Has anyone asked current CC lender to reduce APR?

far2812

Hi All

I was just wondering that instead of applying for new credit cards, has anyone asked their current credit card provider to reassess the apr they are charging to a lower rate?

Many thanks

Fruit_and_Nut_Case

far2812 wrote: »

Hi All

I was just wondering that instead of applying for new credit cards, has anyone asked their current credit card provider to reassess the apr they are charging to a lower rate?

Many thanks

I've seen quite a few people posting to say that they have done this. I don't remember seeing any where the provider has responded favourably.

jd87

I literally just now asked Halifax if they have a procedure whereby I can request a lower APR and they said no.

DevilsBakBone

Each Credit Card has a sent APR and would require a change to the T&C's for it to be reduced.

You can only more the debt to a lower APR card.

Tixy

Fruit_and_Nut_Case wrote: »

I've seen quite a few people posting to say that they have done this. I don't remember seeing any where the provider has responded favourably.

It is rare but I have seen a couple of instances where people have said their credit card provider did drop the interest rate by a small amount (a couple of percentage points I think from memory).

Simon7685

Yes.....
I got a transfer from Barclaycard Initial to their Platinum card at the weekend. When the letter arrived it stated that my APR was remaining at 29.9%. I sent a secure message this morning expressing my disappointment and they phoned me this afternoon and dropped the APR by 8% from 29.9 to 21.9%.

CLAPTON

DevilsBakBone wrote: »

Each Credit Card has a sent APR and would require a change to the T&C's for it to be reduced.

You can only more the debt to a lower APR card.

this is not so
APR for a CC are not, in general, fixed but depend upon credit worthiness of the customer

leeroy2009

told ya Barclaycard can and will lower aprs - well done for asking and getting a result

kbw27111986

Barclaycard will if it is available on your account. Call during 9-5 hours as customer service transfer you to a dept in the UK to do it.

leeroy2009

kbw27111986 wrote: »

Barclaycard will if it is available on your account. Call during 9-5 hours as customer service transfer you to a dept in the UK to do it.

both occasions my apr was lowered by the indian call center.

DevilsBakBone

CLAPTON wrote: »

this is not so
APR for a CC are not, in general, fixed but depend upon credit worthiness of the customer

You are offered a product depending on your credit worthiness, that product determins the APR.