Chase doesn't negotiate interest rates, anyone encounter this?

[SimpleCycle]

I have had an Amazon Visa with Chase since 2005.  Back in 2009 I missed a couple payments and my interest rate was raised to the penalty rate (29.99%).  In the intervening 12 years, Chase has refused to lower it a few times, but I figured it doesn't matter since I don't carry a balance.

I called again today and again got "we can't do anything about your rate, Chase does not negotiate interest rates".  Anyone encounter this position from them before?  Or anyone successfully gotten their rate lowered?  It literally doesn't matter since I don't carry a balance, it just pisses me off because it is so predatory.

[secondcor521]

I doubt Chase feels the need to negotiate.  They probably feel you need them more than they need you, so they have the logical upper hand in the situation.

If you don't like it, close the card and take your business elsewhere.  There are plenty of cards and issuers out there.  If you can't or won't for whatever reason, then apparently it is worth it to you to keep the card.

[terran]

I have no idea what the interest rate on my cards are or ever have been as I don't carry a balance. It doesn't surprise me that they won't change the rate. I would suggest shopping for a card that offers terms you're more happy with, but at least for me rewards, ease of the website, the experience when calling to talk to customer service, and foreign transaction fees are all more important than interest rate.

[Blue Skies]

This seems like a cutting off your nose to spite your face kind of thing.
If you feel you can't support Chase anymore because of this, then cancel the card and find a new one.  Otherwise, try not to let it bother you.
I don't know what the interest rates are on my cards.  I pick them for rewards mostly, but I also have one that has no international fees, and another one I keep around for longevity on my credit report even though I never use it anymore.

[Frankies Girl]

Yup. Either close it or forget about the interest rate and never miss a payment in full. The rate charged is moot if you never have pay it.

I don't see a problem here tho. Every single card I've ever owned says they'll potentially raise the interest rates crazy high if even one minimum payment is missed because they can.

So your choice is the recognize that they did exactly what they said they'd do. Set a reminder to pay the bill, or set up autopay or whatever safeguards makes sense for you and don't let that crap take up any more space in your head.

If that pisses you off but you still really like the card, you could reframe the use of this card to making sure to keep sticking it to them by being a deadbeat (paying the card off in total and making sure they don't earn a penny in interest) and raking in the Amazon rewards - it's 2% if you spend at gas stations/drug stores/restaurants or 3% back if you use to purchase on Amazon/Whole Foods and 1% back on everything else. Make sure you take the cash out option to either transfer to your bank account or pay down the card. Do not use it for more Amazon purchases so you don't rob yourself of the points you'd otherwise earn for purchasing ON AMAZON.

[SimpleCycle]

It just surprised me because I've read all sorts of "you can lower your interest rate by just asking" articles and anecdotes throughout the years, and that often is people with outstanding balances and worse credit history.

It is my oldest credit card and I use it for the Amazon rewards, and they haven't gotten a penny of interest from me in over a decade.  So it may be worth it to keep it.  It just seems silly that they're not willing to work with a cardmember of 15 years to bring their interest rates in line with my financial situation, even though I acknowledge it there is no practical impact on my life.

[Frankies Girl]

It just surprised me because I've read all sorts of "you can lower your interest rate by just asking" articles and anecdotes throughout the years, and that often is people with outstanding balances and worse credit history.

It is my oldest credit card and I use it for the Amazon rewards, and they haven't gotten a penny of interest from me in over a decade.  So it may be worth it to keep it.  It just seems silly that they're not willing to work with a cardmember of 15 years to bring their interest rates in line with my financial situation, even though I acknowledge it there is no practical impact on my life.

I remember when that used to be a thing, but I believe that type of customer service/perk has become much more rare. And you'd need to have perfect payment history for them to even consider because mostly they offer concessions like that only if they know you're unlikely to ever take advantage of it. And Chase is definitely one of the last banking institutions to expect to behave in a decent or generous manner.

I now just remind myself that we're not really the customer; we're the product. They may make a nice chunk of money off us if we end up paying interest, but it's not technically their best/only means of profit. They make millions off of people swiping their cards in business fees with their branded cards. Its one of the big reasons that mom & pop shops sometimes impose a minimum purchase fee on credit card transactions.

If we can keep from giving them any of our money in interest and maybe sneak a few bucks out of their coffers via the rewards programs, we're still coming out way ahead.

[Rob_bob]

Chase won't negotiate a lower rate because you aren't paying any interest.  You are a "dead beat" customer.

If you want a lower rate go out and make a large near credit limit purchase then don't make any payments for six months and tell them you can't afford the payments.  Then let the balance go into collections, Chase will sell it for pennies on the dollar.  Then you can negotiate a lower sum to pay off the collection agency.

You get to pay off the debt for less than your purchase price, the collection company gets more than what they paid Chase.  And Chase gets screwed for not negotiating a lower rate.

A win for you and the collection agency!  :-D

[mistymoney]

mine is 14.24.

[mistymoney]

Chase won't negotiate a lower rate because you aren't paying any interest.  You are a "dead beat" customer.

If you want a lower rate go out and make a large near credit limit purchase then don't make any payments for six months and tell them you can't afford the payments.  Then let the balance go into collections, Chase will sell it for pennies on the dollar.  Then you can negotiate a lower sum to pay off the collection agency.

You get to pay off the debt for less than your purchase price, the collection company gets more than what they paid Chase.  And Chase gets screwed for not negotiating a lower rate.

A win for you and the collection agency!  :-D

or......

switch to another card and let that one sit in your wallet.

they may come to you eventually!

[Cranky]

I don’t care what the interest rate is because I don’t pay any interest. Why would I care?