Negotiating a better APR %

[CYBERSAM]

I tried APR reduction on Home Depot card and they said no way! And to get a lower APR I could apply for a new card! But they reduced the APR on Citi DC. Maybe Store cards are different!

While we are on the subject, any idea as BOA reduces APR at all?

[kdm31091]

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@CYBERSAM wrote:

I tried APR reduction on Home Depot card and they said no way! And to get a lower APR I could apply for a new card! But they reduced the APR on Citi DC. Maybe Store cards are different!

While we are on the subject, any idea as BOA reduces APR at all?

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BoA has lowered the APR on my Cash Rewards upon request in the past. I have not tried anytime recently though.

I think you are right with Citi. They are willing to reduce APRs on their "core" cards, but maybe not on the retail cards.

[joeyv1985]

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@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.

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Physh1, 

Do I have to wait 6 months to request a lower APR?

[Remedios]

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@joeyv1985 wrote:

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@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.

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

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Not with everyone. 

They have no problem issuing me high SLs, but with payday loan APR, which is a reflection on my credit seeking ways. 

In your case, your SL is "I barely got in", so there was some concern on their end when you were approved. 

[Anonymous]

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@CYBERSAM wrote:

I tried APR reduction on Home Depot card and they said no way! And to get a lower APR I could apply for a new card! But they reduced the APR on Citi DC. Maybe Store cards are different!

While we are on the subject, any idea as BOA reduces APR at all?

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Store cards generally have a single APR for every person who holds that card so they're not flexible. 

[joeyv1985]

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@Remedios wrote:

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@joeyv1985 wrote:

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@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.

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

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Not with everyone. 

They have no problem issuing me high SLs, but with payday loan APR, which is a reflection on my credit seeking ways. 

In your case, your SL is "I barely got in", so there was some concern on their end when you were approved. 

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Hello Remedios,

You're right about "I barely got in". I was initially rejected by Chase on an application back in February and 2 days later I got approved on their recon line. It looks like I had an older Chase CC that went into collections more than 10 years ago and that was the sticking point. Makes me wonder if they're going to give me a CLI down the road. 

[Remedios]

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@joeyv1985 wrote:

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@Remedios wrote:

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@joeyv1985 wrote:

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@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.

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Not with everyone. 

They have no problem issuing me high SLs, but with payday loan APR, which is a reflection on my credit seeking ways. 

In your case, your SL is "I barely got in", so there was some concern on their end when you were approved. 

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Hello Remedios,

You're right about "I barely got in". I was initially rejected by Chase on an application back in February and 2 days later I got approved on their recon line. It looks like I had an older Chase CC that went into collections more than 10 years ago and that was the sticking point. Makes me wonder if they're going to give me a CLI down the road. 

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They might. While Chase will typically front load SLs, sometimes there is a bit left in "reserve", so it's not impossible to get one with regular and heavy use.

Additionally,  you can request one after you've had a card for a while. They are very unpredictable, some get nothing, some get a lil bit, and some get large increases. 

In any case, waiting longer and using card improves your odds, but some patience is required. 

[joeyv1985]

Gotcha

[K-in-Boston]

I do believe that The Home Depot card is one of many store cards that has a single APR for all cardholders regardless of credit profile, as mentioned. 

I tried to chat with Citi last week about my Premier card (it's at 23.49% while my Rewards+ is at 11.99%, even though my credit score was significantly higher when approved for Premier), but after about 15 minutes the chat agent couldn't get in touch with the department that handles APR reductions and he advised me to call.  (He actually was trying to put in a request for both cards without me asking!)  They are likely seeing a LOT of APR reduction requests right now.

Definitely agree on Chase not changing.  I've been fortunate to get the lowest advertised APR each time with them.  One time when they will change the APR is when they decide to restructure the APR range for their products!  Myself and a few others here got letters from Chase a few years ago that our APRs were being increased to better match other cardholders since our APRs were too low.  Went from 11.99% to somewhere in the 14s on Freedom.  

[Anonymous]

I have gotten it down to 6.15% APR from 11.49% on my Citi Dividend card.

Although the product is not in market anymore.

I did not have same luck with Bank of America, Chase and Wells Fargo.

They refused to lower it.