Whatamuji wrote:Any experience with Capital One or BoA? I inquired in a chat with Capital One, one day and they said they didn't offer APR reductions.
Wow, that's just not true regarding Capital One - or at least it wasn't as recently as about 6-8months ago. I actually have a perfect record when it comes to asking my card companies to lower my APR. I've asked several times and never been told no by any of them.
Personally I have two rules when it comes to the cards I select: I only use reward cards and I only use cards without an annual fee. I also have a rule for myself: I never pay interest. In theory of course this means paying off all my cards in full every month, but in practice I admit to instead often paying all of them off except whichever one has a 0% introductory APR. To make that strategy work it means I have to sign up a new card about every 12-18 months (I don't sign up for 6 month offers). I generally keep the 0% balance fairly low anyway - I never let it creep over 28% utilization for that account and generally try to keep it below 15%) and always pay at least 4X or 5X the minimum every month. It's just nice to always have a 0% card in case of emergencies so that I wouldn't have to use too much savings or find myself in a cash flow problem.
Anyway, that means I'm not especially concerned about purchase APRs because I never pay them. However, I still like to get the best deal I can just in case something does happen in the future. So I've requested a lower APR and been approved for it multiple times with Discover, and Bank of America at least once with Capital One, and honestly I thought it least once with Chase, but it's possible I'm wrong about Chase.
My approach is pretty much the same. I call up whichever company has me on the highest APR and say "Hi, I was just going through all my statements - and I always pay my balance off in full each month anyway - but I noticed my APR with you guys is ___% which really surprised me because that's higher than on all my other cards. With ___ (2nd lowest APR card) my APR is only ___% and with ___ (lowest APR card) it's only ___%. I really love using my ___ (their) card and I'm not planning to start carrying a balance anyway, but I was wondering if you guys could offer me a slightly lower rate since you're my highest APR card?"
And like I said, so far I've had a 100% success rate. Granted I've only done it about 6 or 7 times total, but so far so good. And obviously I wouldn't try this with any one particular company more than once every year or two. I've also always called rather than doing it online, and yeah regarding Capital One I had no trouble at all. It was about 6-8 months ago though so maybe they've changed. I actually got rid of their card, which I'd had for several years, because it did have an annual fee, but in the past every single year when I called and asked them to waive it they did. When they wouldn't this most recent year I cancelled it (and was refunded the fee). So, perhaps that coincides with a stricter (crappier) policy change that also did away with APR reductions.