Negotiating a better APR %

joeyv1985 · ‎05-14-2020

All,

I opended 3 credit cards between late January to late February. They are the following:

Citi Double Cash

$11,000 CL

16.99% APR

Opened 1/22/2020

Citi AAdvantage Platinum Select

$8,500 CL

22.99% APR

Opened 2/18/2020

Chase Sapphire Preferred
$5,000 CL

22.99% APR
Opened 2/25/2020

What's the best way to neogiate a lower APR on these cards? Can the CC company do it without a hardpull? Also, if I do get a lower APR on these cards, what rate can I expect? I'm surprised with the disparity in APR between the 2 Citi cards BTW. Fico 8/9 is currently @ 756, which is up 60 points since Jan 1st. Vantage scores are about 10 pts lower, however the trajectory is similar to that of the Fico 8/9 scores. I'm about to make some larger purchases for my condo, but they should be paid off in 30-45 days and assume a decrease in the principal on my mortgage and car loan. I actually plan on paying off the car in about 2 months. Hopefully I can reach a Fico score 760-780 by the time 6 month anniversary of these cards, which is late August or early September. Thank you in advance.

Anonymous · ‎05-14-2020

Citi you just get on chat and ask for a lower APR. If one is available, they'll give it to you. Then you hop back on chat the next day and ask again - keep doing that until they tell you no.

Chase doesn't offer APR reductions by request.

joeyv1985 · ‎05-14-2020

@Anonymous wrote:
Citi you just get on chat and ask for a lower APR. If one is available, they'll give it to you. Then you hop back on chat the next day and ask again - keep doing that until they tell you no.

Chase doesn't offer APR reductions by request.

Thanks Saeren. Does Chase offer APR reductions at all? Or will it require a hardpull?

Physh1 · ‎05-14-2020

Good news...Citi is pretty liberal with their APR reductions...call & ask or use their chat feature if available. Some data points say you could try & ask multiple times over a few days. I think you can ask anytime...no need to wait. A rejection on an APR reduction request doesn't hurt you.

Bad new...Chase doesn't budge on their APRs...period.

joeyv1985 · ‎05-14-2020

@Physh1 wrote:
Good news...Citi is pretty liberal with their APR reductions...call & ask or use their chat feature if available. Some data points say you could try & ask multiple times over a few days. I think you can ask anytime...no need to wait. A rejection on an APR reduction request doesn't hurt you.

Bad new...Chase doesn't budge on their APRs...period.

Thanks Physh. Why is Chase so....Draconian? Good lord.

Physh1 · ‎05-14-2020

The only way to a better APR is applying for a card later down the line with a better profile. APR only matters if you carry a balance anyhow...

Anonymous · ‎05-14-2020

@joeyv1985 wrote:
@Anonymous wrote:
Citi you just get on chat and ask for a lower APR. If one is available, they'll give it to you. Then you hop back on chat the next day and ask again - keep doing that until they tell you no.

Chase doesn't offer APR reductions by request.
Thanks Saeren. Does Chase offer APR reductions at all? Or will it require a hardpull?

Chase is like Capital One with the APRs. What you're approved for is what you keep unless you get a unicorn automatic reduction from them. They may be offering promo reductions with COVID-19 though. Doesn't hurt to ask but they are known to not be flexible with APR at all normally (where Capital One will usually offer a 7 month reduction).

kdm31091 · ‎05-14-2020

Chase does not honor APR reduction requests, although I'm not sure if they're offering anything temporary due to COVID. But in normal times they definitely do not reduce APR upon request.

Citi will honor requests. I am not sure there is any requirement as to how long the account has to have been open, etc. People report just asking on chat. Can't hurt to ask. I believe the minimum APR for a Double Cash is around 14% so I wouldn't be expecting to ever get lower than that but who knows. As for the Aadvantage, you will probably need to do several requests before you got it to anything worth using to borrow money. Neither account is likely to ever serve you the purpose of using to finance, unless you get a promotional offer.

joeyv1985 · ‎05-14-2020

ok. Thanks.

CreditCuriosity · ‎05-14-2020

As echoed citi is pretty easy chat or call... Chase doesnt offer although i did manage to get the lowest from higest on my freedom without asking.. granted card was close to 6 years old when it finally happened and was a nice suprise, but still bad at whatever the lowest apr is at 15.x which one would never want to carry a balance on anyways