Comments on: How To Lower The APR On Your Credit Cards

By: Chris Johnson

Chris Johnson — Sun, 07 Feb 2010 03:22:13 +0000

We own a small business in a predominately coal mining community. Last year was a very tough year in the coal mining business, and therefore our small business. We have gotten ourselves into financial trouble with credit cards!! We actually worked with a few and either they took payoff (which has ruined our credit scores) and worked out a payment plan. Now 3 of these credit cards have increased the APR to 24.9% and refused to speak with us about lowering it. What can we do? We need to get away from this outrageous APR and pay these off but to no avail with the companies themselves. HELP!! Please.

By: EEM

EEM — Wed, 06 Jan 2010 23:38:23 +0000

We now have 3 Chase credit cards (due to bank merges) and our checking acct is now a Chase account (used to be Wamu). I have found Chase to be ruthless, lacking customer support, and difficult to deal with, especially when policy changes affect our checking accounts and credit card due dates are hidden in 6pt fonts requiring a magnifying glass. Does’t this smack of deliberately obscure communications that they fall back on?

Furthermore, I have had great credit for 30+ years – and lots of it! Now, Chase treats us like deadbeats even though we pay timely and pay more than the minimum. Our % rates keeps raising and all Chase says – if you don’t like it, then pay off your account. Easier said than done in todays economy. Cost of living increases, wages decrease, and we are in a dilemma with no help in site. to add insult to injury, Chase lowers our limit every few months as we are paying down our cards – so we look maxed out and appear to be a bad credit risk, and we are NOT adding new debt to these cards.

We feel that we have no recourse.

By: RDK

RDK — Thu, 03 Dec 2009 19:01:21 +0000

All 3 of my cards are maxed out. I’m having trouble just paying the minimum payments. Now they want to raise my APR to 30%. Is it better to close the account using the lower rate and take a hit on my credit score or try to pay the higher amount?

By: Rebecca

Rebecca — Mon, 23 Nov 2009 20:10:43 +0000

I have tried this in the past and I have to say I was impressed it has worked however, startin Jan 2009 I have not been successful with Chase. I noticed that my card slowly creeped up to 24.24% and I have not been late and I do not have a terribly high balance on my card (less then 30% of my credit limit)I have contacted the company several times over the course of 10 months and have been told that they are not able to lower my interest rate because there is a freeze on such requests. What I find interesting is I have 2 credit cards with them and one of them they happily lowered my interest rate. I am tired of calling and speaking with the representatives and I feel to some degree this is fraud. I have been told by a supervisor that my interest rate was not raised because I defaulted on my monthly payment but it was an “across the board” policy with Chase. I am paying the balance off today and never using the card again. Can I report this behavior or is the acceptable with the credit cards companies?

By: Melly

Melly — Tue, 19 May 2009 16:25:05 +0000

CHASE suckss, i have an APR of 27%, i called to reduce my APR and they cannot do anything about this at all.

By: Can Your Spouse Handle Your Credit Accounts? | Ask Mr Credit Card's Blog

Can Your Spouse Handle Your Credit Accounts? | Ask Mr Credit Card's Blog — Wed, 25 Mar 2009 07:49:00 +0000

[...] How To Lower The APR On Your Credit Cards [...]

By: Sue

Sue — Tue, 10 Feb 2009 06:40:38 +0000

I have a credit card with a balance but I have been paying on it faithfully every month. Currently the APR is 5% and I pay $50. I only have $420 left until the balance is at zero. Today I received something in the mail from Capital One (which is who I am dealing with) and they tell me that they are raising the APR to 29% I about flipped.

I do not purchase with this card, I am only paying on it. Once the card has been paid off, I don’t intend on using this card because of how Capital One has been treating their customers. My question is, can I transfer to someone else and obtain a lower APR so it can be paid off faster.

I am pursuing my Doctorate in Education hoping to teach at a university level. My last question is, who would be the best to look at for transferring the balance?

I appreciate any assistance regarding this.

Regards,

SLE

By: Lisa

Lisa — Tue, 10 Feb 2009 01:34:50 +0000

I tried getting my creditors to lower my apr and they said NO. Sears said that I was getting the best rate possible already,(YEAH RIGHT),and the other creditors said that If and When an offer for a lower rate becomes available then they will let me know,(again YEAH RIGHT)!! I’m not behind on anything YET and try to at least give $5 more than the minimum payment due. But even then you have to be careful because with some creditors if you make more than the minimum payment so many months in a row then they will make THAT your new minimum payment all the time so you still don’t get ahead. I wish I’d never heard of credit cards!!!

By: Diego

Diego — Tue, 13 Jan 2009 01:32:28 +0000

I can’t seem to get it< I have an account with WAMU I’ve been calling for the last 3 days and nothing, I even spoke to a manager and nothing the only thing that they offer me was to waive $ 35 over the limit fee. I don’t know what to do I’ve been paying the same amount for a year and I haven’t use that card in probably two. I don’t know what to do anymore , my current APR is 28% the manager also told me that she was going to put a note on my account that she waived those $35 which may e ineligible for future offers lowering my APR or waiving any other fees. I even told her I was getting laid off. Which is actually true
any toughs on this
tanks

By: Shirley

Shirley — Thu, 13 Nov 2008 13:43:57 +0000

i have a bank of America 5000 credit card. i have been late in the last 70 days because my employer when bankrupt the APR went from 14.95 to 29.99 % plus late fees and fees here and there now I can not afford to pay for it anymore. i called Bank of America and they told me my only option to lower the APR was to close ( or revoke) my card. i don’t want to close my account or i dont want them to close it. Can they legally be proposing this? Does anyone have a similar experience or solution? I just feel instead of helping they are just putting the rope around my neck…