Permanent APR Reduction on AMEX Cards?

regional_ryan · ‎11-13-2020

Hey Y'all,

I decided to hop on chat and see if AMEX could reduce my APR on my EDP card. I got this as one of my starter cards and it has a 23.99% rate on it. Well, they came back with an offer to reduce it for 1 year at, get this, 23.24%. LOL what? Needless, to say, I declined.

I have looked at past AMEX APR reduction posts and it seems that many are only receiving temporary reductions for 1 year. I hope we will start to see AMEX do permanent reductions again (maybe in the next 1-2 years?). Have you got any stories of permanent AMEX APR reductions during the pandemic?

kdm31091 · ‎11-13-2020

I don't think it's necessarily pandemic related. IIRC they stopped really doing permanent reductions a couple years ago and typically only offer a promotional reduction (and often it's unimpressive, like you saw).

I'm sure there may be an outlier case or two but generally not much luck in permanent reductions anymore.

regional_ryan · ‎11-13-2020

@kdm31091 wrote:
I don't think it's necessarily pandemic related. IIRC they stopped really doing permanent reductions a couple years ago and typically only offer a promotional reduction (and often it's unimpressive, like you saw).

I'm sure there may be an outlier case or two but generally not much luck in permanent reductions anymore.

Ahh figured as much. Thanks for your input!

FinStar · ‎11-13-2020

Since I PIF and only revolve to utilize float in some instances, the APR is a non-event. The days of permanent APR reductions with AmEx appear to have faded based on the DPs on here and it's unlikely they'll change that policy, at least for a very long time (if at all). I've only seen the temporary reductions unless there's a unicorn somewhere. That said, with the CCs in your signature, Discover and Citi would be more flexible in doing so in the long run.

Anonymous · ‎11-13-2020

Since they prefer transactors I can see why they wouldn't be interested in APR reductions, it only encourages people to carry a balance.

Fortunately here are plenty of Lenders out there that do offer lower permanent rates.

K-in-Boston · ‎11-13-2020

I had permanent reductions on my SPG (now Marriott) and Delta Platinum SkyMiles cards. The system came back with an APR that was higher than my other cards (including Pay Over Time, all in the 14-15% range) on approval and I hopped on chat and got them matched. It may very well be profile depdendent, but if they won't lower it I wouldn't take it personally. I know several people with great credit who have fairly high Amex APRs.

Veronik2019 · ‎11-14-2020

I got 2 apr reductions at the beginning of the year. It was around February. A little background, I had been carrying a balance with Amex for the longest time like 3 or 4 years. The limit was at $2,800 and balance $2,500. I did a balance transfer and paid it off. My apr was 29.99% which I hadn't even noticed. I paid late once or twice so maybe that's why I got the penalty apr rate. So anyways I upgraded it to the BCP. I was thinking bout calling about the apr once so received the card. To my surprise when I got the card and the paperwork. My rate went back to the original opening rate of 14.99%! I was shocked and happy as hell! Lol. I hopped on chat no more than a few days later and I asked if there was an apr reduction offer. And surprisingly there was! The lady said there is an offer to permanently reduce the apr to 8.99% would you like to accept? Yaaaaaas? It's sitting at 8.49% now because of the rates going down. I had never asked for an apr reduction before since opening the card 5 years ago. And they also balance chased me down from a $6k limit down to $2,800.

AverageJoesCredit · ‎11-14-2020

@Anonymous wrote:
Since they prefer transactors I can see why they wouldn't be interested in APR reductions, it only encourages people to carry a balance.
Fortunately here are plenty of Lenders out there that do offer lower permanent rates.

Yet they push Plan it and POT

AverageJoesCredit · ‎11-14-2020

@K-in-Boston wrote:
I had permanent reductions on my SPG (now Marriott) and Delta Platinum SkyMiles cards. The system came back with an APR that was higher than my other cards (including Pay Over Time, all in the 14-15% range) on approval and I hopped on chat and got them matched. It may very well be profile depdendent, but if they won't lower it I wouldn't take it personally. I know several people with great credit who have fairly high Amex APRs.

plenty of orher lenders who give high apr to good credit, ie Chase and Disco

Anonymous · ‎11-14-2020

@AverageJoesCredit wrote:
@Anonymous wrote:
Since they prefer transactors I can see why they wouldn't be interested in APR reductions, it only encourages people to carry a balance.
Fortunately here are plenty of Lenders out there that do offer lower permanent rates.
Yet they push Plan it and POT

True, which feels like an enigma.