I was just watching a show yesterday and they suggested calling your credit card company to ask for an rate reduction. I am curious if anyone has been successful at this. Thanks!
2007-07-01 05:24:50 · 8 answers · asked by Orion 1 in Business & Finance ➔ Credit
Some will, some won't. I think I saw the same show and liked their idea of just calling back until you find someone who will. In my experience, Citibank and Chase are more flexible...BoA wouldn't budge. It really helps to have another offer or two from another card to use as leverage. And they were right on that show...they don't know you so don't feel like you have to be nice--let them know you'll move your debt unless they play ball.
2007-07-01 05:30:08 · answer #1 · answered by Shawn 2 · 2⤊ 0⤋
Yes, I have been successful. You will too, especially if you say you are going to close the account.
Understand that credit card companies can charge any interest rate they want! Their only motivation to lower the rate is to keep you as a customer.
2007-07-01 06:39:03 · answer #2 · answered by Eddy 2 · 0⤊ 0⤋
Forget the interest rate ... it's not important. Just pay it off in full each month and the interest rate is ZERO. Try to find a card that has no annual fee and/or gives you free air miles, etc., and don't worry about the rate.
2007-07-01 08:16:28 · answer #3 · answered by jdkilp 7 · 0⤊ 0⤋
My first time no, second time I was because I threatened to go to another credit card agency.
I also call each year to have the annual fee waived- when I signed up, I clarified that I would not be paying 35 bucks a year to pay interest, so I avoid that as well.
2007-07-01 05:27:51 · answer #4 · answered by Schmeep 4 · 1⤊ 0⤋
Yes! I have done this and the show is right it does work! I had been with the company for a while and hadn't had any late payments with them, so they considered me a valuable customer and just lowered my interest rate since i asked.
2007-07-01 05:30:36 · answer #5 · answered by DuckyBaby 1 · 1⤊ 0⤋
I have done that. Most all of them complied too. :-) And the ones that didn't agree, I told them that I would just transfer the balance over to the ones that did offer the lower interest rate, or that I would stop using their card (for ones without balances). But it was so much easier than I thought it would be!
2007-07-01 05:28:04 · answer #6 · answered by SJ Hockey Fan 3 · 2⤊ 0⤋
I have had them reduce my rate by calling them. It may not always work, but if they think you are planning on going with another company, they may be more receptive. They take in to consideration the length of time you have been cardholder as well as your payment history. If you have a good pay history with them, they are more likely to reduce your rate.
2007-07-01 05:29:12 · answer #7 · answered by Flyby 6 · 1⤊ 0⤋
I THINK YOU SHOULD ASK BECAUSE YOU HAVE NOTHING TO LOSE AND IF THEY SAY NO YOU CAN TRANSFER THE MONEY TO ANOTHER CREDIT CARD WITH LOWER INTEREST RATES.
2007-07-01 05:31:19 · answer #8 · answered by madison t 1 · 0⤊ 0⤋