Request to lower APR

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
lexareece
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Location: Maryland

Postby lexareece » Tue Apr 22, 2014 12:57 pm

Read this then online chatted Amex, they reduced my SPG and Hilton to 14.24... Hilton from 15.24 and SPG from 17.24. Thanks Guys!
In my Wallet-
[size=60]Bank of America-Platinum Privledges Cash Rewards Visa Signature 12K
American Express- , Starwood Preferred Guest 6K, Hilton Honors 6K, Amex Everyday 10K, Business Gold Rewards
Chase- Freedom Visa Signature-6K, United Millage Plus Explorer Platinum Visa-5K
Barclays- US Airways Dividend Miles Business Master Card 24K[/size]

[size=60]In a Drawer
Bank Of America- Platinum Plus Rewards- 22K, Royal Caribbean Visa Signature 8K
Discover- More Card 8K
Citi- Thank You Mastercard Card 6K, Hilton Honors Visa Signature-10K, American Airlines World Master Card 6.5K
Credit Union Card- 20K- 6.9%APR NO Fees Period(for when I get in trouble[/size]


trumpet-205
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Postby trumpet-205 » Fri Apr 25, 2014 8:38 pm

AMEX lowered my BCE from 14.24% to 11.24%.
In My Wallet:
Citi Forward (12/2010) | Citi TY Preferred (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)

nandemo1
 
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Postby nandemo1 » Tue Apr 29, 2014 7:59 pm

After establishing some history with your lender, definitely give them a call and tell them "I've been with you guys for X years, my other card has Y rate, what can you do for me to get a better rate on this card?" The worst they can do is say "No".

Getting AmEx to lower my BCE to 8.24% during my most recent call was a piece of cake, but I've been a business cardholder since 1998 and a personal cardholder since 2001.

I've gotten my Citi Dividend down to 10.74% but it took a little bit more work, even though that account has been open since 1998. The first person always reads a script extending a temporary rate. If that's not good enough for you, you have to tell them "I'd really like to get my APR down permanently, can you please check with a supervisor?" The supervisor has a lot more leeway.

Being pleasant and letting them think it's in their best interest to lower the rate gets you a lot further than threatening to close the account.

Always make sure you get them to send it to you in writing right away so there's no question later on about whether they did lower the rate.

ncosky290
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Postby ncosky290 » Sat May 31, 2014 9:01 pm

Just had Discover lower my Rate to 15.24 from 19.99 and Amex Lowered my rate from 19.24 to 14.24. Chase is a 15.24 solid rate that can not change from what I have been told... Huntington said to call end of June and a few others are riding at 0% intro and the CU card is lowest at 11.24
-AMERICAN EXPRESS DELTA GOLD SKYMILES - AMERICAN EXPRESS EVERYDAY -AMERICAN EXPRESS PLATINUM - CITI DOUBLE CASH - CITI PLATINUM AADVANTAGE - CITI THANK YOU PREFERRED - BARCLAYCARD ARRIVAL PLUS - DISCOVER IT - CHASE SAPPHIRE PREFERRED-

Skycap
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Location: California

Postby Skycap » Thu Jun 19, 2014 2:20 pm

Just got off Live Chat with Citi for my Platinum Select Card, reduced my APR from 20.99 to 18.99. Thanks guys.
[size=60]American Express Blue Cash Everyday $6,000 | Bank of America Power Rewards $500
Best Buy $2,200 | Chase Freedom $2,500 | Citi Diamond Preferred $2,700
First Financial Bank $8,800 | Home Depot $500 | JCPenney $1,200 | Kohls $500
Target $1,300 | Union Bank (FNB) $1,300

FICOs
TU:761, EQ:754, EX:732 (11/2014)
[/size]

Skycap
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Postby Skycap » Fri Aug 22, 2014 11:23 am

Hello again my friends,

I called up my Citi card (now a Diamond Preferred) people again to check the status of a balance transfer and went ahead and asked for a reduction in my APR, the best they could do, again, is to lower my rate another 2%, from 18.99 to 16.99 percent. I tried to get them to match up my best card (Boa Power Rewards) at 10.99 percent, but they said the best they can do is 2% reduction and to call again in a few months to get it further reduced. I think I will follow this habit until I hit a walll
[size=60]American Express Blue Cash Everyday $6,000 | Bank of America Power Rewards $500

Best Buy $2,200 | Chase Freedom $2,500 | Citi Diamond Preferred $2,700

First Financial Bank $8,800 | Home Depot $500 | JCPenney $1,200 | Kohls $500

Target $1,300 | Union Bank (FNB) $1,300



FICOs

TU:761, EQ:754, EX:732 (11/2014)

[/size]

Smart_Shopper
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Postby Smart_Shopper » Sat Sep 06, 2014 3:51 pm

nandemo1 wrote:
Being pleasant and letting them think it's in their best interest to lower the rate gets you a lot further than threatening to close the account.



This has been my experience also. I will mention that I am interested in a more competitive rate in line with my other cards and plan to make a major home purchase soon. Sometimes I get offered a temporary reduction and other times they go straight to a permanent reduction.

dragon452
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Postby dragon452 » Mon Sep 08, 2014 6:08 pm

Two factors I have noticed over the years is the "kind" of bank you are dealing with, an what you are asking of them. If you are a steady customer (a few years of perfect payments), then lowering your rate from a rather extreme 22% to 18% is fair and called for. Same with asking for a credit line increase (if your credit line is very low). But when you are well established and asking them for a substantial decrease in APR ( or going below 12%), some banks will balk and always say no. Such is the case with Capital One for the past five years (after the banking debacle), where I play an APR cycle game with them where they lower my APR by 4% (for seven months), and then raise it back up to an unacceptable level (for me, anyway). They won't make the change permanent, and no amount of arguing changed that.

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CarefulBuilder14
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Postby CarefulBuilder14 » Wed Sep 10, 2014 2:09 am

dragon452 wrote:They won't make the change permanent, and no amount of arguing changed that.


Others have reported the same problem with annual fees. It may be easy to get the AF waived for the upcoming year, but it will never be done permanently. Customers will have to make the same call year after year.

I always PIF, so I haven't bothered to try to negotiate any of my APRs down. Not all are at the absolute top of the APR range, but it would be nice to see one or two of them come down automatically.
Very useful: SchwabPlat, CSP, IHG, Costco (was AA Plat), Freedom, SPG, Prestige (retention)
Somewhat useful: Discover, ED (was EDP), BCE, Hyatt
SD with activity alerts, might close: Arrival

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech, BofA Travel PH, Aviator Red

popamode72
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Postby popamode72 » Fri Sep 12, 2014 9:15 pm

I already mentioned it in a topic but after a year of using my Citi card regularly, I was finally able to get a major APR reduction through the EO, despite the customer service reps always saying I didn't have any offers on file. From 23.24% to 19.24%, which would be slightly lower than what I have with CapOne right now and exactly the same as my Delta card's APR. My lowest APR on all my cards would be for the Amex ED after that 15 month promo period is over at 12.99% and my second lowest would be 15.99% for Chase.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)



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