Want to get my interest rate lowered on my credit cards?

Question

I know I should say I got an offer in the mail with citibank etc should I say that they offered me 2.5 percent or my bank offered me 2.5 interest on credit card to transfer my balances?

Answer 1

I had two credit card companies that I pitted against each other.
One started with a 13.5% (Card1), the other 12.5% (Card 2. I called card 1 and told them I was going to make a balance transfer but wanted a lower rate, I said whoever gives me the lower rate gets the transfer.
They lowered to 7%. I then called Card 2 and told them the same thing. They lowered to 6.5%. I called Card 1 back and told them what my new offer was and they lowered to 0% for the life of the balance transfer.
Card 2 wasn't willing to go lower than 6.5% so I told them they lost then transferred the balance to Card 1.
That company also increased my credit line and gave me 0% on my other remaining balance for the next three months.
Sorry, this was about eight years ago and I cannot remember who the companies were.

Be careful with low/no interest credit offers, a lot of times the interest rate may be low but it is usually for a set period of time. During that time the higher interest rate will still accrue and will be added if you do not pay off the balance within a certain period of time. This isn't always the case but it is a good idea to read the fine print.

Answer 2

Consumers have the power in credit card financing. You should never pay too high of a rate due to the ease in balance transfers.

However, some cards have language in the disclosures that do not allow you to transfer a balance once it has been transgerred to them.

Answer 3

be careful with balance transfers, although the interest rate is lower, they usually charge a fee for transferring balances. usually you can call your credit card company and threaten to cancel your card and tell them you're getting a lower rate with a competitor and they'll offer to lower your rate to keep you as a customer.