Does this really work? Lowering interest rates

runnersdialzero · 02-22-07, 11:34 AM

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, 11:37 AM

sometimes.....

al_bundy · 02-22-07, 11:41 AM

depends on how far the bluffing gets

Brian Shannon · 02-22-07, 11:47 AM

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, 11:49 AM

Doesn't hurt to try, does it?

DVD Josh · 02-22-07, 11:51 AM

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, 11:55 AM

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, 12:24 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, 05:07 PM

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.

spainlinx0 · 02-22-07, 05:33 PM

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.

spainlinx0 · 02-22-07, 05:34 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.

BigDaddy · 02-22-07, 06:10 PM

A fixed rate for purchases can change at any time.

ernestrp · 02-22-07, 06:19 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.

Wachovia UTBKA First Union or FU bank.

Bushdog · 02-22-07, 06:24 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, 06:46 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, 06:49 PM

If you pay it off every month why does it matter if they raise the rate?

Lee Harvey Oswald · 02-22-07, 07:00 PM

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.

kvrdave · 02-22-07, 07:16 PM

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.

JimRochester · 02-22-07, 08:58 PM

They always have multiple options and usually switch you to another account.

al_bundy · 02-23-07, 05:34 AM

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

kvrdave · 02-23-07, 02:38 PM

Quote:

Originally Posted by al_bundy

wachovia used to be first union, the worst bank ever

Crappy slogan.

nemein · 02-23-07, 02:46 PM

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.

nodeerforamonth · 02-23-07, 02:52 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, 04:13 PM

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.

BigDaddy · 02-23-07, 06:12 PM

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.

02-22-07, 11:34 AM	#1
runnersdialzero Senior Member Join Date: Mar 2003 Location: Hot Springs, AR Posts: 636	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? Saxon __________________ "Did you know that if you mix up the letters in funeral, you get 'Real Fun'?" Six Feet Under

02-22-07, 11:37 AM	#2
Minor Threat DVD Talk Legend Join Date: Jul 2000 Location: - Flex your head - Posts: 13,580	sometimes..... __________________ "I think they go by username, so you're probably not a very high priority at the moment." - dork "Kansas chokes every year. I don't see why this year will be any different. Go Davidson." - Michael Corvin - Kansas University 2008 National Champions!!!!!

02-22-07, 11:47 AM	#4
Brian Shannon DVD Talk Legend Join Date: Jun 1999 Location: USA Posts: 11,528	It might. I also have a friend who tried and they said no. If they don't what are you prepared to do? __________________ Brian Shannon Photography Brian Shannon Photography Blog Brian Shannon on 500px

02-22-07, 11:51 AM	#6
DVD Josh DVD Talk Legend Join Date: Dec 1999 Location: In My Own Little World Posts: 19,355	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. __________________ *DVDTALK GOLD TRADER* http://www.invelos.com/dvdcollection.aspx/cwrujosh

02-22-07, 11:55 AM	#7
spainlinx0 DVD Talk Legend Join Date: Dec 2000 Location: NJ Posts: 12,228	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. __________________ 360: Scorpy Gkar

02-22-07, 11:41 AM	#3
al_bundy DVD Talk Hero Join Date: Aug 2001 Location: in da cloud Posts: 26,196	depends on how far the bluffing gets

02-22-07, 11:49 AM	#5
ChiTownAbs, Inc DVD Talk Legend Join Date: Aug 1999 Posts: 17,196	Doesn't hurt to try, does it?

02-22-07, 12:24 PM	#8
The Bus DVD Talk Godfather Join Date: Aug 2001 Location: New York Posts: 51,620	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. __________________ Movies: 2002 / 03 / 04 / 05 / 06 / 07 / 08 / 09 / 10 / 11 / 12 / 2013 "Too much disclaiming in this post." – Dr. Mabuse

02-22-07, 05:34 PM	#11
spainlinx0 DVD Talk Legend Join Date: Dec 2000 Location: NJ Posts: 12,228	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. __________________ 360: Scorpy Gkar

02-22-07, 06:10 PM	#12
BigDaddy DVD Talk Legend Join Date: Dec 1999 Location: Austin, TX Posts: 10,776	A fixed rate for purchases can change at any time. __________________ Michael

02-22-07, 06:19 PM	#13
ernestrp DVD Talk Limited Edition Join Date: Oct 1999 Posts: 6,389	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.

02-22-07, 06:24 PM	#14
Bushdog DVD Talk Hero Join Date: Dec 1999 Location: Shackled Posts: 35,368	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. __________________ This Space Reserved for When My Ennui Lifts NearysEpiphany was right.

02-22-07, 06:46 PM	#15
spainlinx0 DVD Talk Legend Join Date: Dec 2000 Location: NJ Posts: 12,228	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." __________________ 360: Scorpy Gkar

02-22-07, 06:49 PM	#16
Venusian Moderator Join Date: Nov 1999 Posts: 36,943	If you pay it off every month why does it matter if they raise the rate?

02-22-07, 08:58 PM	#19
JimRochester DVD Talk Legend Join Date: Sep 1999 Location: Rochester, NY. USA Posts: 11,130	They always have multiple options and usually switch you to another account. __________________ Panasonic 58" Plasma,Pioneer vsx91, SONY s590 312 titles, Toshiba A35 79 titles, Def-Tech speakers supercube sub. Most wanted BD: Big Red 1/Bugsy/Die Hard 4(R rated)/Dragnet/Memphis Belle/Midway (6/4/13)/Pearl Harbor(DC)/Sleepless In Seattle (7/9/13)/Tin Cup/Trapped In Paradise/True Lies/While You Were Sleeping.

02-23-07, 02:52 PM	#23
nodeerforamonth DVD Talk Limited Edition Join Date: Oct 2001 Location: San Diego, CA Posts: 7,315	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. __________________ "Knowledge is knowing a tomato is a fruit; Wisdom is not putting it in a fruit salad." -nodeerforamonth