Secrets to get a lower apr

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
13 posts
Carmy3
Green Member
Green Member
 
Posts: 21
Joined: Sun Dec 14, 2014 2:56 pm
Location: Georgia

Secrets to get a lower apr

Postby Carmy3 » Tue Dec 16, 2014 8:34 am

Hello,

I was wondering if anyone knew any secrets to get an lower apr for a credit card?

I tried the "I'm going to another bank" way and that hasn't worked for me.

Any other secrets? I would hate to cancel and reapply.
wallet
capital one quicksilver-10k(everyday), discover it-8k(rotating categories),
american express blue cash everyday-7k(groceries, gas, department stores),
chase freedom-4.8k(rotating categories), citi thank you preferred visa-3.2k(dining)

put away
military star mastercard-10k, usaa visa-9k,
usaa world mastercard-8.5k, military star-4.7k


popamode72
Centurion Member
Centurion Member
 
Posts: 1099
Joined: Sun May 04, 2014 4:41 pm
Location: Atlanta, GA

Postby popamode72 » Tue Dec 16, 2014 9:37 am

Depends on how long you've had the account, payment history, which lender you're talking about and everything else you can think of. It'd be helpful if we had more information about what card you have, who the issuer is, etc.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

notcool
Platinum Member
Platinum Member
 
Posts: 56
Joined: Sun Jan 26, 2014 2:57 pm
Location: usa

Postby notcool » Tue Dec 16, 2014 11:23 am

Presumably the biggest secret is developing a good history with the card issuer (paying on time, using the card) and seeing your credit score increase.

After that, I think it depends a lot on the lender. Discover has reduced my APR 3 times and it is now lower than any published apr for new customers. However, Chase has refused to reduce my very high APR on my Freedom!. I've had both cards for years and used both responsibly.

Barclay and AMEX have given me small APR reductions on my Barclaycard Rewards and Amex Blue Cash, respectively (around a 2% or so reduction).

I think each issuer is different.

yfan
Centurion Member
Centurion Member
 
Posts: 437
Joined: Wed Jul 09, 2014 5:55 pm
Location: San Jose CA

Postby yfan » Tue Dec 16, 2014 3:43 pm

There are no secrets, other than trade secrets that belong to specific banks. There are no alternatives to actually building a good credit history in order to obtain good rates.

ingramjuan
Centurion Member
Centurion Member
 
Posts: 271
Joined: Thu Nov 20, 2014 5:32 pm
Location: EARTH

Postby ingramjuan » Tue Dec 16, 2014 3:46 pm

I don't think its any secrets but to ask and have a good payment history maybe. I have maintained a very good credit score over the years and have not been successful in having my capital one cards APR lowered, however my AMEX that I have only had 15 months has already lowed? Looks like each company has their own systems.
CARDS:
Capital One Platinum (2001) |Capital One QuickSilver World (2002) | Amex Gold Delta (2013) | Best Buy Visa (2013) |Discover It (2015) | Amex Platinum (2015)

Gardening Since: June, 2015

Next Cards:
Personal: Chase Freedom Unlimited
Business: Amex Plum
Store Card: Lowes

User avatar
nismoZtuner
Centurion Member
Centurion Member
 
Posts: 1105
Joined: Thu Jun 27, 2013 12:39 pm
Location: EARTH -CA

Postby nismoZtuner » Tue Dec 16, 2014 7:38 pm

ingramjuan wrote:I don't think its any secrets but to ask and have a good payment history maybe. I have maintained a very good credit score over the years and have not been successful in having my capital one cards APR lowered, however my AMEX that I have only had 15 months has already lowed? Looks like each company has their own systems.


I haven't had any of my cards reduced maybe because I mostly use my prg and CSP the most.. But for the CSP there's nothing lower than 15%
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710
BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]
American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]
Chase Sapphire Preferred[7.3]
Inquires: TU(?) EX(?) EQ(?)
TCL-$19,800
Age-22

Carmy3
Green Member
Green Member
 
Posts: 21
Joined: Sun Dec 14, 2014 2:56 pm
Location: Georgia

Postby Carmy3 » Wed Dec 17, 2014 7:48 am

Thanks everyone.

My card is a USAA Visa Platinum Cashback card. My APR is 13.99. My fico score is 755. I pay on time and more than the minimum. I do keep a balance (which I shouldn't) and I have been with them for 2 years.
wallet
capital one quicksilver-10k(everyday), discover it-8k(rotating categories),
american express blue cash everyday-7k(groceries, gas, department stores),
chase freedom-4.8k(rotating categories), citi thank you preferred visa-3.2k(dining)

put away
military star mastercard-10k, usaa visa-9k,
usaa world mastercard-8.5k, military star-4.7k

takeshi
Centurion Member
Centurion Member
 
Posts: 1741
Joined: Wed Jun 05, 2013 3:12 pm
Location: US

Postby takeshi » Wed Dec 17, 2014 1:36 pm

No secret to it. Your credit determines the APR you qualify for. Request a lower APR and see if you qualify. Some find creditors like Chase aren't willing to lower APR's and force customers to cancel and apply. USAA, however, will lower APR's. They just automatically lowered APR's on both of my cards with them. If they are unwilling to do so for you then your credit may need some work.

Carmy3
Green Member
Green Member
 
Posts: 21
Joined: Sun Dec 14, 2014 2:56 pm
Location: Georgia

Postby Carmy3 » Thu Dec 18, 2014 6:57 am

Well I got my apr lowered last year with Chase. I went over the limit in 2008 and they jacked it to 19.99. I called and ask for apr to be lowered in 2012 and they wouldn't. I paid it off and it dropped to the orginial 10.24%.

I do need to work on my score to get my aprs down. My goal for 2015. I dont need anymore credit cards. I reached my personal limit. So i just need to pay down some balances.
wallet
capital one quicksilver-10k(everyday), discover it-8k(rotating categories),
american express blue cash everyday-7k(groceries, gas, department stores),
chase freedom-4.8k(rotating categories), citi thank you preferred visa-3.2k(dining)

put away
military star mastercard-10k, usaa visa-9k,
usaa world mastercard-8.5k, military star-4.7k

User avatar
Vattené
Centurion Member
Centurion Member
 
Posts: 1208
Joined: Sun Jan 26, 2014 3:55 am
Location: US

Postby Vattené » Thu Dec 18, 2014 11:11 am

That raises an interesting question. One's credit situation and history with the company are no doubt huge factors, but I wonder if credit card companies are more inclined to lower APRs of customers that routinely pay in full. The people carrying balances are profit centers. Plus they're already currently obligated to pay back a certain amount, so what incentive do they have for lowering an APR? The PIFers, on the other hand, aren't earning the credit card companies any revenue from interest, and if they have a history of always PIF, perhaps they're assumed to not likely start carrying balances. I would think the issuer has much more incentive to lower these APRs. They aren't currently carrying balances and using the APR, but if it was lower maybe the customer would choose that card if they ever did need to carry a balance.
-Vattené
FICO-8:
EX - 827 (4/17) | TU - 812 (4/17)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now



Return to “Finance Charges & APR Compare”

Who is online

Users browsing this forum: No registered users and 2 guests