I was just approved for a marvel card. I was very happy until I saw my APR was 27%! Has anyone had any luck getting thier apr lowered with marvel/synchrony? I have alot of cards. 3 cap1, 1 navy federal, discover it, local credit union visa, plus lots of store cards including a couple from synchrony. My APR on those are as low as 8%. To me a card with 27% is useless. There is no way I would use it for anything. My fico is 693. Any suggestions would be appreciated. Thanks
Ouch. Looking at the rate and terms sheet Synchrony sets the interest rate for this card into three buckets based on creditworthiness: Type 1 is 15.74, Type 2 is 20.74 and Type 3 is 25.74. I'm surprised you got put in the highest rate group -- have you called and spoken with a Synchrony Credit Analyst to see if anything can be done?
@Anonymous wrote: I was just approved for a marvel card. I was very happy until I saw my APR was 27%! Has anyone had any luck getting thier apr lowered with marvel/synchrony? I have alot of cards. 3 cap1, 1 navy federal, discover it, local credit union visa, plus lots of store cards including a couple from synchrony. My APR on those are as low as 8%. To me a card with 27% is useless. There is no way I would use it for anything. My fico is 693. Any suggestions would be appreciated. Thanks
Maxethan no I havent tried to have it lowered. I applied monday night online and they needed some id verification so I called them and gave them the info needed. The rep said your approved for 2k & I asked her what my apr was and she said that info would be in an email. I didnt recieve an email so I called today today being wedensday and asked what my apr was and the rep said 27%. I was so shocked I just said thanks & hung up. From what you just said and what I understand it cant be higher than 25%. I havent recieved the card yet but thats why I was asking if anyone has had luck getting the apr lowered on thier marvel card. I dont know if she simply told me 27% & meant 25% but either way even 25% is ridiculous.
Yeah the apr can be ridiculous , unfortunately , thats part of the ball game with many Synch cards. The solution would be to just use the card and pif. You can still earn pretty good and paying in full assures you the apr is mute. Something in your profile put you in that bucket. Dont hear too many APR reductions with Sync if at all. Wait til you receive card to actualy see your apr before you decide a plan of action. Good luck if you do.
Sync. doesn't do APR reductions that I have ever heard of.. Grats on the approval though. Just never carry a balance on it.. Use to have card approved for the 15.x apr with only around a 700 TU score.. Not sure how they determine the tiers are my TU wasn't great. Since cancelled the cards as had to many cc's
They put mine in the 25% bucket too and the TU pull they did showed a 763 score at that time, with no negative items, I believe 6 year AAoA, and 10 year history.
Of course i really just wanted a credit card with Spider-Man on it so no big deal, but still odd.
Wanderingbuilder hearing they threw you into the 25% as well I guess makes me feel a little better. I was kinda like you. I only got the card cuz I wanted the capt America card because the nerd in me thinks its cool. Have you ever tried to lower it? If so did you have any success? This is my first mastercard/visa from Synchrony. I have walmart, discount tire, car care one & BP gas card all thru synchrony but being they are all "store" cards I never tried to have my apr lowered on them. I dont know if I just need to accept its at 25% & thats that or if there is a chance I could get it lowered.
I've considered calling Credit Solutions to inquire about this as I am also in the 25% bucket. It hasn't been an issue since I PIF every month but it would be a nice "peace of mind" to have a lower APR in the off chance I had to carry a balance briefly for whatever circumstance. I figure the worst they can do is say no.
