JustinT wrote:I have two credit cards that are 10 years old. One has a 9.15 APR the other has 16.24. I hardly ever use them so I never paid attention to the APR's. Do banks automatically lower your APR as the account ages? For those of you that have an APR in the 3-6 range, did it take years to get that APR?
One other question, I recently signed up for a Discover card to take advantage of their rewards program. I was instantly accepted, but will this cause my interest rate to go up on my other cards? Would a new card lower my average age of cards thus making my score go down, and with it, make my APR rise on my other cards? This would be my first new card in over 9 years.
No, getting a card will not cause your other APRs to change/increase. The new card will lower your average age of accounts, but that has nothing to do with your APR being raised.
Banks rarely automatically decrease APRs. It does very occasionally happen, but typically you need to ask for it -- after all, they aren't likely to voluntarily reduce their potential profit. But since your accounts are old, it's very possible you can call and get a reduction (though the 9.15% one may be the floor for that card). Also, it does depend on the issuer. Some steadfastly refuse to lower APR, no matter how long you've been a customer. Chase will not lower APRs; US Bank and Capital One are chiefly temporary reductions only; Comenity doesn't really do it. American Express, Discover and Citi will often do it if your profile supports, as well Bank of America. So unless the card is from Chase, US Bank or Capital One, in which case I'd say you're wasting your time, I'd call and ask.