Macy's American Express Card Problem With Interest Rate

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FluffysOwner
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Macy's American Express Card Problem With Interest Rate

Postby FluffysOwner » Sun Feb 13, 2011 10:04 pm

First post, hello all.

I was approved for the Macy's American Express card in September- I applied at the store to take advantage of the 20% discount and thought I was applying for only the store card, but when I got it in the mail it was the white Macy's Amex. Around Christmastime I decided to apply for a deal I received in the mail for a United Mileage Plus Visa Signature (50,000K with $250 purchase, for which I was instantly approved and received a $5K limit and the miles came through right away), and noticed that the APR on the United Visa was 14.5%, while the APR on the American Express half of the Macy's card was 24%. The Amex limit on the Macy's card went from $5K to $6K after I charged about $2K on it but paid it off in full in one month, but I am totally paranoid now of using it. I called Macy's and asked them to lower the interest rate on the Amex part (using the tips I learned in this forum) but they absolutely would not budge; I couldn't even get a manager on the phone at the time. They say it's their protocol to not lower the rate.

I thought I would shop more at Macy's but aside from sales and during the holidays I never go there. I don't want to close it right away though (I have two accounts in great standing that are closed because I didn't use them at all for years) You said here that store cards usually don't lower the rate, but I asked for them to lower the rate on the Amex portion. Am I out of luck now getting the APR on the Amex part lowered because it's a store co-brand?

Thanks in advance for any info.


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Elliot Castro
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Postby Elliot Castro » Mon Feb 14, 2011 1:30 am

I know of a way to get an APR of 0% guaranteed.

Just pay off your stuff in full every month. It's really that simple. No need to even call ahead of time and ask.

FluffysOwner
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Postby FluffysOwner » Mon Feb 14, 2011 1:48 pm

Elliot Castro wrote:I know of a way to get an APR of 0% guaranteed.

Just pay off your stuff in full every month. It's really that simple. No need to even call ahead of time and ask.


That's the obvious thing, I do that every month with all my cards. I'm just wondering if it's possible to get the rate lowered on the Amex portion or not, just to have a lower rate to match the other cards.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Tue Feb 15, 2011 11:41 pm

If you have already asked multiple times for the Macy's American Express portion to be lowered and no one will help, then there is not a whole lot more than can be done.

If you pay every bill off in full, no matter how high the APR is, it won't be a problem to worry about. What is the reason you need it lowered since you said it's paid in full regardless?
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FluffysOwner
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Postby FluffysOwner » Wed Feb 16, 2011 9:45 am

Mogul of Pineapples wrote:If you have already asked multiple times for the Macy's American Express portion to be lowered and no one will help, then there is not a whole lot more than can be done.

If you pay every bill off in full, no matter how high the APR is, it won't be a problem to worry about. What is the reason you need it lowered since you said it's paid in full regardless?


I only spoke once to a representative and after the answer was no I decided to see if anyone here had any experience with lowering the interest rate on a co-branded Amex card that is also a store card. I do make a habit of paying my cards off in time so APR is obviously never an issue with me, but since I have another card with a lower rate and don't want to close the Macy's card and maybe eventually use the Amex portion I'd like the flexibility of being able to pay over time and thus was curious if anyone here had the card and was able to lower the rate.

If you have experience or any knowledge with the Macy's American Express card and if the rate can be lowered or why it can't be, please post a useful answer. Thanks.



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