Can I request a lower APR on closed credit card?

Question

I am being charged 30.9% by HSBC for an account I've had in good standing for over 15 years.  I had a couple late payments and have been charged this exorbitant amount ever since.  This was more than 2 years ago.  My Credit score is still good despite this.  My cardmember agreement does not specify an exact APR for late payments.  The Account Manager said 30.9% is actually down from their 32.9% rate from a few months ago...I said "wow, that is quite a relief and so kind of your company ;-)    

So, unless I pay off the entire balance, am I stuck with this ridiculous rate?

Gem · Accepted Answer

Of course you can ask, the worst that can happen is that they say no.

I would write a letter and point out how long you were in good standing and explain what happened to make you late.

Don't feel bad.  I had a Providian (now WaMu) credit card for over 10 years.  NEVER missed a payment, never late on a payment and they jacked my rate up to 27.9%.  Bank Of America did the same thing.

So, I started paying the highest card the most money and then took a loan from my 401k to pay them off.  The best feeling I have had in a long time was telling the BoA sales person to shove their company up their greedy as ses when they called to offer me a lower rate.

Thank Congress.  When Congress doubled the minimum monthly payment requirement banks doubled the interest.

B*st*rds.

? · Answer

The mastercard companies won't decrease this without request. inspite of the undeniable fact that, the fees of interest on the playing cards won't are available in to play in case you will pay off the stability in finished each month. interest in uncomplicated terms applies to balances on the cardboard. If there is not any stability, you is purely no longer charged any interest. So i urge you to in uncomplicated terms can charge to the mastercard what you may handle to pay for to pay lower back in finished each month. If it incredibly is not any longer probably, then i could advise preserving the better interest playing cards at a 0 stability and not use them (close them in the event that they have an annual fee and you're able to't get it waived). or you should bypass away them open for yet another year (on a similar time as no longer utilising them) and in uncomplicated terms use the cardboard with the 14% interest fee. purchase small products and in uncomplicated terms make the main of between 10-20% of the stability each month, and pay it off. in the experience that your score rises adequate you should get a greater useful mastercard, then close those that have the better interest fee.

Anonymous · Answer

You can always ask for a lower APR, your best bet is to look for a Transfer Balance card that can help you. Here is a good list of balance transfer cards you should look into 

http://www.easy-creditcard.com/balance-transfer-card/

The list helped me with my high APR problem. Good Luck

golferwhoworks · Answer

get another card and transfer the balance

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Can I request a lower APR on closed credit card?

4 Answers