question about Chase Credit card interest rates ... and opinion on credit limits

[Anonymous]

IMO, and I have not read all the other posts on this topic... 

I would say you're first two is about what Chase offers in the form of APR. Remember that APR, is the rate you are charged on a monthly basis. For instance 20% /12 is around .016 per month charged on the dollar. 

That 29% is right at the max they are authorized to charge you. The law is 29.99%

[longtimelurker]

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@Anonymous wrote:

IMO, and I have not read all the other posts on this topic... 

I would say you're first two is about what Chase offers in the form of APR. Remember that APR, is the rate you are charged on a monthly basis. For instance 20% /12 is around .016 per month charged on the dollar. 

That 29% is right at the max they are authorized to charge you. The law is 29.99%

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Where is that from?   According to https://www.bankrate.com/credit-cards/does-law-cap-credit-card-interest-rates/

there is no such cap.  Just on fees and on INCREASES in rates.

[Anonymous]

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@Anonymous wrote:

I have 3 Chase credit cards ...

I am utilizing 30% of my available credit on each.

I have had a credit score of 803 for the past 5 months (FICO/Experian) ... prior to that a

score of 720 to 750'ish for about 6 years or so.

All cards held longer than 5 years (and I have a mortgage)

My interest rates (for purchases) on the three cards are:

1) 20.49% (credit limit is $3500)

2) 17.24% (credit limit is $2000)

3)29.49% (credit limit is $1800).

I'm wondering if I'm getting a bad deal (or just how bad) on the interest rates.

I am also wondering if my credit limits are low for my credit score and income.
Chase did not have my income on file prior to about 4 months ago when I updated my income

with them ($82,000).

For what it's worth, I'd generally prefer to keep my credit cards with Chase (consolidated with my other accounts there). So I'm looking for suggestions regarding the modification of these cards/balances kept with Chase.

Questions:

What would be reasonable interest percentages that I should expect on these cards?

What would be reasonable/moderate credit limits that I ought to be eligible for?

I intend to call Chase sometime soon and request changes to interest % and credit limits as

possible but am not sure what to ask for.

I would be very appreciative of any input on these two questions or any other suggestions.
Thanks.

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you can actually pull up the pricing/terms for each card on chases web site.  most of them show the lowest for new accounts is 17.24% i believe, the 29% is a bit much, but the others dont seem too bad.  i just opened a United Club card with a nice limit and it gave me the best rate for that card which was 18.24%.  i dont carry a balance so it really didnt matter, but i know what you are saying.  i think yours are pretty much in line with what is there, or better. just my opinion though. 

[Anonymous]

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@longtimelurker wrote:

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@Anonymous wrote:

IMO, and I have not read all the other posts on this topic... 

I would say you're first two is about what Chase offers in the form of APR. Remember that APR, is the rate you are charged on a monthly basis. For instance 20% /12 is around .016 per month charged on the dollar. 

That 29% is right at the max they are authorized to charge you. The law is 29.99%

---

Where is that from?   According to https://www.bankrate.com/credit-cards/does-law-cap-credit-card-interest-rates/

there is no such cap.  Just on fees and on INCREASES in rates.

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Yeah definitely no law about it. 

First Premier actually did a test with 59.99 and 79.99% APR cards - 

https://www.creditcards.com/credit-card-news/first-premier-79-rate-fees-credit-card-1265.php

[CreditInspired]

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@Anonymous wrote:

I have 3 Chase credit cards ...

I am utilizing 30% of my available credit on each.

I have had a credit score of 803 for the past 5 months (FICO/Experian) ... prior to that a

score of 720 to 750'ish for about 6 years or so.

All cards held longer than 5 years (and I have a mortgage)

My interest rates (for purchases) on the three cards are:

1) 20.49% (credit limit is $3500)

2) 17.24% (credit limit is $2000)

3)29.49% (credit limit is $1800).

I'm wondering if I'm getting a bad deal (or just how bad) on the interest rates.

I am also wondering if my credit limits are low for my credit score and income.
Chase did not have my income on file prior to about 4 months ago when I updated my income

with them ($82,000).

For what it's worth, I'd generally prefer to keep my credit cards with Chase (consolidated with my other accounts there). So I'm looking for suggestions regarding the modification of these cards/balances kept with Chase.

Questions:

What would be reasonable interest percentages that I should expect on these cards?

What would be reasonable/moderate credit limits that I ought to be eligible for?

I intend to call Chase sometime soon and request changes to interest % and credit limits as

possible but am not sure what to ask for.

I would be very appreciative of any input on these two questions or any other suggestions.
Thanks.

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I agree the 29% seem punitive. I don’t understand that one since you say there’s nothing negative going on in your credit profile. Since you carry balances, however, it may be a good idea to see if you can reallocate the balance of the $1,800 (29.49%) card to the $2K (17.24%) card. At least this way, you will have a balance of $3,800 on a 17.24% card. Then just close the 29.49% card.

[UpperNwGuy]

The APRs are unimportant if you don’t carry a balance.  Reporting a balance and then paying it in full might help your score.  Carrying a balance does not.

[Anonymous]

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@Anonymous wrote:

Turbobuick ... thank you for noting the rates on your two Chase cards.  That is particularly the sort of data I was trying to find.  And yes, the 29% card does seem *very* punitive.

Anyone else who might be willing to specify their interest % experience with Chase ... I'd be interested; and appreciative, to hear!

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To sum up my bimonthly complaint:

I have a 25.24% APR.  Off the top of my head I don't remember how long I have been with Chase but I realize when I applied a long time ago, I was probably barely approved.  They have been the only creditor that I can't budge.  This includes calls and with the last call, I spoke to a supervisor.  I was willing to take HPs for a CLI but at the same time I also wanted to see if they would at least attempt to lower my APR based on my current scores.  They told me no.

So IMO, you have a .000000000000000000000000001% chance of adjusting your APR.  If you have 500k to spare, then go deposit that into your Chase bank account and make your APR request.  I'm sure exceptions can be made in that circumstance.