Why won't Chase lower interest rate?

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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Why won't Chase lower interest rate?

Postby RKA » Tue Dec 21, 2010 8:21 am

My brother has received two letters from credit card co's voluntarily lowering rates, one from the mid-teens to low teens and one to 12 %. Chase has him at 24% and refuses to talk with him about lowering its interest rates to reasonable levels. They refuse to say why other than, "They can't." Anyone know why Chase is taking this position?

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Postby sdfinch » Mon Dec 27, 2010 7:31 pm

It's not a personal attack. Chase is not lower rates for anybody no matter what. There is a way to get a lower rate but it require him to give up use of the card/close it and pay the balance of in 5 years. I would do a balance transfer as long threre is not a huge balance on Chase.

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Postby Mogul of Pineapples » Sun Jan 02, 2011 2:09 am

If Chase won't tell the reason it's anyone's guess. What is the account's credit utilization or how much of his credit line is being used?
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Postby concorde » Thu Jan 06, 2011 1:18 am

I always put my money where my mouth is and when a business wrongs me I go elsewhere! Tell him to give it a try and he will be glad he did.

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