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Jehannum
 
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How do I convince Chase to give me a better interest rate?

So, my interest rate on a Chase Visa has been jacked over the last year from 11 to 24% for no goddamned reason. I have an excellent credit history (FICO score of 775 last summer, when I took on a car loan, which I've serviced on time, over minimum, every month since). I rarely carry a balance on the card, never pay late, but spend several thousand dollars a year with it (last year, I spent $12k on the card - using what I'm told is industry standard, 5%, that works out to $600 in transaction fees straight to them).

I called them, and got the runaround - "there's a company memo that forbids any interest rate changes", but I can't have a copy of the memo, and I can't get to anyone who will tell me anything different.

Should we just part ways at this point? I can do way better with Amex (hell, even Chase has sent me ads for 12% APRs in the mail).
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Old 06-09-2010, 07:32 PM Jehannum is offline  
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kooshball
 
do you pay your balance off every month? (i'm guessing yes if you're fico is 775). if so the interest rate doesnt really affect you that much anyways.
Old 06-09-2010, 07:35 PM kooshball is offline  
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oleo
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yeah, why do you care what your interest rate is if you pay your balance off every month?
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Old 06-09-2010, 07:48 PM oleo is offline  
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Jehannum
 
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yeah, why do you care what your interest rate is if you pay your balance off every month?

Because I want to be prepared in the case of an actual emergency (when I'm not just paying for business travel to get amazon points).
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Old 06-09-2010, 07:53 PM Jehannum is offline  
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illig
 
get another card IMHO... i have a good rate with my Capital One card, but i just got another Citi card so that i can properly expense travel - and it's not only 0% for 1st 15 months, but less than 12% after.... the non rewards cards i looked at were even less
Old 06-09-2010, 09:01 PM illig is offline  
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DigitalMocking
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I've never heard that nonsense, its pretty simple usually to adjust your interest rates.

Just tell them you're not satisfied with their interest rate policies and you'd like to cancel the card.
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Old 06-10-2010, 04:07 AM DigitalMocking is offline  
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illig
 
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I've never heard that nonsense, its pretty simple usually to adjust your interest rates.

Just tell them you're not satisfied with their interest rate policies and you'd like to cancel the card.

Actually in recent months i've had that same experience. Two of my CCs (an Amazon Visa and something else) went up in APR for no reason (i have perfect credit, and rarely used these) and they didn't even want to talk about lowering the APR. Interestingly, the Capital One card i mentioned above also didn't want to raise my limit when i quickly needed to make a larger than normal purchase. Both of these actions were previously a 5 min phone call away....
Old 06-10-2010, 05:06 AM illig is offline  
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Coqui
 
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Quote:
Originally Posted by kooshball View Post
do you pay your balance off every month? (i'm guessing yes if you're fico is 775). if so the interest rate doesnt really affect you that much anyways.

You don't need to pay off your balance every month to get a credit score like that. You just don't need to hold a high debt/income ratio. Now you need no balance on your card to get above 800.
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Old 06-10-2010, 06:13 AM Coqui is offline  
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acidfast7
 
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You don't need to pay off your balance every month to get a credit score like that. You just don't need to hold a high debt/income ratio. Now you need no balance on your card to get above 800.

IIRC, income isn't factored in a FICO.

you need to have a low used credit / total credit available ratio ... among other things like credit history, length of account, etc...

i'm still 800+ and don't even use american credit cards anymore. over here (sweden and germany) the bank won't give out credit worth more than 10% of your annual income
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Old 06-10-2010, 06:29 AM acidfast7 is offline  
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Jehannum
 
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Debt to income ratio is .32, FWIW. I'm in no trouble on servicing debt.
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Old 06-10-2010, 06:58 AM Jehannum is offline  
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illig
 
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Originally Posted by acidfast7 View Post
over here (sweden and germany) the bank won't give out credit worth more than 10% of your annual income

that's horrible! how do people manage to live beyond their means in such a commie/pinko/unamerican system?
Old 06-10-2010, 10:09 AM illig is offline  
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SmashingPumpkins
 
basically:

you can't. I work in the credit card industry and 40% of my call volume is like you:

If you threaten to leave - I don't care, i have 570 million more customers who love us

I love telling people, no I don't care if you have a million dollars, I'm not changing shit.

whatever advantage you think you have, you don't.


Find another bank with a lower rate and balance transfer from your chase to another card or get a personal line of credit or personal loan and pay off any debt on the card.

and most everyone with a fico score under 800 got fucked on interest rates no matter what company you're with over the last year or so. Don't feel bad about that one.
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Old 06-10-2010, 11:01 AM SmashingPumpkins is offline  
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