credit card apr?

[pontifex]

i sent an email to my credit card company asking about getting a lower APR.
they replied saying that in January they sent me a notice that the rate would change (go higher) and that i could "opt out".

huh? i could opt out from getting an APR hike? they said that they didn't hear anything from me telling them to opt me out, they just raised it.

does this make sense to anyone else? why would i want a higher APR???????
i don't ever remember getting anything about this anyway.

 

[thetxstang]

There's got to be more to this story.

 

[pontifex]

Originally posted by: thetxstang
There's got to be more to this story.

no, thats what the email said, unless they are talking about something different.

 

[Nocturnal]

I sent an e-mail to my CC company (Chase) asking for a decrease in APR and they obliged. However it's still kind of high although I don't use the card much and if and when I do I pay it off entirely. It's always nice to have lower APR cards though lol.

 

[pontifex]

Originally posted by: Nocturnal
I sent an e-mail to my CC company (Chase) asking for a decrease in APR and they obliged. However it's still kind of high although I don't use the card much and if and when I do I pay it off entirely. It's always nice to have lower APR cards though lol.

I have Chase also.

here's the email i got back. let me know if you guys read it any differently than what i got out of it.

As your credit card company, we value your business. It's
important to us that we address your questions regarding
the annual percentage rate (APR) associated with your
account. Thank you for sharing your concerns with us.

We consistently review our business practices to ensure
that we provide valued services and remain competitive in
the business. As noted in your Cardmember Agreement, we
may change the terms associated with your account and will
notify you of the change in writing in accordance with
applicable law.

In reviewing our records, we found that a Change in Terms
notice was sent to you in 01/02/2007. The notice advised
of the effective date for the change and explained that
you could retain your then-current terms by opting out
prior to the effective date. When we did not hear from
you prior to the effective date, your APR was changed as
noted in the notice. We regret that we are unable to
return your account to its previous APR at this time.

While your account reflects the lowest APR currently
available to you, you may want to watch for special offers
that you may receive. These offers may reduce your
overall APR if you choose to participate. We also hope
that you will contact us periodically to see if we have a
lower APR available for your account at that later date.

 

[tw1164]

I've gotten notices about fee increases that I could opt out of. I would be on the old fee schedule until the card expired, then the account would be closed.

 

[thetxstang]

Originally posted by: pontifex

Originally posted by: thetxstang
There's got to be more to this story.

no, thats what the email said, unless they are talking about something different.

Interesting. I have no answer for you, unfortunately. This sounds like a pretty underhanded maneuver by your CC company if what you say is indeed the case. Kind of reminds me of those dubious "convenience fee" charges that have been assessed against me in times past.

 

[FoBoT]

:laugh:

 

[KoolAidKid]

You really need to look through anything they mail you very carefully. My CC company tried to double my rate to 9.99% a while ago. I had to opt out to keep it at 4.9%. Of course, if I use the card again the rate will instantly go up to 9.9%.

 

[pontifex]

Originally posted by: KoolAidKid
You really need to look through anything they mail you very carefully. My CC company tried to double my rate to 9.99% a while ago. I had to opt out to keep it at 4.9%. Of course, if I use the card again the rate will instantly go up to 9.9%.

well what was the point in opting out? that makes even less sense than my situation, lol

 

[Platypus]

Easy fix:

Step 1) Call support and ask to close your account
Step 2) You'll be transferred to the Retention Department
Step 3) Tell them you'll close the card unless you get the APR you requested.

I'm willing to bet you'll get what you want.

 

[KoolAidKid]

Originally posted by: pontifex

Originally posted by: KoolAidKid
You really need to look through anything they mail you very carefully. My CC company tried to double my rate to 9.99% a while ago. I had to opt out to keep it at 4.9%. Of course, if I use the card again the rate will instantly go up to 9.9%.

well what was the point in opting out? that makes even less sense than my situation, lol

It makes sense because I am carrying a balance on the card. The rate doubles if I make any additional purchases with it.

 

[pontifex]

Originally posted by: KoolAidKid

Originally posted by: pontifex

Originally posted by: KoolAidKid
You really need to look through anything they mail you very carefully. My CC company tried to double my rate to 9.99% a while ago. I had to opt out to keep it at 4.9%. Of course, if I use the card again the rate will instantly go up to 9.9%.

well what was the point in opting out? that makes even less sense than my situation, lol

It makes sense because I am carrying a balance on the card. The rate doubles if I make any additional purchases with it.

if you hadn't had the balance would you have been able to opt out?

 

[FeuerFrei]

I got the same notice from Chase about raising my APR ... back in January. If I didn't send them a letter by March 1st, the changes would be applied to my account. Naturally I sent in a letter (Feb 1st) telling them to exclude my Chase cc account from the upcoming changes. They confirmed they'd received my letter and my account wasn't affected.

Naturally they make it a hassle to reply, no easy card with a checkbox for yes/no. If it benefits them, they make it easy. If it benefits you, you gotta work.

 

[nakedfrog]

Originally posted by: Platypus
Easy fix:

Step 1) Call support and ask to close your account
Step 2) You'll be transferred to the Retention Department
Step 3) Tell them you'll close the card unless you get the APR you requested.

I'm willing to bet you'll get what you want.

I didn't even have to say anything about closing my account, I just said "I need my APR lowered," and I got it, with no fuss.

 

[SoulAssassin]

Originally posted by: pontifex

Originally posted by: KoolAidKid

Originally posted by: pontifex

Originally posted by: KoolAidKid
You really need to look through anything they mail you very carefully. My CC company tried to double my rate to 9.99% a while ago. I had to opt out to keep it at 4.9%. Of course, if I use the card again the rate will instantly go up to 9.9%.

well what was the point in opting out? that makes even less sense than my situation, lol

It makes sense because I am carrying a balance on the card. The rate doubles if I make any additional purchases with it.

if you hadn't had the balance would you have been able to opt out?

They probably wouldn't have increased his rate if he didn't have a balance. Seriously.

 

[zoiks]

Why'd you send an email. Call them up and just tell them that you want a lower APR.

 

[TallBill]

There is an option with USAA online to lower your APR. I tried it out and they dropped it from 19% to 11%.

 

[DT4K]

Typically, when they say you can "opt out", what they really mean is that you have two choices:
A - Accept the new higher rate
B - Stop using the card, keep the current rate until the balance is paid off, then have your account closed.

So technically, they are letting you avoid the higher rate, but only if you close your account.

 

[kranky]

It's very unusual for an issuer to let you opt out from a rate increase without also requiring you to stop using the card until the existing balance is paid off (and then your account will be closed).

So you CAN opt out, but not without consequences.

 

[JeffreyLebowski]

In other words, you didn't fully read your TOS and understand that when they say they can increase your APR whenever they feel like it they will.

 

[pontifex]

Originally posted by: JeffreyLebowski
In other words, you didn't fully read your TOS and understand that when they say they can increase your APR whenever they feel like it they will.

no, i understand that.

 

[RossMAN]

Payoff your credit card in full every month and don't worry about APR?

 

[WildHorse]

In June my Visa apr increases from 8.90% to 15.15%.

I need a new lower rate card.

Anybody know who'se got the low APR & no annual fee?

Don't much care about rebate features.

 

[pontifex]

Originally posted by: scott
In June my Visa apr increases from 8.90% to 15.15%.

I need a new lower rate card.

Anybody know who'se got the low APR & no annual fee?

Don't much care about rebate features.

Amex blue has as low as 12% depending on credit score i think. its still variable though.
not sure about others. i'd love to find one with a fixed rate but i doubt they exist.