Anonymous asked in Business & FinancePersonal Finance · 4 weeks ago

How to get lower interest rate on Chase Freedom Unlimited Credit Card?

I called Chase asking for a lower interest rate , it’s 23.74%. They told me the account undergoes an automated review and if I qualify for a lower rate it will lower automatically, they said sometime this month. What to do next if it doesn’t? Should I call again, ask for a supervisor and say I have lower rates on my other cards and that I will cancel the Chase card if they won’t lower my rate? I just got approved for Citi Simplicity card, 0% for 18 months, then 17.49%. Also, what happened to fixed rates on CC’s? They all seem to have variable rates now, why is this? Tips, advice appreciated, is anyone with a Chase card having this issue?

6 Answers

  • 3 weeks ago

    All credit cards have variable rates, unless you have a short term incentive.

    The interest rate only matters if you carry a balance.  Pay the card in full each month and the interest rate is meaningless. 

  • 3 weeks ago

    Call another card issuer and ask them what terms they will offer to transfer the entire balance to their card and close the Chase card.

    Then ask Chase if they will match or beat the offer.

    Nothing motivates like competition.

  • Anonymous
    4 weeks ago

    You can threaten with closing the account, but it's not a good thing to do as it will hurt your credit score. Also, if you have an interest rate that high you're not a customer they really care about. Just stop using it if they don't lower it.

  • 4 weeks ago

    a) pay IN FULL every month. b) apply for other card(s) {especially non-reward cards as their interest rate is lower,}

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  • Anonymous
    4 weeks ago

    Just payoff the card and stop carrying a balance.

    More cards have variable rates because there is less risk to the bank.

    But, I rates will not be going up anytime soon.

    Never cancel any card, it hurts your score.

    When my sister had a lot of debt on 3 cards but had never been late she called each and told them she was having trouble paying. All 3 offered to lower her rates.

    That was 25 years ago or so.

  • 4 weeks ago

    I have a friend who somehow manages to call credit cards, tell them she's canceling the card because of the interest rate, and get a lower interest rate. I'm not sure everyone can do this, though. She also manages to get upgrades at hotels and on flights when I can't. But I want you and everyone who reads this to know that the Obama administration passed legislation to prevent credit card companies from raising interest rates arbitrarily. Trump has rolled back that legislation, so companies are again free to charge whatever interest rate they want. 23.74% is completely outrageous! Remember this when you vote. 

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