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Does this really work? Lowering interest rates [Archive] - DVD Talk Forum
 
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View Full Version : Does this really work? Lowering interest rates


runnersdialzero
02-22-07, 12:34 PM
I keep hearing that if you call your credit card company and tell them you them to lower your interest rate or you will cancel the card, that they will actually lower it. Does this work?

Saxon

Minor Threat
02-22-07, 12:37 PM
sometimes.....

al_bundy
02-22-07, 12:41 PM
depends on how far the bluffing gets

Brian Shannon
02-22-07, 12:47 PM
It might. I also have a friend who tried and they said no. If they don't what are you prepared to do?

ChiTownAbs, Inc
02-22-07, 12:49 PM
Doesn't hurt to try, does it?

DVD Josh
02-22-07, 12:51 PM
If you use the card alot and maintain a balance, you have a shot. If not, then they aren't making money on you and probably will cancel the card.

spainlinx0
02-22-07, 12:55 PM
I just did it. I didn't ask them to lower the rate though, I wanted to actually cancel the card. I called them up, and told them to cancel it. I have had the account since 99, and I always paid on time. They transferred me to an "account specialist" who offered 0% on purchases, transfers, and balance until May '08. Now, I really called to cancel because somehow I got signed up for those "credit protection" plans which I don't remember ever OK'ing so it pissed me off, but if they were going to offer me it 0% I'll take it. They cancelled the protector, but didn't refund me anything so I was annoyed, but I will keep the card until 2008, and see what happens then. I had already transferred the balance over to another card at 0% and no fees so I guess it was a wash anyway.

The Bus
02-22-07, 01:24 PM
It can be done but it works best if you are specific on your offer. Look at www.bankrate.com and see where other balance transfer rates are right now. Demanding 0% won't work. But saying you got an offer for 4.9% from Amex might.

DVD Josh
02-22-07, 06:07 PM
I just did it. I didn't ask them to lower the rate though, I wanted to actually cancel the card. I called them up, and told them to cancel it. I have had the account since 99, and I always paid on time. They transferred me to an "account specialist" who offered 0% on purchases, transfers, and balance until May '08. Now, I really called to cancel because somehow I got signed up for those "credit protection" plans which I don't remember ever OK'ing so it pissed me off, but if they were going to offer me it 0% I'll take it. They cancelled the protector, but didn't refund me anything so I was annoyed, but I will keep the card until 2008, and see what happens then. I had already transferred the balance over to another card at 0% and no fees so I guess it was a wash anyway.

This is a bad idea. You should keep a card with that long of history, especially if you have good account standing.

spainlinx0
02-22-07, 06:33 PM
This is a bad idea. You should keep a card with that long of history, especially if you have good account standing.

I would, but after this 0% period it's going to hover around 11% which I find a little high. I used to have a couple of cards at a 6% fixed rate. I don't like variable rates.

spainlinx0
02-22-07, 06:34 PM
Also they claim I had no payment problems (and I haven't), but I am pretty sure that they have raised my interest rate before. I wish I kept better track of that stuff.

Michael T Hudson
02-22-07, 07:10 PM
A fixed rate for purchases can change at any time.

ernestrp
02-22-07, 07:19 PM
Either that or they will raise your limit.

Just got a letter from the EVIL WACHOVIA BANK. It said they were going to charge 1.50 every month as a service charge on their CC if you pay it off every month. I told my business associate we should go into an office together and close all our accounts.

:goodbye: Wachovia UTBKA First Union or FU bank.

Bushdog
02-22-07, 07:24 PM
Yes, it works. Or you simply apply for a new card and transfer your balance. Often you do not need to threwaten simply say you want a better rate. A computer program on their end tells them how much they can lower your rate.

spainlinx0
02-22-07, 07:46 PM
Why would a fixed rate for purchases be able to change at any time? I can understand if I'm late with a payment, but what is the point of advertising a fixed rate then? It never said "6% for the first 6 months."

Venusian
02-22-07, 07:49 PM
If you pay it off every month why does it matter if they raise the rate?

Lee Harvey Oswald
02-22-07, 08:00 PM
Either that or they will raise your limit.

Just got a letter from the EVIL WACHOVIA BANK. It said they were going to charge 1.50 every month as a service charge on their CC if you pay it off every month. I told my business associate we should go into an office together and close all our accounts.

:goodbye: Wachovia UTBKA First Union or FU bank.

That's insane. Should be illegal too.

They still benefit from you using their card because they charge the stores accepting your card a percentage of the sale.

kvrdave
02-22-07, 08:16 PM
If you pay it off every month why does it matter if they raise the rate?


If I have no intention of having sex with my wife AND she tells me I will not be having sex with her, I'm annoyed.

JimRochester
02-22-07, 09:58 PM
They always have multiple options and usually switch you to another account.

al_bundy
02-23-07, 06:34 AM
Either that or they will raise your limit.

Just got a letter from the EVIL WACHOVIA BANK. It said they were going to charge 1.50 every month as a service charge on their CC if you pay it off every month. I told my business associate we should go into an office together and close all our accounts.

:goodbye: Wachovia UTBKA First Union or FU bank.

wachovia used to be first union, the worst bank ever

kvrdave
02-23-07, 03:38 PM
wachovia used to be first union, the worst bank ever


Crappy slogan.

nemein
02-23-07, 03:46 PM
wachovia used to be first union, the worst bank ever

I always hear people say that but I've used Wachovia in the past, then went to First Union when I moved and there wasn't a Wachovia around, and now of course I'm back to Wachovia, but I have never had a problem w/ them. The only issue that has ever come up is a dispute one year over whether or not I paid off my safe deposit box since I paid it in cash.

nodeerforamonth
02-23-07, 03:52 PM
Yes. It usually does work. You don't even have to threaten to cancel. Just ask if the rates could be lower. Mention you have some other cards that are lower and say that you were wondering if they could match it.

drmoze
02-23-07, 05:13 PM
I keep hearing that if you call your credit card company and tell them you them to lower your interest rate or you will cancel the card, that they will actually lower it. Does this work?

Saxon

I don't think they'd know what the hell I was saying to them. :shrug:

Michael T Hudson
02-23-07, 07:12 PM
Why would a fixed rate for purchases be able to change at any time? I can understand if I'm late with a payment, but what is the point of advertising a fixed rate then? It never said "6% for the first 6 months."


I just know the company can change the terms at any time. It is crappy but they can do it.