I finally got WaMu to lower my INSANE APR (31.49%)!!!!!
I had called twice, got the party line of "we regularly review accounts and will automatically lower your APR when you qualify" - yeah right! Spoke to a supervisor, same deal. Grrr.
The other day I decided to send them an email through their site...got an email back, basically saying them same thing I was told on the phone. Decided I wasn't goingg to let it go, emailed again.
And what do you know, they finally agreed to lower my APR! It's still high (18.99%), but considerably lower. And it doesn't REALLY matter, since I'm not going to be carrying a balance on this card anymore anyway...but I'm just excited that I "made something happen"!
This was the first email:
I am writing in regards to the current APR on my WaMu credit card. It currently is at 31.49%. This makes my WaMu card extremely cost-prohibitive to use, especially given that I have recently opened a credit card with 12.99% APR and no annual fee. I'm trying to get rid of debt, and I'm planning to close my high interest credit cards. While I would like to remain a WaMu customer, as I have had this card for 7 years, it currently does not make any financial sense to do so. I hope that you will be able to assist me in this matter, and I look forward to your response. Thank you for your time.
Their reply:
Thank you for your recent e-mail regarding your account.
We received your request for a lower interest rate, but we are unable
to meet your request at this time. We do evaluate our customers
accounts on a periodic basis. If your account becomes eligible for a
better interest rate you will be notified by mail and your account will
reflect the change immediately. We are sorry we are unable to meet all
of your account needs at this time.
If you have further questions or would like additional information,
please e-mail us through our secure Contact Center or you may also call
our Customer Service Department toll-free at 1-800-356-0011.
Representatives are available to assist you 24 hours a day, 7 days a
week.
Thank you. We look forward to more opportunities to meet your financial
needs.
Sincerely,
Customer Service Representative
My next email:
When I spoke with a Customer Service Representative, they also assured me that accounts were evaluated on a regular basis, however, no one was able to inform me as to what that "regular basis" was - once a month? Every 3 months? Every 6 months? Once a year? And what would make my account "eligible for a better interest rate"?
WaMu was quite easily able to INCREASE my APR after a late payment - isn't it funny how quickly you were able to do that and now how difficult it is for you to reduce my APR. Never do APRs fall as quickly as you can jack them up.
Because I have had this card for so many years and have not had many issues with it (besides the annual fee, and now the outrageous APR), I was hoping to work with your company in order to make this credit card one that I could once again use on a regular basis. Unfortunately, you do not to be similarly inclined.
Thank you,
Their reply:
Thank you for your recent e-mail regarding your account.
We apologize for any adverse customer service experience you may have
received from our customer service department and appreciate your
patience regarding your concern.
Keep in mind that we review your account each month to determine if you
qualify for a lower interest rate.
Our records indicate that our previous response stated that we were
unable to meet your request at that time; however, since you are a
valued customer, we have conducted an immediate review of your account
and lowered your APR on Purchases to 18.99%. Keep in mind that your
rate is a variable rate that is determined monthly based on the Prime
Rate. The APR referenced is based on the Prime Rate in effect for the
billing cycle beginning July, 2007. We will send you a letter with
complete details.
If you have further questions or would like additional information,
please e-mail us through our secure Contact Center or you may also call
our Customer Service Department toll-free at 1-800-356-0011.
Representatives are available to assist you 24 hours a day, 7 days a
week.
Thank you. We look forward to more opportunities to meet your financial
needs.
Sincerely,
Customer Service Representative
Way to go!!