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Thread: Lower Interest Rate?
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08-25-2008, 08:50 PM #1Registered User
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Lower Interest Rate?
Hi there!
A friend of mine suggested that I call my Mastercard company (19%) and ask them to reduce my interest rate...my Visa is 11%...have no idea what is reasonable to expect in this economy, but if it might work, I will call...
What I can't figure out is what is in it for them? I am currently snowballing the Visa but both are under their limits (because compnay keeps adding credit....argh!!)...I truly don't ever want to use them again...what do you think the chances are that they will reduce my interest rates?
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08-25-2008, 10:03 PM #2Moderator
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Most credit card companies have a low rate option in exchange for an annual fee. For example, if it is with BMO they will reduce your rate to 11% for $35 a year. Whether or not it is a good deal depends on what kind of balance you are carrying.
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08-25-2008, 11:39 PM #3Registered User
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Some companies will lower your rate if you have a good credit score and have made all your payments on time.
JMHO,
leezza
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08-26-2008, 02:09 AM #4Registered User
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Originally Posted by daughter of pearl
we didn't have much success in getting a reduced rate with our cards and wound up transferring the balance from one with 30% to one for 17%. But, we didn't really spend a lot of energy trying before we transfered either. Additionally, if you are upset that they keep adding credit you can ask them to reduce it when you call about the rate. My husband has done that numerous times.
Stefanie
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08-26-2008, 07:24 AM #5Super Moderator
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This article may help you:
http://www.bcsalliance.com/y_reducec...dinterest.html
:goodluck:
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08-26-2008, 07:26 AM #6Super Moderator
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What's in it for them is that they won't lose you as a customer if you transfer your balance to a new card and get rid of their card. Originally Posted by daughter of pearl
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