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Old 02-22-07, 11:34 AM   #1
runnersdialzero
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Does this really work? Lowering interest rates

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?

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Old 02-22-07, 11:37 AM   #2
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sometimes.....
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Old 02-22-07, 11:41 AM   #3
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depends on how far the bluffing gets
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Old 02-22-07, 11:47 AM   #4
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It might. I also have a friend who tried and they said no. If they don't what are you prepared to do?
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Old 02-22-07, 11:49 AM   #5
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Doesn't hurt to try, does it?
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Old 02-22-07, 11:51 AM   #6
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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.
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Old 02-22-07, 11:55 AM   #7
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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.
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Old 02-22-07, 12:24 PM   #8
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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.
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Old 02-22-07, 05:07 PM   #9
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Quote:
Originally Posted by spainlinx0
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.
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Old 02-22-07, 05:33 PM   #10
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Quote:
Originally Posted by DVD Josh
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.
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Old 02-22-07, 05:34 PM   #11
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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.
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Old 02-22-07, 06:10 PM   #12
Michael T Hudson
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A fixed rate for purchases can change at any time.
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Old 02-22-07, 06:19 PM   #13
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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.

Wachovia UTBKA First Union or FU bank.
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Old 02-22-07, 06:24 PM   #14
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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.
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Old 02-22-07, 06:46 PM   #15
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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."
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Old 02-22-07, 06:49 PM   #16
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If you pay it off every month why does it matter if they raise the rate?
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Old 02-22-07, 07:00 PM   #17
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Quote:
Originally Posted by ernestrp
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.

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.
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Old 02-22-07, 07:16 PM   #18
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Quote:
Originally Posted by Venusian
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.
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Old 02-22-07, 08:58 PM   #19
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They always have multiple options and usually switch you to another account.
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Old 02-23-07, 05:34 AM   #20
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Quote:
Originally Posted by ernestrp
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.

Wachovia UTBKA First Union or FU bank.
wachovia used to be first union, the worst bank ever
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Old 02-23-07, 02:38 PM   #21
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Quote:
Originally Posted by al_bundy
wachovia used to be first union, the worst bank ever

Crappy slogan.
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Old 02-23-07, 02:46 PM   #22
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Quote:
Originally Posted by al_bundy
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.
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Old 02-23-07, 02:52 PM   #23
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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.
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Old 02-23-07, 04:13 PM   #24
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Quote:
Originally Posted by runnersdialzero
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.
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Old 02-23-07, 06:12 PM   #25
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Quote:
Originally Posted by spainlinx0
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.
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