just asked to get my APR lowered

[TheoPetro]

welpers I figured it couldnt hurt to ask. I have had an excellent payment history (never even had finance charges) with Citi so I emailed them to see if they could drop it 5%. First credit card (im 21) and first time asking so we will see how it goes.

Anyone else have any experience with asking your credit card companies for either a lower APR or a credit line increase?

 

[QED]

Originally posted by: TheoPetro
welpers I figured it couldnt hurt to ask. I have had an excellent payment history (never even had finance charges) with Citi so I emailed them to see if they could drop it 5%. First credit card (im 21) and first time asking so we will see how it goes.

Anyone else have any experience with asking your credit card companies for either a lower APR or a credit line increase?

It'd be easier to get a credit line increase, but they just might give you the rate decrease.


However, don't look at your excellent payment history as a plus to them. In their eyes, you are their worst customer-- the kind who doesn't even carry a balance for them to charge interest on. If they're not making any money on you now, why would expect them to risk making even less?

 

[KillerCharlie]

I got my "first" credit card (first one that also wasn't on my parents name). The limit was really low. I called them and they increased it by a factor of 4. I did have extremely good credit and a decent income though.

I think when you ask them for something like that they usually do it.

 

[TheoPetro]

Originally posted by: QED

Originally posted by: TheoPetro
welpers I figured it couldnt hurt to ask. I have had an excellent payment history (never even had finance charges) with Citi so I emailed them to see if they could drop it 5%. First credit card (im 21) and first time asking so we will see how it goes.

Anyone else have any experience with asking your credit card companies for either a lower APR or a credit line increase?

It'd be easier to get a credit line increase, but they just might give you the rate decrease.


However, don't look at your excellent payment history as a plus to them. In their eyes, you are their worst customer-- the kind who doesn't even carry a balance for them to charge interest on. If they're not making any money on you now, why would expect them to risk making even less?

because if I had an APR that is ~10-13% I would be much more inclined to use it. Right now I am at ~20% for the year on stocks and my APR for my credit card is 17%. If I left a full balance on it once then it would almost negate everything I put into investing this year. I would just be beating inflation.

 

[Reckoner]

Originally posted by: TheoPetro
welpers I figured it couldnt hurt to ask. I have had an excellent payment history (never even had finance charges) with Citi so I emailed them to see if they could drop it 5%. First credit card (im 21) and first time asking so we will see how it goes.

Anyone else have any experience with asking your credit card companies for either a lower APR or a credit line increase?

They're going to email you back, telling you to give them a call. I doubt normal customer service will do it anyways, considering your short credit history. You may be able to score a reduction, albeit a small one - but even then, only through a department such as retentions.

Citi and Amex are pretty generous when it comes to credit limit increases. Amex hands out credit like candy.

 

[TheoPetro]

Originally posted by: PaulNEPats

Originally posted by: TheoPetro
welpers I figured it couldnt hurt to ask. I have had an excellent payment history (never even had finance charges) with Citi so I emailed them to see if they could drop it 5%. First credit card (im 21) and first time asking so we will see how it goes.

Anyone else have any experience with asking your credit card companies for either a lower APR or a credit line increase?

They're going to email you back, telling you to give them a call. I doubt normal customer service will do it anyways, considering your short credit history. You may be able to score a reduction, albeit a small one - but even then, only through a department such as retentions.

Citi and Amex are pretty generous when it comes to credit limit increases. Amex hands out credit like candy.

youre not kidding (about AMEX) I know a business that had some financial "trouble" and there still not out of it and they just applied and received some AMEX credit cards and a line of credit.

 

[Scouzer]

Citi Canada is pretty tightwad on my credit. I've got just shy of 3 years of credit history, never a late payment and $50-53k income. My limit was $1500 which they just bumped on their own to $2200. Still pretty crappy.

 

[Aimster]

The more your credit card limit, the better your D/C ratio is?

Just trying to verify. If so I might have to ask for increases in credit limit.

 

[Pepsi90919]

Originally posted by: Scouzer
Citi Canada is pretty tightwad on my credit. I've got just shy of 3 years of credit history, never a late payment and $50-53k income. My limit was $1500 which they just bumped on their own to $2200. Still pretty crappy.

i make less than that and have limits of $8800, $2000, $1000, $1000, $3000 and two $18000 lines of credit. i'm not in debt though, i just put all my business expenses on cards.

 

[Reckoner]

Originally posted by: Aimster
The more your credit card limit, the better your D/C ratio is?

Just trying to verify. If so I might have to ask for increases in credit limit.

Yes

 

[compuwiz1]

Did they tell you to fuck off?