Request to lower APR

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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Randiesel75
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Request to lower APR

Postby Randiesel75 » Mon Apr 07, 2014 7:46 am

Has anyone had success in working with a lender to lower the APR on your existing card?

I have a BCP, CSP and IT card, curious if its even worth calling customer service to negotiate.


takeshi
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Postby takeshi » Mon Apr 07, 2014 8:00 am

Never know unless you ask them. Results vary depending on one's credit.

rockyrock
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Postby rockyrock » Mon Apr 07, 2014 8:38 am

I agree it never hurts to ask.

In fact my rule of thumb is to ask whenever I call for something else or if it has been 12 months since I last asked I'll make a special call just to ask.

Just make sure you know the APR range for your card so you don't waste your time. If you are at the bottom it is MUCH less likely you will score a reduction.

Of course YMMV.
Sapphire Reserve: travel & dining
Blue Cash Preferred: groceries & gas
Freedom: 5% cats
Double Cash: everything else

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bisbicos
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Postby bisbicos » Mon Apr 07, 2014 8:53 am

I always pay in full. However it always bugs me that there is a huge difference in the Apr on my cards. My lowest is my Forward card at 8.24% and my chase freemdom is 22.99% I called chase and asked them to lower my Apr and they said 22.99% is the lowest I qualify for...... smh. I've also called discover and they lowered my Apr by a measly. 25% they went from 18.74% to 18.49%.
Credit Cards
American Express: Fidelity Rewards (2% cash back) 9.5k
Zync NPSL
Discover: Discover More (5% rotating categories) 12k
Mastercard: Chase Freedom (5% rotating categories) 4.6k
Visa: Citi Forward (5x pts on restaurants) 15.7k
Citi Dividend (5% rotating categories) 5.6
Capital One Journey (1.25% cash back) 1.25k
BofA AAA (5% on gas) 2.5k
PenFed Platinum Rewards (5% on gas 3% groceries) 7.5k

Future Cards
US Bank Cash +
Chase Ink

Randiesel75
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Postby Randiesel75 » Mon Apr 07, 2014 5:25 pm

Appreciate the responses, will call each lender and see how it goes.

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Terry
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Postby Terry » Mon Apr 07, 2014 6:01 pm

Randiesel75 wrote:Has anyone had success in working with a lender to lower the APR on your existing card?

I have a BCP, CSP and IT card, curious if its even worth calling customer service to negotiate.


Over the last two years, I have contacted Discover twice and both times they have lowered my rate to the current APR of 13%.
AMEX Green Card - NPSL [Member Since 1995]
AMEX Everyday Card ($25,000)
Chase Visa Signature ($17,000)
Citi Visa Signature ($16,000)
Discover IT ($17,500)
Sam's Club MasterCard - ($20,000)
Wells Fargo Personal Line of Credit - ($15,000)

FICO's - 803 EX, 805 EQ, 799 TU [01/2017]

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nismoZtuner
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Postby nismoZtuner » Mon Apr 07, 2014 6:58 pm

Terry wrote:Over the last two years, I have contacted Discover twice and both times they have lowered my rate to the current APR of 13%.


need to try that..
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710
BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]
American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]
Chase Sapphire Preferred[7.3]
Inquires: TU(?) EX(?) EQ(?)
TCL-$19,800
Age-22

itsmeandrew
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Postby itsmeandrew » Sun Apr 20, 2014 2:05 pm

I called Discover about a week ago and they lowered my APR by 3.55%. I thought it was simple enough and tried calling other lenders. Chase was a flat out no. I don't use my Citi or WF cards, but I might try calling them just to see what happens.
Capital One Platinum $500 (2/2010) CLOSED (1/2013)
Wells Fargo College Cash Back $1.2K (8/2011) CLOSED 3/2015
Chase Freedom (Signature) $10K (4/2012)
AmEx Zync NPSL (4/2012)
Samuels Financing $2.9K CLOSED 4/2015
Discover IT $3.95K (7/2012)
Chase Marriott Premier (Signature) $5K (9/2012)
Chase Slate $2.5K (12/2012)
Citi Simplicity $4K (3/2013)
AmEX BCE $9.5K (5/2014)
Chase Amazon $4.5K (5/2014)
Barclaycard Apple Financing $2K (6/2014)
Capital One VentureOne (Signature) $5K (1/2015)


TU (Discover): 760

ceemee
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Postby ceemee » Tue Apr 22, 2014 2:05 am

AMEX just lowered the APR for my BCE a couple weeks ago from 17.24% to 14.24% and my SPG (the same amounts) yesterday.

Both times via live chat.

rockyrock
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Postby rockyrock » Tue Apr 22, 2014 8:18 am

Time for me to start reviewing my APRs and making some calls!
Sapphire Reserve: travel & dining
Blue Cash Preferred: groceries & gas
Freedom: 5% cats
Double Cash: everything else



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