How to reduce CC interest rates?

[loviedovie]

Hi fellow credit nerds! Need your advice:

I got a late start on building credit with my first cards (Macy's/CareCredit) at age 32. In the 4 years since I have gotten more/prime cards, higher limits and never missed a payment. My credit score is now in the high 700s but my interest rates are still so high!! How can I get lower rates? Do I need to cancel these cards and start over? HELP! 

Cards:

Chase Sapphire Preferred ($9k limit - 22.9% APR)

Chase Slate ($3,200 limit - 23.9% APR)

Citi Thank You Preferred ($3,300 limit - 16.9% APR)

Banana Republic Visa ($5,050 limit - 25.9 APR)

Nordstrom store card ($6,000 limit - 18.9% APR)

Macys store card ($5,000 limit - 24.5% APR)

CareCredit ($8,300 limit - 0% for 6 months then 33% APR)

[expatCanuck]

I phoned up BoA the other day (26.24).  I've been a customer with them for 17 years (and in fact have a six-year-old 30-day-late with them -- the only baddie in my report).  Told them (truthfully) that I have two other cards at 11.99 percent.  Asked them what they could do.  They lowered the rate to 20.99.  Still outrageously high, but a start.

You might try a similar approach with Chase (tho' I don't know how much room there is w/ the CSP).

[loviedovie]

OK so - don't cancel them? 

Are there other cards that I can apply for that tend to have a lower APR? I haven't apped for a new card in 2 years so I can try..

(I'm so confused about APRs... limits and credit score I understand how to grow over time... APRs I can't find anything on here...)

[AverageJoesCredit]

You are not really doing anything wrong. Chase has been known to give high apr, you could call , but Chase will not lower your apr. Just pay and in full will help avoid interest. Your other cards are store cards, Macys and Care Credit,Sync, are known for having high aprs. Be happy Nordies is more reasonable. With your scores you could easily qualify for a low apr card, its just what you have they normally dont have them. Just my 2 cents

[Anonymous]

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@loviedovie wrote:

Hi fellow credit nerds! Need your advice:

I got a late start on building credit with my first cards (Macy's/CareCredit) at age 32. In the 4 years since I have gotten more/prime cards, higher limits and never missed a payment. My credit score is now in the high 700s but my interest rates are still so high!! How can I get lower rates? Do I need to cancel these cards and start over? HELP! 

Cards:

Chase Sapphire Preferred ($9k limit - 22.9% APR)------ I have tried asking Chase for a decrease around 2 times and they refuse I even noted that my other cards did and they said we do not do offers like the other banks do.

Chase Slate ($3,200 limit - 23.9% APR)

Citi Thank You Preferred ($3,300 limit - 16.9% APR)----- I have secure messaged Citi and they lowered the APR on my Sears card by 10% I just asked again today waiting for a letter. I would ask Citi becuase they will consider it

Banana Republic Visa ($5,050 limit - 25.9 APR)----- I have not heard of Synchrony lowering APR's but since it is a Visa they might? It shouldnt hurt to call and ask.

Nordstrom store card ($6,000 limit - 18.9% APR)----- Nordstrom may conside lowering you APR, I have read that they no longer do Visa upgrades but maybe if you phoned an asked they might upgrade your card to Visa and lower the APR

Macys store card ($5,000 limit - 24.5% APR)------ Your Macy's APR is actually lower than the current APR offered which is 26.xx% so that is good. Does Macy's still offer upgrades to their Amex? If you ask they might upgrade you and lower the APR, I do not know. Citi operates the Macy's portfolio like they do Sears but I think Macys has a say in what happens.

CareCredit ($8,300 limit - 0% for 6 months then 33% APR)

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[lg8302ch]

Do you have any BT offers on your Chase accounts?  I have also an APR of 23% on Freedom but Chase offers me 1% BT offers which does not make any sense to me.  I tried several times to lower the APR on Freedom but Chase will not budge.  With almost all other lenders but Chase I managed to lower my initial APRs. 

[Anonymous]

Interesting conversation. Will add that I have below Chase market rates on my cards and after many years, Chase notified me that my card rates would be increased and maintained at the current market rates. Now my record with Chase is perfect since 2005 and I never paid 1 cent of interest in the entire time. I don't know where Chase is coming from but, I will continue to not pay any interest and they can enjoy their market rate Aprs. In truth all my other cards have better terms and conditions but I stay with Chase as I like their business services. Most of their cards are so so but the UR points are great! As to Citi Bank I have had a roll coaster related to Aprs ... sometimes I can get them to lower the rates and other times no. Discover has me at the lowest rate, and Barclay lowered their rates by 4% on the Apr so I can't complain at 10.99%. So I do have other lower fixed rate cards at 7.9% but these seem to be some of the more common ones.