Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
KarmaSuture

0 Contributions
0 People Helped
Best way to ask a credit card co. to lower your card's APR, after you've paid the bal. in full ?
Hi,

I recently paid off a credit card balance to zero. I'm looking for some good advice when speaking with their Rep, for requesting my APR to be lowered.

What leverage can I use ?

This is a long standing account, and I don't want to close it, (or threaten to close it).

Thanks !

-Bri

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
1756 Contributions
3022 People Helped

Just call and ask.   

but I give it a less then 1% chance of working for oyu.   If you have just paid off the balance and have had a balance on the card for years now,  do you think they would want to lower the APR as they have been making money on your account.  You don't really have any leverage at all and if you say you want to close the account I'm sure they would say ok,  close it.  You are one of how many card holders they might have,  lets say they have 1 million,  ( nice round number )  thats   1,000,000.

So with 1% of the card swips would be something like

if every card holder charged 100 dollars that would be 100,000,000 dollars and the CC would take 1 million dollars. ( just an example here folks )

and if 1%  of the 1 million card holders were late on making payments 

that would be 10,000 folks at lets say 20 dollars late fee ( not sure what the going rate is ) so that would bring in 200,000 dollars

you are just one card holder.

Now look at it a different way,   Here I am have always paid in full every month never carried a balance.  the Cards I have carry a high APR.   Thinking I would have a better chance of getting my APR lowered so that I would carry a balance.

CC companies make money by
* every time you swip their Credit Card

* if you carry a balance and and pay interest on the account

* or Fee's like Orver draft or late payment fees

Pay off the Balance every monthy and you won't be paying any Interest or have to worry about the APR on the card.

Hope that helps out

and good luck when you call them up.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.