Strategy on Finding Lower APR Interest Rates on Credit Cards

[CA4Closure]

My FICO scores are in the 827-848 range. I rebuilt my credit from 325 in 2012. I currently have 14 credit cards and want to cull those down to the lowest APR interest rates as I can find. Currently NFCU has a 7.74% APR VISA card. Of those 14 cards 8 of them have APR in the 15.9% to 28.74% range. 

I tried calling each of those cards to ask for a rate reduction but they will not reduce the rates to a respectable percentage rate. So my options are to close those accounts and start looking at the lowest APR. I currently have great APR rates with NCFU with rewards. Those are the cards I am putting heavy use on. The others are sitting in my sock drawer collecting dust. 

My goal is to have my highest APR at about 14% and NO more. You folks think finding low APR's in accordance to my FICO score will be an easy job? Why aren't credit card companies bending backwards trying to retain me as a customer and lower my APR rates?

[NRB525]

One of the most important questions to ask is, what are your objectives with CC?

Are you perpetually carrying balances where you have to pay interest each month? In that situation it makes sense to try to find cards with lower APR, but with a 800+ score, I doubt you carry significant balances, and most likely pay each account in full, with no interest cost. 

And if you pay in full, what is the interest rate you actually pay? Zero. 

[AllZero]

Are you seeking low APR and rewards or low APR only?

[Anonymous]

If you want just low APR cards, go for CU cards. 

The problem you will run into though is many of them are very conservative. Low limits, denials for too many accounts, denials for too much total credit, etc. 

Banks don't compete for your business because they don't have to. For every customer than demands sub-14% APR, there are probably 5 who will take 20+% and not care and like 3 out of those 5 will carry balances and make them money. 

The sad reality is that if interest rates were causing them to lose business, we would have lower rates. People pay the rates though so they are here to stay. 

[kdm31091]

Rewards and lower APR are generally mutually exclusive. You can find rewards cards with lower end APRs but generally speaking any card with rewards will tend to have a higher APR and not be ideal for carrying a balance. There can be exceptions, but for the most part that's how it goes.

Your best bet for a very low APR would be a CU card, but as stated above, what is your goal? Is it just that having a lower APR makes you feel like a valued customer? Are you actually carrying a balance? If you're regularly carrying a balance, none of these APRs will be a good deal. You should be looking at other options to get rid of your debt IMO.

As the rewards race among banks has heated up, APRs go up to help cover the cost of the rewards. 14% or lower isn't going to happen on many of the cards out there these days, even with excellent credit. Sometimes 15-16% is the bottom end for a card no matter what.

[SouthJamaica]

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@CA4Closure wrote:

My FICO scores are in the 827-848 range. I rebuilt my credit from 325 in 2012. I currently have 14 credit cards and want to cull those down to the lowest APR interest rates as I can find. Currently NFCU has a 7.74% APR VISA card. Of those 14 cards 8 of them have APR in the 15.9% to 28.74% range. 

I tried calling each of those cards to ask for a rate reduction but they will not reduce the rates to a respectable percentage rate. So my options are to close those accounts and start looking at the lowest APR. I currently have great APR rates with NCFU with rewards. Those are the cards I am putting heavy use on. The others are sitting in my sock drawer collecting dust. 

My goal is to have my highest APR at about 14% and NO more. You folks think finding low APR's in accordance to my FICO score will be an easy job? Why aren't credit card companies bending backwards trying to retain me as a customer and lower my APR rates?

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IMHO the best way to get lower APR's is with credit union platinum (non-rewards) cards.

With rewards cards I don't really care what the APR is, because I would never pay interest on a rewards card; the value of the rewards would be totally eclipsed by the interest paid, regardless of the rate.

[AverageJoesCredit]

Curious as to what cards you may have. Even though you may not get the lowest apr you want upon request, many cards do give apr reductions so in time, those aprs can be systematically lowered. Just needs some time. For example Discover , Citi, Bos do give apr reductions ime.