@Dadof31978 wrote:
I know you don't want to hear the truth, but you need to cut the cards up, and go learn Dave Ramsey.
Not everyone can make millions by selling snake oil and most people will actually need credit in their lives. Which of OP's data points point to them being in such severe financial distress that they would need to resort to such drastic measures?
@Dadof31978 wrote:
I know you don't want to hear the truth, but you need to cut the cards up, and go learn Dave Ramsey.
That statement is going to be a very hard sell on this forum
I have borrowed up to $100K interest free on personal / Biz cards. (money borrowed for free)
I cannot tell you how much I have made in sign up bonuses, and $rewards
Oh and having the ability to not have to write checks, carry a huge wad of cash...
Maybe I should mention not having your bank account cleared out via debit card fraud.
I know I am missing some other things here.
@Dadof31978 wrote:
I know you don't want to hear the truth, but you need to cut the cards up, and go learn Dave Ramsey.
The OP has kindly provided specific data points for rate reductions with NFCU, popular cards from a popular card issuer.
I also have the Platinum and Flagship cards from Navy. Alot of folks here have interest in this type of information. These data points are useful to me for what prefer for my personal finances.. and floating debt is not indicative to mismanaging money.
Dave Ramsey wouldn't have anything to offer for me, unless it's free money.
@ThomasJNewton wrote:To those who have received interest rate reductions, how did you go about it? Did you try through the chat? Did you ask on a voice call? Was there a hard or soft pull?
I simply called NFCU credit card department and stated "I'd like to see if I'm eligible for an interest rate reduction on my credit card(s)". She said "let me look" and then told me I was already at the lowest level for the cards I'm carrying. The last time I had got a rate reduction from Navy I had called in for something else and they volunteered the rate reduction to me without asking, but YMMV on that.
No hard pull.
@TimFlorida wrote:Have been carrying a balance on my GoRewards. It was my cheapest APR. But with interest rates creeping up I called to see if I was eligible for any rate reductions. They told me I was at the lowest APR for both my Flagship (14.24%) and GoRewards (13.24%).
I was however able to PC my GoRewards to a Platinum and shave 3 points off (13.24% to 10.24%).
I'd like to keep my Flagship but might need to consider converting it to Platinum as well. Or try my luck with a new 0% card elsewhere.
Thanks for the data point. I just took a peek at what my Platinum and Flagship cards currently have. My Platinum is 10.24% so no oppourtunity there but my Flagship is 17.74%. I'm not ready to give up my Flagship yet but you've just given me a goal APR to shoot for. Probably going to call Monday.
Thanks and congrats!
@ThomasJNewton wrote:To those who have received interest rate reductions, how did you go about it? Did you try through the chat? Did you ask on a voice call? Was there a hard or soft pull? My Cash Rewards account is currently my only personal open account (I am an AU on my BF's Apple Card and a friend's Sapphire Preferred), and after having run a large balance on it for several years, I paid off the card in full in October and have not run a balance since.
Since I am not paying interest right now, I am not terribly bothered by the 18% rate (as I do not even have a current active card see: here :-) ), but I would like to bring it down on principle. It was opened over 8 years ago and with a starting line of $25,000. I have never missed a payment since I got the card.
I sent them a message asking for an interest rate reduction and I got it.
Did you guys wait a full year before requesting the APR reduction?
