The APR Game

[Duffenbrau]

So, everyone is pretty well versed in the CLI game around here, but what about lowering APR's? My lowest currently is at 14.9 which is solid I guess. Especially considering it was from when my scores were down in the 640's or so. Which creditors are more likely to actually lower it? What kind of score increases/timeframe would you say is needed before requesting a reduction? My intention for this thread is more general discussion than for my situation only.

[Anonymous]

Citibank is good at lowering interest rates. Also if you have been with capital one for a long time, they have promotional offers an lower your interest rate

[Duffenbrau]

Yeah I've been at Capital One for about 6 years now. What kind of promotions do they do?

[Anonymous]

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@Duffenbrau wrote:

Yeah I've been at Capital One for about 6 years now. What kind of promotions do they do?

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CapOne hasn't done jack for me since my 12mo Interest free on my Platinum Prestige.

Other than convert my cards to QS's...I mean..

[takeshi74]

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@Duffenbrau wrote:

What kind of score increases/timeframe would you say is needed before requesting a reduction? My intention for this thread is more general discussion than for my situation only.

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Like everything else, varies by creditor.  All I can say is that it seems the Chase is least likely to reduce APR and the typical recommnedation is to just apply for another card if your credit has improved enough to warrant a lower APR with Chase.  IIRC there are prior discussions where people have been able to get APR reductions from AmEx and Discover.  I don't know about other creditors off the top of my head.  I've received APR reductions both by request and automatically from USAA.

[gh17]

Capital One seems willing to give temporary reductions for a year or six months but won't do anything permanently.

I've only tried via chat though.  I don't care enough to call, and I also feel like it'd be weird asking for an APR reduction when I've literally never paid interest; I almost feel like they'll laugh at me.

If anyone has success lowering interest rates online via chat or secured message, let me know!

I have read good things about Discover lowering via chat, but I'm still in 0% so haven't tried.

[gh17]

Also - Citi might, but they tell me I'm at their lowest possible for Citi Forward right now (10.99%).  When I got the card, it was higher, and then it decreased a little bit every month I paid in full or something, I forget the exact terms, for some period of time (some promotion when I signed up).  But it's reached its limit and now seems locked in.

Again, I haven't tried calling.

[Anonymous]

My lowest APR card is a fixed 0% plus prime currently at 3.25%. It's fixed in the sense it will only move if prime moves. 10k limit also. BOA Plat Visa from years ago.

[gh17]

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@Anonymous wrote:

My lowest APR card is a fixed 0% plus prime currently at 3.25%. It's fixed in the sense it will only move if prime moves. 10k limit also. BOA Plat Visa from years ago.

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Is there an annual fee?  I saw one like this once but it wasn't free.  But I know this used to be more common.

Good deal though... I mean you could make minimum payments and invest some of that money instead and would probably profit (although obviously risky).  Or pay off something like student loans or a card loan early depending on the rate.

[DigitalArk]

I had APR reduction from Discover.