Tried calling the cc company's to see if I can reduce my interest they just say no.So what am I doing wrong?

Answer 1

you are not doing anyhing wrong, legally they don't have to
that is how they make their money.

Answer 2

How much balance are you carrying? Apparently they don't see any reason to give you a break. If your payment history isn't good or you've been at or over your credit limit, they are less likely to work with you. Also, if you credit score is only so so, they might not see any benefit in lowering your rate.

Pay the card off and close the account. They'll probably make you all sorts of low interest rate offers.

Answer 3

1. Visit each companies website and see what balance transfer offers are available.
2. Compare the best offer the the introductory offer you received in the mail last week.
3. With the best offer in hand (literally), call each card issuer and explain you have a balance transfer offer an are thinking about using it. Ask if they can match the offer for your existing balance.

Most companies prefer receiving less interest to receiving no interest.

Answer 4

How long have you had this card? What is your credit history? If you've had this card for a while now (over a year) and your credit history is good, call the credit card company up and threaten to close the account. Tell them that another company offerred you a better deal and you would like to close your account. At this situation, they'll want to negotiate. If you like the deal, go for it. If you don't like the deal, close the account and sign up for another card. This works everytime. I'm down to a 7.9% interest fixed with rewards.

Answer 5

I own all of Suze Orman's books... and this is what she recommends (and I actually DID this myself!)

If you call the cc co. and they refuse to lower your rate:
1.) Say: "Thank you, I am going to transfer my balance to another cred. card co."

2.) Find one that offers a 0% rate on a transfer (there are a lot of them out there... just have to look! ; )

3.) transfer your balance & enjoy the 0%
: )

I did this; it is great way to save a ton of money!

Check out Suze Orman -- Managing Debt:

http://www.suzeorman.com/igsbase/igstemplate.cfm?SRC=MD012&SRCN=aoedetails&GnavID=84&SnavID=20&TnavID=&AreasofExpertiseID=151

Answer 6

Sometimes you have to tell them you want to cancel and then they will come up with ideas to keep you to stay. Most of the time they will ask you why you want to cancel and when you state it's because your interest is too high, then they will work with you.

http://www.flavaofblog.blogspot.com