What is the best way to ask for an APR reduction?

[Anonymous]

Amex is pretty generous with APR reductions. Key is not to revolve a balance and keep util low. Both of my Amex revolvers have APRs below the best rate stated on their website. They told me to call back in a few months to see if they can reduce it further.

[scottwagnon]

you have a barclay card with a 14.3k credit limit granted, yet they stick you with a 26 percent apr. see this is the reason why i closed my bn card. i had 21.74 and they would never lower it.

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@crunching_numbers wrote:

UPDATE:

I called Barclays today. They lowered my rate from 28.24% to 26.24%.  Two percent is not much, but it IS something. I consider the call to be a success.

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[scottwagnon]

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@Anonymous wrote:

Amex is pretty generous with APR reductions. Key is not to revolve a balance and keep util low. Both of my Amex revolvers have APRs below the best rate stated on their website. They told me to call back in a few months to see if they can reduce it further.

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i have two amex revolve blue cash e. and hhonors. started out with 19.24 and 15.24 respectively. now they are 10.24 and 12.24.

[Anonymous]

Wow didn't know Amex did apr below stated rates. Don't really ever keep a balance, but kind of worth pushing them down just in case.

[scottwagnon]

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@Anonymous wrote:
Wow didn't know Amex did apr below stated rates. Don't really ever keep a balance, but kind of worth pushing them down just in case.

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thats the point

[Anonymous]

If I already have a pretty low APR, 9.9 I wonder how low they would go on cards if you keep asking?  I'm going to give this a go when I get back from Afghanistan.

[scottwagnon]

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@Anonymous wrote:

If I already have a pretty low APR, 9.9 I wonder how low they would go on cards if you keep asking?  I'm going to give this a go when I get back from Afghanistan.

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if you are talking about amex, 10.24 (6.99 + prime) is the lowest they offer on any product except the centurion, which is 9.24 (5.99 + prime). i am guessing that you are grandfathered into a lower rate, so you would not be able to ask for a lower rate unless it's a promo. is the card you are speaking of a centurion? then in that case you would be able to ask for a lower rate.

[Anonymous]

It's actually a Costco but now that you mention it I'm going to check my Platinum one too?  I never actually use the APR since I always PIF but it would be nice to have the lowest possible APR available just in case.

Thank you

[GST2008]

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@crunching_numbers wrote:

UPDATE:

I called Barclays today. They lowered my rate from 28.24% to 26.24%.  Two percent is not much, but it IS something. I consider the call to be a success.

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I would consider it a success.  You got them to lower the rate and it didn't cost you anything.  I would make some more payments and try again in the future for another couple of percent and continue the pattern, especially if you like and use the card.  You'll have more history with them and know that the reduction is possible.