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How to Ask for an Interest Rate Decrease

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kshurika
Frequent Contributor

How to Ask for an Interest Rate Decrease

Background: Over the last two years, I've been hitting my cards heavily to pay for investments whose annual appreciation is greater than that of my credit card interest rates. Everything went better than expected. Now, I'm selling those investments and taking my profits. I'm in the process of paying my 7 cards down quickly. In less than a week I've moved from 97% UR to 68%. Within the next month, that will be brought down to approximately 31% UR. I'll be back to AZEO by the end of September, if not sooner - possibly much sooner. I have two Chase cards, one Amex, two Capital One, one Discover and one NFCU (which doesn't require an interest rate decrease). I have no derogs at all.

 

When I'm back to <1% and a much higher CR,  I plan on asking for CLIs on some cards and interest rate decreases on others. I've just never done the latter and wondered how I go about it.

 

In the past, when my CR was in the 800s, I was given CLIs without asking, but never an interest rate decrease. Any advice?

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2 REPLIES 2
Anonymous
Not applicable

Re: How to Ask for an Interest Rate Decrease

Chase doesn't grant decreases when you ask for them, Capital One doesn't grant permanent ones but may grant temporary ones, Disco you just hop on chat and ask them, and AMEX same thing as Disco (but temporary ones are much more common than permanent ones). 

Disco may also offer you 0% for 12 months on new purchases if you would rather that than a permanent reduction. 

Message 2 of 3
M_Smart007
Legendary Contributor

Re: How to Ask for an Interest Rate Decrease


@kshurika wrote:

Background: Over the last two years, I've been hitting my cards heavily to pay for investments whose annual appreciation is greater than that of my credit card interest rates. Everything went better than expected. Now, I'm selling those investments and taking my profits. I'm in the process of paying my 7 cards down quickly. In less than a week I've moved from 97% UR to 68%. Within the next month, that will be brought down to approximately 31% UR. I'll be back to AZEO by the end of September, if not sooner - possibly much sooner. I have two Chase cards, one Amex, two Capital One, one Discover and one NFCU (which doesn't require an interest rate decrease). I have no derogs at all.

 

When I'm back to <1% and a much higher CR,  I plan on asking for CLIs on some cards and interest rate decreases on others. I've just never done the latter and wondered how I go about it.

 

In the past, when my CR was in the 800s, I was given CLIs without asking, but never an interest rate decrease. Any advice?


I doubt you can get an APR reduction with Chase ..Unsure about Capital one? (I do not hold any of their cards)

Amex, could be possible ... Discover, I have got them down. NFCU Yes after you have held the card for (1) year.

I would try secure message for NFCU and chat for Discover or call on the phone.

 

Good Luck!

Message 3 of 3
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