Attention: You Rock At Lowering Your APR

The results of people simply asking their credit card companies to lower their APR are flowing in. Meet Stephen:

I bank with Chase and I have my only credit card with them and that keeps things simple…. After reading some articles on your site I decided to just call and ask them to lower my rate. They transferred me to a credit analyst who got some information from me and agreed to lower my rate back the lower rate I had been paying and also refund what I had been paying in higher interest payments. It’s all thanks to you guys at Consumerist.
You rock!

No, Stephen. You rock.— MEGHANN MARCO

The rest of Stephen’s email inside.

Reduce Credit Card APR: It Never Hurts To Ask

    Consumerist,

    I just wanted to say thanks. Your site really helps out and I’d like to tell you my story of how.

    I bank with Chase and I have my only credit card with them and that keeps things simple. Lately they just decided to raise my APR and I made a fairly large payment on my credit card balance so when they raised my APR my newest finance charge was more than my last minimum payment. After reading some articles on your site I decided to just call and ask them to lower my rate. They transferred me to a credit analyst who got some information from me and agreed to lower my rate back the lower rate I had been paying and also refund what I had been paying in higher interest payments. It’s all thanks to you guys at consumerist.

    You rock!

Comments

Edit Your Comment

  1. acambras says:

    Is that Stephen in the photo? Precious!

  2. Jesse McBesse says:

    he actually got someone who was not only helpful but also english speaking? …at chase?? …really???

  3. robbie says:

    The introductory 0% APR on my Bank of America Visa ended last month and it is now above 21% (!!!). I am young and am re-building credit; have paid off other (small) cards and have a huge limit on this that is about 1/3 full, mostly a computer purchase that I pay $150/month on using auto-pay. I called BofA today and got my APR lowered to 16.99%. After asking if I “qualify for a lower rate,” I was transferred to a credit specialist who gathered more information about me–current employwer and income, monthly house/apt payment, rent vs. own. The agent told me that they usually wait until 9 months in to do an APR review, so he basically just did it early. Mentioned that I was thinking of transferring the balance to a 0% introductory period on another card but that did not cause him to offer anything wild.

    I cannot wait for the day I am making post-grad -school money and can get things like 3.99%. btw, looked at opening a Chase Platinum, but the intro period of 0% is only 3 months for standard consumers (elite get 12 months). No go.

    thanks, consumerist!

  4. acambras, that’s not my photo. ROFL

    Jesse McBesse, I did get someone speaking English and was also nice and helpful. There were no scare tactics, idle threats or retentions specialist or any of the usual hoops to jump through. The whole thing took about 10 minutes between calling and talking.

  5. CamilleR says:

    I’ve had a Chase credit card since 1992. Over the years I acquired two more Chase cards. I paid at least the minimum on all cards on time every month. Last March they jacked my APR to 28% on all three cards. I called and pointed out what a good customer I had been over the years. They said they could do nothing for me, although I was apparently misinformed by them and they were only raising the rate on two cards. Needless to say, I got rid of those two cards ASAP and am looking forward to paying off the third card by the end of the year so I hopefully never have to deal with Chase again.

  6. Uurp says:

    My wife is good at this and has been doing it for years…every couple of years she’ll call our Credit Card Providers and tell them we got an offer in the mail from their competitors, and give them the opportunity to match the low interest rates. Usually works. If it doesn’t, we switch providers for the lower rates.

    Can’t hurt to ask.

  7. kicka says:

    I used to call Citibank, Chase, etc. and tell them to close my accounts. They would go into a panic asking me why. I always said my rates were too high, and they’d always lower them. Never, never did I receive a refund for interest I’d paid previously on higher rates. That’s a real coup!

  8. Gasface says:

    If you pay your balance in full every month why does it matter?

  9. acambras says:

    While paying off a balance in full every month is ideal, some of us are doing heavy financial penance for misspent youths…

  10. laurion says:

    I was able to talk my bank into lowering the rate on my only card from 12% to 6%. Then again, I have a very good credit union, so all of their rates are pretty good.

  11. ohnothimagain says:

    “…a computer purchase that I pay $150/month on using auto-pay.”

    What? You can get a computer for about $150.00, can’t you? You shouldn’t purchase ephemeral things like computers, phones, and meals on credit.

  12. FLConsumer says:

    Some of us have been working 60+ hrs/week since our youth and enjoy the benefits of paying off bills in-full, on-time, and other benefits like being able to take off for 4 years to do medical school and still will end up debt-free. Piss poor planning isn’t an excuse.

  13. And some of us weren’t able to do that. Just becaue you were don’t piss on the way someone else is handling their life.

  14. robbie says:

    Well… much of my professional, personal, and future professional (media company we are starting) lives are based on my computer. My top-of-the-line Toshiba laptop was stolen from my apartment in 2005. I lived off an old desktop for a while and then invested in a Macbook Pro. Sue me. Credit does exist for a reason. Should up the monthly amount, I suppose, though there are student loans and such to contend with. And have you tried paying rent in the Boston area?