WAMU MC and APR

[Anonymous]

So I recently paid off my WAMU MC (yay!) So here's my question:

my card agreement says that my APR is based on the prime rate plus 4.74% but in no event lower than 12.99%.

Does anyone else's card agreement have language like this? If yours does, have you ever been able to get the APR down below that fixed floor? Do you think sockdrawing it will help or should I just abandon all hope of an APR in line with the current prime rate?

[Red1Blue]

Did you call and ask? It always helps to ask.

[Anonymous]

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dizzier wrote:
So I recently paid off my WAMU MC (yay!) So here's my question:

my card agreement says that my APR is based on the prime rate plus 4.74% but in no event lower than 12.99%.

Does anyone else's card agreement have language like this? If yours does, have you ever been able to get the APR down below that fixed floor? Do you think sockdrawing it will help or should I just abandon all hope of an APR in line with the current prime rate?

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This is standard language for variable APR cards.  The lowest WaMu APR I've ever seen is 9.99% fixed.  I don't know about sockdrawering it.  WaMu likes to see big purchases and rapid paydowns to get on their good side.

[Anonymous]

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@Red1Blue wrote:

Did you call and ask? It always helps to ask.

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no i haven't called yet. I kind of wanted to see what people had to say so i'd know how best to ask for the apr increase.

[Anonymous]

cheddar, I agree. That's seemed to work for me.

[Anonymous]

that's pretty much standard rate.  They do send you checks in mail to use at 3.9 or the latest was1.9.  cap 1 does this too.

[orl2185]

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casinoannie97 wrote:

that's pretty much standard rate.  They do send you checks in mail to use at 3.9 or the latest was1.9.  cap 1 does this too.

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Yes they use to on a constant basis. I've found a cure for that pratice....

I send them back to wamu and cap1.They were kinda p**d off about that and threatend to close my cc if it continues.

Now my reply to them. Now they know how it feels being bombarded with bs junk mailz. Told them to close the accounts since I got better cc than theirs. They never close my cc instead gave me clis on both cards.

Roomies, it's time to take back whats rightfully ours.

Just bc they give us credit doesn't mean they can control our everyday expenditures or it's no concern to them from whom we do business with.

[Anonymous]

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dizzier wrote:
So I recently paid off my WAMU MC (yay!) So here's my question:

my card agreement says that my APR is based on the prime rate plus 4.74% but in no event lower than 12.99%.

Does anyone else's card agreement have language like this? If yours does, have you ever been able to get the APR down below that fixed floor? Do you think sockdrawing it will help or should I just abandon all hope of an APR in line with the current prime rate?

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My mother recently (within the past 7 days) received a preapproved offer from WAMU for a Visa Platinum account.  She was offered a Variable rate "Purchase APR: 8.99% or the Prime Rate plus 2.49%, whichever is greater."

[Anonymous]

orl--i don't see anything wrong with the lower rate on checks.  I have not used them yet as i'm still on my 0% with WAMU.  If your rate is 12% then 1.9 is better.  Let me know why you don't like this.

[Anonymous]

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@orl2185 wrote:

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@Anonymous wrote:

that's pretty much standard rate. They do send you checks in mail to use at 3.9 or the latest was1.9. cap 1 does this too.

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Yes they use to on a constant basis. I've found a cure for that pratice....

I send them back to wamu and cap1.They were kinda p**d off about that and threatend to close my cc if it continues.

Now my reply to them. Now they know how it feels being bombarded with bs junk mailz. Told them to close the accounts since I got better cc than theirs. They never close my cc instead gave me clis on both cards.

Roomies, it's time to take back whats rightfully ours.

Just bc they give us credit doesn't mean they can control our everyday expenditures or it's no concern to them from whom we do business with.

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Well put orl! I agree 100%. I've used that tactic myself, and has worked. But it worked because I had every intention on closing. They basically talked me out of closing it by giving me a cli. Had they not, I would have followed through on my commitment.

Message Edited by Sylviatob on 03-05-2008 02:08 PM

Message Edited by Sylviatob on 03-05-2008 02:09 PM