How is chase with lowering Purchase APRs?

[creditconcept]

Just sent the following message to chase SM:

"Hey can you lower the APR on my Freedom, it is currently 22.9%"

What do you all think my chances are?

Card is 14 months old, $5K, and Fico of 695 right now.

[kdm31091]

Sorry to be so blunt but your chances are basically zero.

They do not lower APRs by request (except for a couple of isolated successes). They also do not really lower them automatically; again it occasionally happens, but far from often.

Unfortunately your only real chance for a lower APR with Chase, if you are sticking with the same product, is to cancel and reapply, but no guarantee you'll get something substantially better. You can also apply for something different and move the limits around, but this assumes you want a different product.

Chase is not known for APR lowering in any way shape or form. It sucks but it's just how they are. I've accepted it, and will not be keeping my Amazon card forever. I don't carry a balance typically, but knowing the APR will never improve just leaves a bad taste in my mouth. Wish I had better news for you, but it's not gonna happen, you'll be stuck with 22.9% forever most likely.

Also, I sent them a very similar SM and got a canned response that "Chase periodically reviews APRs and will lower if you are eligible"; essentially, it means buzz off, don't ask again, and maybe someday we will lower it but probably not.

[Ghoshida]

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@creditconcept wrote:

Just sent the following message to chase SM:

"Hey can you lower the APR on my Freedom, it is currently 22.9%"

What do you all think my chances are?

Card is 14 months old, $5K, and Fico of 695 right now.

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From what I heard on this forum, not gonna happen. (Don't want to sound negative, my first cards with Chase got same sad APR)

Chase is pretty stinky with APR reduction. Good luck and post back if they answer positive !

[FinStar]

Honestly, not good.  Not to disappoint you but that's typically their policy for customer-initiated requests.  They periodically review accounts to determine whether they are elegible at some point - this is driven by your overall profile, CRA information and internal scoring.  There is no set period for those reviews, unfortunately.  However, it does happen.

If you didn't qualify for the best terms due to your credit information, your option would be to apply for the same product at some point in the future and determine if you qualify for a much lower APR.  Some folks have reported success.

[FinStar]

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@kdm31091 wrote:

Sorry to be so blunt but your chances are basically zero.

They do not lower APRs by request (except for a couple of isolated successes). They also do not really lower them automatically; again it occasionally happens, but far from often.

Unfortunately your only real chance for a lower APR with Chase, if you are sticking with the same product, is to cancel and reapply, but no guarantee you'll get something substantially better. You can also apply for something different and move the limits around, but this assumes you want a different product.

Chase is not known for APR lowering in any way shape or form. It sucks but it's just how they are. I've accepted it, and will not be keeping my Amazon card forever. I don't carry a balance typically, but knowing the APR will never improve just leaves a bad taste in my mouth. Wish I had better news for you, but it's not gonna happen, you'll be stuck with 22.9% forever most likely.

Also, I sent them a very similar SM and got a canned response that "Chase periodically reviews APRs and will lower if you are eligible"; essentially, it means buzz off, don't ask again, and maybe someday we will lower it but probably not.

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Then again OP.  If you are in the PIF camp, the APR should be of no issue if you don't carry a balance.  There's always alternatives.

[creditconcept]

Thanks guys, appreciate the honesty.

My problem is that I am stuck in the land of abysmal APRs. Before I had any other credit, I had a 1 year old installment loan on my profile, so when I went for credit cards, I did not have to start with secured or creditOne cards. I got chase freedom, discover, BoA, and Cap One, but my problem is that all of my cards have the exact same APR 22.9% except for capOne which is 25% (more on this in a sec)

I want to lower these APRs, but none seem to budge, and I dont want to apply for new products because my AAoA is 2 years 7 months, so I dont want to apply for new products....

But Ill figure it out. I asked everyone to lower my APR tonoght thourgh secure message, and I have only gotten 1 response so far. Capital One said they would lower it from 25% to 21% for 7 months, and them put it back at 25% I just said whatever and took it. I just feel stuk now lol

[creditconcept]

Generally I am in the PIF camp for things lower than $1200/month. But, sometimes I do make larger purchases $2 - $4k and can not pay these off in full, and would just like a little better apr than 1/4th the sale price...

But yes i know what you mean...generally not an issue

[NRB525]

I had a card from 1998, a bank Chase absorbed. I put a large BT on it in 2006, at 3.99%, close to $30k borrowed at that time. Chase accellerated the payment terms on cards with those Forever offers, and even tried to force out the offers to get it to a higher APR. There was a class action lawsuit, States Attorney General got involved I think, so they backed off that APR change, kept the 5% monthly minimum payment rate.

I just paid the last of it off in September 2014, sent a letter to Chase asking about an APR reduction from the 29.99% rate they had put on the account. Not even a penalty rate, never a late anywhere. This was the new standard rate.

No.

So I closed it. Now this is an extreme case, but even after I had paid the account according to terms, paid it to zero, they were not able to look past that and even "reduce" the a APR to, say, 19.99% ("I got an APR reduction!" not).

OP your scores are less than 700. I would say you need to be above 760 before you are going to be considered for APR reductions on existing cards.

Good luck!

[FinStar]

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@creditconcept wrote:

Thanks guys, appreciate the honesty.

My problem is that I am stuck in the land of abysmal APRs. Before I had any other credit, I had a 1 year old installment loan on my profile, so when I went for credit cards, I did not have to start with secured or creditOne cards. I got chase freedom, discover, BoA, and Cap One, but my problem is that all of my cards have the exact same APR 22.9% except for capOne which is 25% (more on this in a sec)

I want to lower these APRs, but none seem to budge, and I dont want to apply for new products because my AAoA is 2 years 7 months, so I dont want to apply for new products....

But Ill figure it out. I asked everyone to lower my APR tonoght thourgh secure message, and I have only gotten 1 response so far. Capital One said they would lower it from 25% to 21% for 7 months, and them put it back at 25% I just said whatever and took it. I just feel stuk now lol

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It's not all doom and gloom OP.  Are your Discover, BOA and Capital One cards unsecured?  If so, you have some options.  Typically, you can ask Discover after 1 year  (sometimes less) to see if your account is elegible.  Same for BOA.  Just because one doesn't pop-up right away, doesn't mean that over time these offers won't be avaiable.  Now, from what I've gathered, Capital One may need a little nudge by engaging their EO.  The best method for success is building a good history with all of your lenders and maintain a positive or upward improvement with your credit profile.  Once you have this, you can definitely negotiate with good results.  In the interim, time is your friend!

[NRB525]

Discover gave me a permanent APR reduction from 19.99% to 18.24%, so I have that going for me.