Lowering APR...

[Anonymous]

I'm curious to hear about your experiences with getting your credit card APRs lowered. Which lenders are more willing to lower APRs over time with good behaviour and improved credit?

[Anonymous]

Capital One only does temporary 7 month drops of around 4% for me. 

My data on US Bank and BoA is from 2008 so it’s too outdated to post and I haven’t asked my other creditors yet. 

[AverageJoesCredit]

Discover will lower your apr after a year ,when asked. Navy Federal will entertain this as well after a year. Bsnk of America has been known to lower apr if you have an offer. Citibank too can lower apr, via call or chat. Chase never. Capitol One not permanent. Amex i believe is harder to get but may be possible on case by case* not 100% sure.

[rbentley]

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@AverageJoesCredit wrote:
Discover will lower your apr after a year ,when asked. Navy Federal will entertain this as well after a year. Bsnk of America has been known to lower apr if you have an offer. Citibank too can lower apr, via call or chat. Chase never. Capitol One not permanent. Amex i believe is harder to get but may be possible on case by case* not 100% sure.

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Great information.  One of my goals this year was to focus on possible APR reductions.  I got a Chase Amazon card early in my rebuild that has a preditory 24.49%.  Needless to say, I only use it for purchases that I can PIF.  I had hoped to get an APR reduction this year but that now appears unlikely.  Oh well, it is valuable for the 5% off Amazon.  No swipes for you Chase Amazon!

[CreditInspired]

Discover will also give you another 12-month 0 APR after 1 yr as long as your credit profile stays good. You just have to ask.

[Anonymous]

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@CreditInspired wrote:
Discover will also give you another 12-month 0 APR after 1 yr as long as your credit profile stays good. You just have to ask.

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This would be a great deal if they gave you another year of cash back match too 😂 

jk. Sorta. I have heard Disco will do this every now and then if you ask which sure beats having to pay a fee for a BT to checking to pay off a large purchase!

[rbentley]

Anyone know what FNBO policy is on APR reductions?  They have been generous to me with CLI's but my APR is 21%.  The card is pretty much in my sock drawer with occasional small swipes to keep the card active.  It is about to become my oldest open card.

[RicHowe]

AMEX will offer lower APR Promos on occasion. These are not permanent APR changes though.

[Anonymous]

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@rbentley wrote:

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@AverageJoesCredit wrote:
Discover will lower your apr after a year ,when asked. Navy Federal will entertain this as well after a year. Bsnk of America has been known to lower apr if you have an offer. Citibank too can lower apr, via call or chat. Chase never. Capitol One not permanent. Amex i believe is harder to get but may be possible on case by case* not 100% sure.

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Great information.  One of my goals this year was to focus on possible APR reductions.  I got a Chase Amazon card early in my rebuild that has a preditory 24.49%.  Needless to say, I only use it for purchases that I can PIF.  I had hoped to get an APR reduction this year but that now appears unlikely.  Oh well, it is valuable for the 5% off Amazon.  No swipes for you Chase Amazon!

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Let me save you some time.  You have pretty close to a 0% chance of adjusting your APR with Chase.  While you may get a periodic promotional offer, a permanent reduction of your variable APR isn't happening.

I have you beat.  I still have a Chase card with 25.24%.  I have tried on multiple occasions to reduce this.  The last time I even escalated to a supervisor.  I asked him "If I submit to a HP for a CLI, could I also be considered for an APR reduction?"  No.  

If I didn't like the Freedom so much, they would be gone permanently.  They drive me crazy for quite a few reasons.

[Anonymous]

Last month I lowered my Bofa card from 18.99% to 16.49% and my Cash Magnet from 15.24% to 12.49%(for 1 year).

All just by calling the number on the back of the card.