Opinions concerning balance transfer vs. loan

[Hopeful1]

Long story short I have a credit card that was wamu,now Chase. Chase has jacked up my interest rate to 24.99 and I have never not even once been late or had any derogatory (card member since 2004). They will not lower my rate. I have asked repeatedly over the past 2 years to no avail. This has been my rate for a while and it's hurting. I have a fairly large balance 6500 and want to either find a card to transfer for some relief or look into a loan (not sure what my chances are). Or if anyone has an idea of how to get Chase to lower it, I'm all ears.

We're USAA members too-hubby is a vet. Does anyone have experience with them as far as balance transfers/credit cards?

Edited March 3, 2012 by Hopeful1

[Hopeful1]

Does threatening to find a card with a different company to transfer help get chase off of their butts in anyone's experience?

[1stStep]

No - Chase will tell you not to let the door hit you on the way out... I'd look at a local credit union to see if they can help you out.

[BV80]

Read your cardmember agreement. You would need the Chase agreement. It will contain the terms regarding interest rates, how it's applied, how it's calculated, and under what circumstances it can be raised. I haven't read any cardmember agreements lately, so see if there's anything in the terms about being able to raise your rate based upon your credit rating or actions by other lenders.

If you've never been late on a payment, I'm not sure what reason they'd have to apply such a high rate. If you can prove you've never been late on a payment, you may have to send a letter pointing out certain facts and requesting an explanation.

[Hopeful1]

Shot down again by Chase...

I am writing in reference to your email regarding the

interest rate on your account.

I appreciate your timely payments however, a lower rate is

currently not available. We will be reviewing your

account for a lower Annual Percentage Rate in August 2012.

If a lower rate is available, you'll see the change within

1-2 billing statements.

When we review an account for a lower rate, we follow this

process to determine if a lower rate is available:

* When the APR is increased on an account, that account

will be reviewed again after six billing cycles to

determine if a lower rate is available.

* These reviews consider a variety of factors, including

your use and management of this account and how you manage

your credit overall.

* If our review determines that a lower APR is available,

we?ll automatically make the lower APR effective and

you?ll see it on the following billing statement.

* If a lower APR isn?t available for your account at the

time of our review, the account will be reviewed again in

six months.

If you have any further questions, please reply using the

Secure Message Center.

The only thing I see preventing them lowering it is my utilization. But none of their emails endear them to me at all...

I'm starting to feel like a dog chasing a car.

Edited March 7, 2012 by Hopeful1

[Taz]

What is your overall limit? If you are almost maxed out on the card, highly unlikely Chase will lower it.

As for USAA, I am a member and they've been great to deal with. I don't know your scores so I can't help you out with what APR you'll pay but I can almost bet it will drop at least 10% from what you are paying.

It is worth it to check with them. You also might want to consider a personal installment loan with them. Last time I checked they were around 15%. Just make sure you don't run the card back up again if you pay it off this way.