Requesting a lower interest rate on credit cards with or without a balance; strategy

[Superduper2014]

Hi, 

If you had a card with 23%APR and wanted to ask the lender to lower you interest rate, what is the best strategy to get a dramatic reduction in APR?

Would paying off the balance give you more leverage to get a lower rate? I would think that it would since you could say that you don't want ot use the card anymore since your other cards cost you a lot less. Sort of like a "retention" effort on their part, but I would think having a substantial balance may make them think you have no alternative but pay their high interest rate. 

Anyone could share their experience and what is possible as far as the APR reduction? (from 23APR can you go down to 13%? )

Thanks 

[BeeH11]

This is a great question I don't have the answer but I want to know too.

[Superduper2014]

I'm sure many are interested, hopefully someone has a good example or knows. 

[Anonymous]

Interesting question and I don't have an answer for it either, but do know that some CCCs will not lower them at all.  Chase, for example, will advise people to close their account and apply for a new one if they want a lower APR because they just don't do it.

[FabulousDtheBruin]

OP: Which lender do you want to lower your APR? Chase def. does NOT.  I evened called EO in IL.  BoA will with time and you have to be persistent.  Ask for supervisors.  One good stategy is this: tell them that you are planning to make a large purchase and want to put it on your "other card" with a a lower interst rate, but you want to put it on their card because of the rewards.  Also, tell them you are planning on doing a BT.  These strategies always work and do NOT be scared.  These credit analysts do NOT follow your acct. to ensure you said you were going to do.  Trust me on this. 

[mitchblue]

Do they do a HP for getting the APR down? I'd like to get my Barclay Rewards down from 24.9. They even started my Sallie Mae at 13.9. 

[bigblue7722]

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@mitchblue wrote:

Do they do a HP for getting the APR down? I'd like to get my Barclay Rewards down from 24.9. They even started my Sallie Mae at 13.9. 

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Ive never heard of a HP for an APR reduction. I would call barclays and ask for the retention dept. The rep may or may not trasnfer you there. But if you can get in they will do a lot to keep your business. I was able to get 2 CLI and 5k bonus miles for 1k spend. That is of couse if you want to keep the card but i dont see any reason the keep the barclay rewards card when you have sallie mae. You can PC it to the no AF arrival if you want or you can close it and move the line over to the sallie mae card.

[mitchblue]

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@bigblue7722 wrote:

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@mitchblue wrote:

Do they do a HP for getting the APR down? I'd like to get my Barclay Rewards down from 24.9. They even started my Sallie Mae at 13.9. 

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Ive never heard of a HP for an APR reduction. I would call barclays and ask for the retention dept. The rep may or may not trasnfer you there. But if you can get in they will do a lot to keep your business. I was able to get 2 CLI and 5k bonus miles for 1k spend. That is of couse if you want to keep the card but i dont see any reason the keep the barclay rewards card when you have sallie mae. You can PC it to the no AF arrival if you want or you can close it and move the line over to the sallie mae card.

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I love the BR for paying Ulitlies/Cell phone. Nice cool 2% for $500-$700/month spend. They are two of my favories..Thank you.

[longtimelurker]

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@mitchblue wrote:

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@bigblue7722 wrote:

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@mitchblue wrote:

Do they do a HP for getting the APR down? I'd like to get my Barclay Rewards down from 24.9. They even started my Sallie Mae at 13.9. 

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Ive never heard of a HP for an APR reduction. I would call barclays and ask for the retention dept. The rep may or may not trasnfer you there. But if you can get in they will do a lot to keep your business. I was able to get 2 CLI and 5k bonus miles for 1k spend. That is of couse if you want to keep the card but i dont see any reason the keep the barclay rewards card when you have sallie mae. You can PC it to the no AF arrival if you want or you can close it and move the line over to the sallie mae card.

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I love the BR for paying Ulitlies/Cell phone. Nice cool 2% for $500-$700/month spend. They are two of my favories..Thank you.

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At that level of spend have you looked into the Cash + (5% cell phones) or some of the Ink cards?

[takeshi74]

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@Superduper2014 wrote:

If you had a card with 23%APR and wanted to ask the lender to lower you interest rate, what is the best strategy to get a dramatic reduction in APR?

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The APR you receive is based on what your credit qualifies for.  Best stategy is to ensure that your credit is in the best possible shape.

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@Superduper2014 wrote:

Would paying off the balance give you more leverage to get a lower rate?

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Lower balance means lower utilization.  Again, it's your overall credit -- not just the balance on the specific account -- that matters.

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@Superduper2014 wrote:

Anyone could share their experience and what is possible as far as the APR reduction? (from 23APR can you go down to 13%? )

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I guess anything's possible but a change like that seems unlikely.  I'd suggest expecting a smaller APR reduction if you qualify.