower rate I'll receive something in the mail. I knew they would say no, the rate has been 29.99% for more than a year now. As far I can tell, I wasn't late, they let the card go over the limit. I've had other cards where it's declined so that doesn't happen, guess not with Chase. Anyway, it feels so good to have the card paid off. It's being sock'd for now and I'll only take it out if I'm purchasing from Amazon.

Also called TD Bank and asked about an APR reduction from them and why my account hadn't grown at all. They said when they bought the account from Commerce I had a fixed rate (haven't heard that term in a LONG time) of 7% and they made a variable 14.24% which it's stayed at. I think I'll close this one, the limit is $500 and they basically said they have no idea if the system would ever evaluate me for a CLI but that I could initiate one. I can't see the point in that.

[DI]

With all the money Chase give away  to new approved applicants and get 0% APR on purchases for so many months, they cannot afford to reduce anyone's rate. 

[kc12286]

Apparently not. This rep said they're not reducing rates "at this time". If I wasn't so close to getting a $25 Amazon GC (it's the Chase Amazon card) I'd toss it.

[smc733]

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@kc12286 wrote:

So I called Chase to ask for an APR reduction, since I've paid down almost all of my balance (last payment will be on the 24th!) AND they said no. They said my account will be reviewed in August and if I qualify for a lower rate I'll receive something in the mail. I knew they would say no, the rate has been 29.99% for more than a year now. As far I can tell, I wasn't late, they let the card go over the limit. I've had other cards where it's declined so that doesn't happen, guess not with Chase. Anyway, it feels so good to have the card paid off. It's being sock'd for now and I'll only take it out if I'm purchasing from Amazon.

Also called TD Bank and asked about an APR reduction from them and why my account hadn't grown at all. They said when they bought the account from Commerce I had a fixed rate (haven't heard that term in a LONG time) of 7% and they made a variable 14.24% which it's stayed at. I think I'll close this one, the limit is $500 and they basically said they have no idea if the system would ever evaluate me for a CLI but that I could initiate one. I can't see the point in that.

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Doesn't matter, if you spent over the limit, and its small, its not that you did it and hurt them, it just demonstrated that you are risk to them.  Move on to another lender.

[kc12286]

Here's my question though, why I even let the account go over? ( I mean, I get it, it nets them more fees "overlimit" etc) but since so many cards auto decline once you come close to your limit, I'd rather be declined then be hit with fees for going $1 or $2 over.

[Walt_K]

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@kc12286 wrote:

Here's my question though, why I even let the account go over? ( I mean, I get it, it nets them more fees "overlimit" etc) but since so many cards auto decline once you come close to your limit, I'd rather be declined then be hit with fees for going $1 or $2 over.

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When was this?  You can opt out of over-the-limit charges now and they won't approve the charge. 

[barbaralee]

From my understanding (as one of my senior reps explained to me) the new credit card laws have made it difficult for banks to not only increase the APR but decrease it as well. My bank is not lowering interest rates, either. When people call and ask I also give them the standard "we will review in August and February". A lot of people believe they can escalate and get their apr decrease. That is a big big BIG maybe, and as I have said in the past I've only seen in happen once and it was a 1% decrease. The fact is the new laws have really tied the banks' hands on a lot of issues, apr decreases being one of them.

[kc12286]

It was 08, I believe. I just looked again,  at one point my rate was 13.99%. Seems the finance charge of 23 made me go over, which resulted in the over limit fee and the bump in APR. So I didn't make purchases over my limit.

[smc733]

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@kc12286 wrote:

It was 08, I believe. I just looked again,  at one point my rate was 13.99%. Seems the finance charge of 23 made me go over, which resulted in the over limit fee and the bump in APR. So I didn't make purchases over my limit.

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True, but it is still justifiable for Chase...  either way, I say move on, see what Citi will offer you.

[kc12286]

I'm not too concerned. I gave it a shot, because I had some encouragement from the forum a few months back. Citi and Discover have been sending decent offers. Nothing that I want to take yet. I'm being patient. I want a card that will grow, with some decent rewards.