I've never been late on a payment.
2007-05-02 04:41:38 · 11 answers · asked by LAD 2 in Business & Finance ➔ Credit
I've had the card for over a year. I've never been late on a payment. My balance is very small. (The interest rate now is 15%).
2007-05-02 04:44:50 · update #1
Tell them you want to close the account because you have a card with a better interest rate then .. and they should lower it .. unless you already have a good rate.
Good Luck!
2007-05-05 13:49:49 · answer #1 · answered by Miss Know It All 6 · 3⤊ 0⤋
You need to give the credit card company a good reason to lower your rate. Having a credit card for a year (with no late payments) probably isn't a good enough reason. If you had the card for a couple years, your income increased or your credit score improved-- these would be reasons for a lower APR.
Another method might be to look for other offers and see if you can get a better deal. If so, you can call up your current credit card company and see if they'll match the terms. If not, you can always accept the new offer instead.
You can compare a wide variety of credit card offers here:
http://www.asapcreditcard.com
Hope this helps. GOOD LUCK!
2007-05-02 09:08:56 · answer #2 · answered by Anonymous · 0⤊ 0⤋
For credit card companies a year is not a long time. Also if you were late even once that looks bad. They also take into account your total history such as: other credit card accounts, loans, how long you have had your accounts. Credit is a very fickle thing. You should just keep a low balance on that card, but do not cancel it. Canceling cards can also lower your credit. You can apply for another card, but that does not mean they will give you a good rate either. The only thing you may be able to do is wait and to make sure that you pay all of your bills on time.
2007-05-02 04:53:03 · answer #3 · answered by Anonymous · 0⤊ 0⤋
They don't have to.
Something I tried and it totally worked- you might need to wait a bit on this though- I was under the mistaken impression that I should close some credit card accounts before applying for a mortgage. Every single card I called to cancel offered me a lower interest rate to keep their card. I said "I want to cancel my card" and they asked why and my response was "the interest rate is just not competitive with some of my others" then they transferred me to the sales dept and they offered me a lower rate.
2007-05-02 08:50:13 · answer #4 · answered by LB 6 · 0⤊ 0⤋
Sometimes it's all in who you speak to. One CSR may reduce your rates while another won't.
You could call back and speak to another about it.
If you don't mind taking a risk of losing the card, you might do as one poster mentioned and threaten to close it. They may work with you or they may say "Okay, it's closed. Goodbye"
If you don't want to take the chance of having them close it if you use the threat, then either stop using the card and put it somewhere safe until they decide to lower the rates or just use it occasionally for only things that you know you can pay off in one lump sum.
Then pay the balance "in full" before the statement cuts, when the statement cuts or when you receive the statement.
2007-05-02 09:49:18 · answer #5 · answered by echo 7 · 0⤊ 0⤋
Why would they lower they interest? Thats how they make money. Believe it or not 15% on a credit card is not all that bad these days.
If you have the ability to pay the card to zero...do it.. and then tell them to cancel the card. They will transfer your to a "close specialist" to try to see what they can do it keep your card open. Simply tell them you are getting offers for better rates and you know longer want to keep that 15% rate. Thats normally your only hope for getting them to lower your rate.
2007-05-02 04:54:11 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You agreed to a rate when you took the card and that is where they make their money. Look for another card with a better rate; or advise them without a rate break you'll be paying it off and using another card; speak to a manager.
Good luck; but I don't know it you'll do much better on the rate than that.
2007-05-02 04:45:06 · answer #7 · answered by wizjp 7 · 1⤊ 0⤋
once you pay off the balances, do not use the cardboard for some months. Then call and ask for a extra helpful fee. in case you do not use the CapOne card for further or less 9 months, they despatched word that because you're the type of solid shopper they lowering the speed. i trust Chase will accomplish that still.
2016-10-18 05:20:55 · answer #8 · answered by gayman 4 · 0⤊ 0⤋
Tell them you've found a card with a better rate. I doubt their idea will change.
If it doesn't work, try paying back the entire balance for 6 months. They should offer you a higher balance.
Then you'll be able to deal a better rate.
2007-05-02 09:59:30 · answer #9 · answered by carlos 5 · 0⤊ 0⤋
Because like all banks they will squeeze every penny from you.
Best advice switch to a lower card or pay the robbers off.
2007-05-02 04:50:12 · answer #10 · answered by BillyB8 6 · 0⤊ 0⤋