I have really good credit, but have a really high interest rate on my credit card! I know there are ways to get it lowered, but how do I go about doing that? What exactly do I say to them?
2006-11-06 07:15:09 · 6 answers · asked by Anonymous in Business & Finance ➔ Credit
What is a reasonable interest rate to ask for?
2006-11-06 07:15:31 · update #1
I saw this on a news cast one night. They featured a story where the news employee approached people at random that were walking thru the mall. They asked them if they had a credit card and would they want to lower their interest rates. Well.....who wouldn't? They simply called the credit card company and asked!! Yep, it was that easy. Time and time again, people (including myself) were amazed!! All you need to do is call and ask them to lower it. The odds ended up being something like, 8 out of every 10 people who called were successful. Good luck, I hope this helps you.
2006-11-06 07:28:20 · answer #1 · answered by somebodys_watchn_you 3 · 0⤊ 0⤋
I have 11% on my platinum cards. I think that's really low, but I'm not sure.
Call one of your credit card companies and ask for a lower rate or that you'll transfer your balances to one of your lower rate cards. If they ask what rate you want, suggest 10% maybe? See what they say. Call another credit card company and ask them for the lowest rate they'll give you and tell them what the other credit card will give you and see if they will go lower. Basically, go back and forth and play them off each other.
Also, you can transfer balances at 0% to a CitiBank card for 12 months. www.citicards.com
Good luck!
2006-11-06 15:22:18 · answer #2 · answered by Annette J 4 · 0⤊ 0⤋
The best means of reducing this debt permanently is to use home equity to payoff the consumer debt. The rates on the home loans are much lower and ammortized over a longer period. This has the most drastic reduction in monthly overhead.
For more info on managing credit and interest rates check my blog.
2006-11-06 17:14:16 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Call them up, ask for a more competitive rate. I've done this many times and it always works. If it's still too high, transfer your balances to another card with a lower rate.
2006-11-06 15:23:00 · answer #4 · answered by CrankyYankee 6 · 0⤊ 0⤋
Call them and tell them so and so offered you a better rate. They usually will drop it down to about 10 to 12%. The only people who do not do this is American Express
2006-11-06 15:22:56 · answer #5 · answered by R C 5 · 0⤊ 0⤋
go get another credit card with low interest rate.
go here to help you find the lowest interest rates http://www.bestcreditrates.net
2006-11-06 15:23:59 · answer #6 · answered by bijan a 2 · 0⤊ 0⤋