- Centurion Member
- Posts: 875
- Joined: Thu Apr 30, 2009 2:32 pm
- Location: Texas
Your rate will likely decline over time, a long time. I have a few Chase cards and the older accounts seem to have the lowest rates. With an APR like you now have on your Freedom it would obviously be crazy to carry a balance. So just pay it off every month and if you have to carry a balance, do it on another card.
Years and years ago it was much easier to call up card issuers and get them to cut the APR down. Back when I was carrying balances and card surfing, I would call every month and more often than not would get a reduction.
For a good while a long time ago I carried a balance on an AT&T Universal Visa card. This was way before the card business was sold to Citi. I would call them every month and try and get the interest rate beaten down. They also had a rewards-type program where you would accrue points and cash them in. One of the things you could cash them in for was an interest rate reduction, and I did that a lot.
I don't think we'll see reasonable interest rates on most cc anytime soon. Just be glad you're not Chase with $5 something billion in trading losses, maybe $7B.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).
*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.