Re: Interest Rate Reductions

totallymytravis · ‎02-16-2022

After my Best Buy credit card offered me an interest rate reduction (to 5.9% for 8 mos) I decided to call some of my other issue is to see if they were willing to reduce interest rates. Here are my results.

capital one - garbage nothing nada waste of time.

nordstrom visa - "not doing interest rate reductions at this time"

discover - offered me 0% APR for 12 months yay!

syncrony cards - not even going to try.

FinStar · ‎02-16-2022

@totallymytravis wrote:
After my Best Buy credit card offered me an interest rate reduction (to 5.9% for 8 mos) I decided to call some of my other issue is to see if they were willing to reduce interest rates. Here are my results.
capital one - garbage nothing nada waste of time.
nordstrom visa - "not doing interest rate reductions at this time"
discover - offered me 0% APR for 12 months yay!
syncrony cards - not even going to try.

Yes, Discover can be very flexible with lowering the standard APR when the account is eligible plus they offer limited-time promotions as well. Citi (legacy) cards may offer some similar flexibility. Bank of America is hit or miss, but some members have been successful.

As far as the others you mentioned, Capital One will definitely not, but they may have temporary or limited-time promotions (e.g. 6 or 9 months) for reduced APR on purchases. US Bank may offer something similar, it just depends on whether the account has an eligible offer.

Lenders that will not lower standard APRs by customer request include: SYNCB, TD Bank/Nordstrom, Chase, Citi Retail (Best Buy, Home Depot, Staples, Sears, etc.), Comenity Bank, Capital One PLCCs (Saks, Cabela's, Neiman Marcus, etc.), Wells Fargo, USAA, PenFed, BMO Harris, Truist (formerly BB&T + SunTrust), Fifth Third, Barclays, and the list goes on.

SoCalGardener · ‎02-17-2022

@totallymytravis wrote:
After my Best Buy credit card offered me an interest rate reduction (to 5.9% for 8 mos) I decided to call some of my other issue is to see if they were willing to reduce interest rates. Here are my results.
capital one - garbage nothing nada waste of time.
nordstrom visa - "not doing interest rate reductions at this time"
discover - offered me 0% APR for 12 months yay!
syncrony cards - not even going to try.

That's funny, I had the exact same result when I tried Cap1 recently. Hmmmm...

They told me they don't have any 'offers' available, and I said, 'offers? I don't want an offer--I want a permanent reduction' of my APR, and they said no. Oh well.

Congratulations on Discover! I love that card, and their CSRs are always so nice.