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No more introductory APR

October 12th, 2006 at 08:44 am

Well, I just looked at one of my CC's online statement. APR went from the introductory 4.9% to it's "normal" rate: 17.24%.

I will have to call these guys asap and get that rate down. $22 finance charge for a $1,600 balance is just way to much.

Boy! that didn't take too much persuasion: "Hi, I noticed that my introductory APR period is over and my current rate is 17.24%, can you get that back down?"
- "Sure, how does 10.74% sound?"
- "Great!"
- "Ok, I'll go ahead and change that for you. Anything else I can do for you?
- "Nope, thanks. Have a good day!"

Phone call took about 3 minutes total.
10.74% is still higher than the 7.9% I have on another card, but that still wasn't bad.

3 Responses to “No more introductory APR”

  1. martha Says:

    That happened to me with a Chase Bank visa. It jumped from an intro offer of 5% to 22.24%. So I called and got no reduction and asked to speak to a supervisor who game me nothing (including a reason why!) and asked to speak to his supervisor and he said no, that I'd have to write a request. So I wrote and got a letter saying no, they couldn't lower it (from 22.24%!!!!) again, with no reason why. Hoever they did increase my credit limit...isn't that a hoot? So I wrote to the CEO of chase bank in Manhattan-didn't hear from him but got a call from an assistant who let me know that someone would be contacting me about my correspondence. WHEW!!! Since my balance is 12k, getting even 5% off would be a big saver. So far this has taken about 2 months. We'll see if I ever get any resolution.

  2. Lau Says:

    Martha -- that just sucks.

    This card I am talking about IS a Chase card. I got them a little cornered by adding that: "I could have that whole balance ($1,600) transfered to an MBNA card that has a 7.9% APR on balance transfer (it helps to have leverage).", but the woman I spoke with did not give me a hard time at all, didn't tell me I had to write in or anything.

    I don't understand what they based their yes/no answer on!

    When did you call in to request the decrease? And more importantly, do you have another CC you could transfer that balance to?

  3. ren Says:

    From what I understand from lurking on other financial forums, Chase and Capital One are both pretty bad about this.

    Martha, even if you don't have another card, if you still get offers, that's a pretty good stick to wave at them. For example, "I would like to continue doing business with you, but XYZ Bank has offered me 4.9% on balance transfers through April 2007 and 14.9% thereafter," would be a pretty good stick to wave. I, well, I committed fraud on my mother's behalf and pretended I was her and got her Citibank card dropped from 19% to 14% a few years back (she asked me to do it, because she wasn't comfortable calling, but still, really not legally kosher!).

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