Lowering APR on Disney Visa

[DisneysRedhead]

Has anyone had success in lowering their interest rate on their Disney Visa? My current rate is 20.24 which is way too high. Now normally I don't care because anything that goes on that card I pay off immediately, but I would like to be able to put some bigger expenses on the card in order to earn rewards.

I called today and was basically brushed off, despite the fact that I use my card frequently and have a good payment history with them. I told them that I wanted to continue using my card in order to earn rewards but that with a high interest rate, I am more inclined to put it on my other credit card that has an interest rate that is half that! The only response I got was that they currently do not have a lower APR that they can offer, end of story.(I should also note I did the same thing with another card today and they were more than happy to lower it for me.)

Is there anything I can do? Should I try calling them back? Or is it a lost cause?

 

[MickeyDisneyFan]

Try calling and asking to speak with cancellations, they have more power to keep you as a customer. I used cancellations when they didnt want to give me the $200 promotion that I signed up for. Once I said go ahead and cancel the card their tune changed and suddenly the credit appeared.

I would call and ask the first rep that picks up to speak to someone about closing the card, when they ask why say you have a _______ card that has a ___% interest rate and since the rate is so high on this card you wont be using it. They will usually ask what youre paying on the other card and match it (especially if you use it often)

I just saw you said you pay it off each month so you might not have as much room to negotiate because they arent making any money from you but doesnt hurt to try.

 

[dd50]

I just saw you said you pay it off each month so you might not have as much room to negotiate because they arent making any money from you but doesnt hurt to try.

They do make money every time you swipe your card.

If you plan on carrying a balance then don't use the card for that. Most of the time if you carry a balance with Chase they will lower your limit. Most rewards card have higher APR's so they can give you the rewards. You can call back and ask again but I don't think they are lowering any ones. All my reward cards went up just before the credit changes. I also PIF every month so I wasn't paying attention until I looked and one month it was 12% and the next it was almost 20%.

 

[mjkacmom]

Back in the day, they would almost always lower the limit, but we've had our interest rate jacked up on every card, and they will let you cancel before lowering them.

 

[DisneysRedhead]

Try calling and asking to speak with cancellations, they have more power to keep you as a customer.

If I was considering actually canceling if they didn't, I would totally do this. But since I want to keep it, I'm worried that they would call my bluff lol.

 

[jessicaerv]

If you plan on carrying a balance then don't use the card for that. Most of the time if you carry a balance with Chase they will lower your limit.

Actually, Chase will lower your limit even if you pay in full each month. This happened to me. I had this card with them (and the various banks they acquired) since 1997 and paid it off each month. Well, last summer they sent me a letter saying they were lowering my limit from $30000 down to $7000 because they reviewed my history and I never charged more than $5000 in any month throughout the life of the card. I was incensed

I was pregnant with my first child, needed to buy nursery furniture and all the other big ticket items that come with children, and needed a higher credit limit. But when I called to ask them to revert BACK to the higher limit they said they'd need to run my credit to see if I qualified. I argued that it wasn't due any change to my credit-worthiness that precipitated the change, but they would not budge. I was even more enraged.

After 4 calls to 2 different departments, going up and down the ladder with customer service and managers, they were completely unwilling to be flexible. Finally, I told them that I would no longer be using their card. I used to charge upwards of $2000 a month with that card, and banks usually get a 3-5% fee for each transaction, so they made around $100 a month off me. They did not care.

HOWEVER, I did not cancel the card and still have one tiny recurring monthly charge on it because I do not want the account to be closed due to inactivity. This is the card I have the longest history with.

Chase stinks.

 

[jmpellet]

For the rewards you get ($10 per $1,000 spent) its probably not worth carrying a balance?? I want to do some home improvement projects and I got an offer in the mail for no interest for a year (Citibank).

 

[disneygirl 17]

They won't lower mine either. I called - I am afraid to say I will close it in case they call my bluff as well.

I like to have it for discounts at WDW - that all being said.

I don't really use it for rewards because I get better rewards from my world points card which has my interest rate at 7%. It fries me everytime I hear - I got $200 for getting the visa....what do I get for having their card. Nothing!

Once of these days I might just cancel it....

 

[MomToOne]

Chase isn't doing much negotiating with their customers these days, even if you threaten to cancel. I have a fantastic credit score, they never lowered any of my limits or things like that and I had had my card with them for decades, not just years - but when I simply asked to flip my credit card from the United Mileage card that has an annual fee to one of their no fee cards they absolutely refused to do it even though I've done it in the past to other cards I had with them. They told me I had to close the account then reapply and take my chances. They made sure to point out to me that I had a "long history on this card" and it had "quite a large limit" and that the "account closure would be reported to the credit agencies within 30 days", so basically threatening me with a hit on my credit score if I didn't pay that annual fee, without actually coming out and saying it.

I was pissed to say the least and decided that a minor hit on my credit score wasn't worth this sort of blackmail. So, I told them to shove it and to close the account immediately - after I was instantly approved by my credit union for a card with an equivalent limit, half the interest rate, and no annual fee of course

Then I turned around and applied back to Chase for one of their no annual fee cards, on an offer where they had to pay me $100 after the first few months of activity.

So instead of keeping a good customer happy with the flip of a switch, they decided to piss me off to the point of posting on message boards and had to pay me $100!

Not exactly good business sense if you ask me, but it's the way Chase works these days.

 

[dd50]

Actually, Chase will lower your limit even if you pay in full each month. This happened to me. I had this card with them (and the various banks they acquired) since 1997 and paid it off each month. Well, last summer they sent me a letter saying they were lowering my limit from $30000 down to $7000 because they reviewed my history and I never charged more than $5000 in any month throughout the life of the card. I was incensed

I was pregnant with my first child, needed to buy nursery furniture and all the other big ticket items that come with children, and needed a higher credit limit. But when I called to ask them to revert BACK to the higher limit they said they'd need to run my credit to see if I qualified. I argued that it wasn't due any change to my credit-worthiness that precipitated the change, but they would not budge. I was even more enraged.

After 4 calls to 2 different departments, going up and down the ladder with customer service and managers, they were completely unwilling to be flexible. Finally, I told them that I would no longer be using their card. I used to charge upwards of $2000 a month with that card, and banks usually get a 3-5% fee for each transaction, so they made around $100 a month off me. They did not care.

HOWEVER, I did not cancel the card and still have one tiny recurring monthly charge on it because I do not want the account to be closed due to inactivity. This is the card I have the longest history with.

Chase stinks.

You are not alone. I have a friend that had $30,000 limit and it was reduced to $700. They had the account for 20 years and never paid late almost always paid in full except for a few times.

 

[gwtw428]

Disney Visa raised me from about 8% to 18%. I have had the card for many years and have NEVER been late on a payment. I was very upset to see the increase. I called several times, spoke to managers, cancellations etc and no one would lower the rate. I was told that all credit card companies are doing this, blah blah. When i said I would cancel the card, they said "well you have to do what you have to do!" I am mad at the increase and customer service. So I applied for a Citi Platinum Master Card that has 0% balance transfer until Dec 2011, 3% transfer fee, 0% interest on purchases for a certain time, 10 reward points per dollar spent (can be redeemed for gift cards etc). Plus a few other perks. I transfered my Disney balance to this card. I wont cancel the Disney Visa yet because I like being able to book some of the vacation promos before they are made public. However, I am worried they will charge me for having a zero balance...so we'll see.