lower interst rate

[rainbabies]

has anyone ever called and requested this? i heard a rumor that if you called to ask and get denied, that the CC company will raise it. true? what does one say?

i have never been late and i think i *deserve* a lower rate.

[SuzySunshine]

I say it never hurts to ask. I've never heard that they'll raise your interest otherwise. I think with any phone company, credit card company, etc. its always to your benefit to call and try to get terms changed.

The "I'm going to switch to another company if you won't lower it" seems to work.

The "I'm going to switch to another company if you won't lower it" seems to work.

That is a good way to go, tell them you are going to transfer the balance to a card with a lower rate.
I haven't heard they will raise it otherwise. Go for it! :rah:

[planet]

It can't hurt to ask. I haven't heard of the rate being raised after such a request. Be prepared to have your credit line raised after reminding them of your payment history.

[rainbabies]

and that would be a no. thanks for transferring me around the world to someone who hardly speaks english...so i can hear abou PRIME rates and fed. govt rules.

sadly, i know nothing about this sort of thing. i suck with money terms and when they start throwing around big words, i get nervous.

so...even tho i have paid on time and early for 3 yrs, and given them large sums of money from my inheritance...NO.
thanks so much.

Then they don't deserve to keep it. Transfer it away from them.

[GrayMatterWife]

Re: lower interst rate

has anyone ever called and requested this? i heard a rumor that if you called to ask and get denied, that the CC company will raise it. true? what does one say?

i have never been late and i think i *deserve* a lower rate.

I have not done it for my personal card because I use a basic AMEX, which is a charge card, not a credit card (so there's no interest rate but you gotta pay it off monthly).

However, I have contacted card issuers on behalf of others before. I encourage you to call. If they will not lower your interest rate, leave them and go somewhere else. There are TONS of consumer credit issuers out there. You have all the leverage. By keeping a monthly principal balance on which they can charge interest, you are essentially giving them almost-overhead-free money. They want you...you're money in their pocket. They'd rather make less interest off you than make NO interest off you! Find another card issuer then walk your business if they won't deal down.

I have no idea if they automatically raises your rate if you ask for a lower rate. Personally, this sounds like an urban legend to me. Look at the terms of your credit contract. When can they raise your rates? Is it locked for a particular term or is it variable for any reason or upon a specific occurrence (like failure to pay)? To any degree, why would they do this, anyway? If they know you either can't handle the interest payments or no longer want to, they risk losing you as a client by being unreasonable.

That being said, when you call, just shoot straight and professional. Don't "ask" them, though. Politely let them know that while you're a very happy customer generally, you've been shopping interest rates and feel that you can get a much better deal from some other issuers. What can you, the credit card issuer, do? You can either tell them that you'd like to see it lowered to "X" or just wait to see what they offer. They get these calls all the time.

Good luck!!

[planet]

Hmph. Yeah, take your $$ to another card. Get a 0% (you know, those offers that come in 2-3/day!) card and transfer your balance.

[GrayMatterWife]

and that would be a no. thanks for transferring me around the world to someone who hardly speaks english...so i can hear abou PRIME rates and fed. govt rules.

I'm sorry--I hadn't seen this posting when I jumped the gun with my other response. I'm sorry.

Leave them. What a bunch of assholes. Call to cancel your card AND TELL THEM WHY you're doing it!

[SuzySunshine]

I get solicitations in the mail ALL the time about cheap rates for x months when transferring, make sure you read the fine print (i.e. what it goes up to after x months) but there has to be something better out there then what you have.

Customer service sucks these days and I've made it my mission to get rid of all of our services where their CS stinks.

[rainbabies]

i'll have to apply on line or transfer to another card. about a year or two ago i called the 800 number on the pre-aproval and other cards to cancel their solicitation. they were coming every day...in large quantities and driving me nuts!

[DCJenn]

I've called and been denied- on a card that I'd had since 1988. (Citibank, BTW) so I told them to bite me and transferred the balance. Since then, they have inundated me with please come back offers and every time I take the time to waste their money and send back the offer with no thank you across the top.

Jenn

Since then, they have inundated me with please come back offers and every time I take the time to waste their money and send back the offer with no thank you across the top.

Jenn, you're being too polite. Rip it into a million little pieces and then put it in their prepaid mailer and send it to them!

Typically, if you call them and straight away tell them that you want to cancel the card, they will usually transfer you to their "supervisor" (read: the person in the next cubicle over) who has the power of bestowing upon you a new rate so that you don't leave this wonderful financial institution. If at that point, they still won't play...kick'em to the curb and jump on another credit-card issuer bus. BUT you should have already got someone lined up- not necessarily already opened, but someone that you can transfer your balance to...and they will be happy to help, 6mth/12mths are usually 0%...if you need offers go here- http://www.bankrate.com/brm/rate/cc_home.asp
Right in the middle of the page, select the specifics you want....then you will get a ton of information. Pick the one that you need/want for your situation.

Don't let them get you confused. You deserve better treatment, you are paying their wages after all!

[planet]

These companies are so srewed up! Given the discussion...we have had the same two cards forever and one was our 'preferred' card. In the past I did just what Sylvia did, called and asked about lowering the rate, and had been denied. Total BS!! We started using the other card a month ago and this month the first card dropped their rate! How does card #1 know? Weasels.