Chase sure is stingy with their interest rates

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
4 posts
Ratfacedudeguy
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Chase sure is stingy with their interest rates

Postby Ratfacedudeguy » Sat Jul 14, 2012 1:32 pm

So I just got my new Freedom card. Glad to be back in with Chase, earning 5% on restaurants for the quarter, all that good stuff. But then I was going through my welcome kit, and my attention was brought to something very troublesome. They priced my interest rate at 22.99%! That's like penalty pricing -- only 1/4% lower than the cash advance APR! I mean, I don't ever plan on carrying a balance so it doesn't really matter much, but still I can't help but feel like that's kind of insulting.

Citi has gladly issued a card very recently to me with a 15% APR, my SECU Visa has recently gotten an APR reduction along with my CLI down to 10.99%, and Discover has given me a 6 month 3.9% promo APR before reverting back to the regular 15%. So where in the world is Chase getting these numbers from?! The only thing I could possibly think of is what someone else on the boards has told me that Chase may use old credit scores in processing new applications. What's even more troublesome is that when I called to try and negotiate an APR reduction on my old Slate card (actually the same rate as the new Freedom), the CSR told me that they don't negotiate interest rates, so I'll pretty much be stuck with this big ugly 22.99% as long as this Freedom card is open.

Why did I want to get back in with Chase again?
Amex Green - NPSL - 05/12
Amex Zync - NPSL - 06/12
Discover it - $7750 - 11/12
Chase Sapphire Preferred Visa Signature - $5000 - 11/12
SECU Platinum Visa - $5000 - 08/08
Bank of America Cash Rewards Platinum Plus Visa - $3000 - 06/08
Citi Diamond Preferred Mastercard - $3000 - 05/12
GECRB Old Navy Visa - $2500 - 11/12
Chase Amazon Visa - $2000 - 11/12
Chase Freedom Visa - $2000 - 07/12
Citi Thank You Visa - $1000 - 06/12
Amex Blue Cash Everyday - $1000 - 01/13


jeffysdad
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Location: Texas

Postby jeffysdad » Sat Jul 14, 2012 2:40 pm

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.

MemberSince99
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Location: WI

Postby MemberSince99 » Sat Jul 14, 2012 5:35 pm

That sucks. But honestly that's pretty close to the rat I got on my Amex BCP revolver as well.

Just remember you want that CSP next year. But yeah never carry a balance on that one. At least with the limits we have, we couldn't possibly carry much of a balance if we tried......

Ratfacedudeguy
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Posts: 362
Joined: Wed May 30, 2012 8:10 pm
Location: Baltimore

Postby Ratfacedudeguy » Sat Jul 14, 2012 6:40 pm

True that my friend. Besides, I still got the 15 month 0% intro, so if I absolutely have to carry a balance it will be during that time frame. They're going to be paying me for using the card anyway in the form of cash rebates so I really have nothing to worry about. Just a minor annoyance. Gotta keep my eye on the prize with that CSP that's for sure. Too bad there's no Chase branches in my area because I'd love to go for the Chase trifecta. Though Wilmington DE isn't too far away from me and I think they have a branch there. Maybe I'll have to stop in next time I'm in the area...
Amex Green - NPSL - 05/12
Amex Zync - NPSL - 06/12
Discover it - $7750 - 11/12
Chase Sapphire Preferred Visa Signature - $5000 - 11/12
SECU Platinum Visa - $5000 - 08/08
Bank of America Cash Rewards Platinum Plus Visa - $3000 - 06/08
Citi Diamond Preferred Mastercard - $3000 - 05/12
GECRB Old Navy Visa - $2500 - 11/12
Chase Amazon Visa - $2000 - 11/12
Chase Freedom Visa - $2000 - 07/12
Citi Thank You Visa - $1000 - 06/12
Amex Blue Cash Everyday - $1000 - 01/13



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