lowering interest on a cc

**Ceashels** · 07-11-2008, 06:55 AM

Marie78 posted this in a different thread but I thought it was good infromation and wanted everyone to see it so I hope you don't mind that I copied and pasted it here Marie.

Originally Posted by Marie78

I call every month to lower my interest rate (I've been doing it for a few months now) and I have gone from 17.99% to 10.99% interest and I plan on calling again this month. I was told by one of the phone operators that I could call as often as I like to lower the card's interest rate. I transferred over half of my CC debt to a 0% card and that helped a lot, is this an option for you?

**Russ** · 07-11-2008, 07:01 AM

I think I mentioned that in a thread somewhere but yes, when I carried a balance on my CC I called quite often. I actually had to threaten one time that I would just transfer my balance to another card before they agreed to lower it.

So, do not back down from these people when you ask because the lending is tightening and I think they will be more accommadating now.

**DonnainME** · 07-11-2008, 09:14 AM

My CC companies won't lower.

**Russ** · 07-11-2008, 09:22 AM

What is your interest rate Donna?

**treeluva** · 07-11-2008, 10:53 AM

I havent tried calling to get my 14% card rate lowered... but I am going to do that today! I have been a customer in good standing for 6 years now with that card and have never missed a payment, EVER. I suppose the worst they could do is say no.

**Mom23boys** · 07-11-2008, 02:14 PM

I saw this tip on Oprah a while back and tried it. My CC companies would not budge either! BLAH! I will try again and use rcannon's tactic - suggesting that I am transferring to another card! Hopefully that will work.

**Greebo** · 07-11-2008, 02:18 PM

Originally Posted by Mom23boys

I saw this tip on Oprah a while back and tried it. My CC companies would not budge either! BLAH! I will try again and use rcannon's tactic - suggesting that I am transferring to another card! Hopefully that will work.

If they wont budge, and you get a 0% interest offer to do a balance transfer in the mail, you could do the balance transfer, and close the old card, and cut up the new one.

However, if you WONT close the old card, and WONT cut up the new one, DO NOT DO THIS - cause all you'll be doing is making your debt situation worse when both the old AND new ones fill up.

**Russ** · 07-11-2008, 02:20 PM

Originally Posted by Greebo

If they wont budge, and you get a 0% interest offer to do a balance transfer in the mail, you could do the balance transfer, and close the old card, and cut up the new one.

However, if you WONT close the old card, and WONT cut up the new one, DO NOT DO THIS - cause all you'll be doing is making your debt situation worse when both the old AND new ones fill up.

AGREED, but I'm going to make this stand out more.

**FrugalMomof3** · 07-11-2008, 02:51 PM

I tried getting my 10.99% one lowered a while back, they told me it was the lowest they could go. I bet if I told them I would do a balance transfer they might reconsider but I would hate to lie just to get a lower interest rate.

**prftstrngr** · 07-11-2008, 03:15 PM

Oh I would lie to get a lower rate!!! Every little bit helps....and thats one of those *lies for a good reason*!! I have also tried and my credit card companies wont lower. Havent seen any 0% interest offers come thru in awhile.....

**Greebo** · 07-11-2008, 03:48 PM

Miss one payment, and see how much the CC bill collectors are willing to lie to YOU about what they'll do if you don't get caught up yesterday.

I don't have a problem with a little ethical stretching when the company you're stretching it with does a hell of a lot more. I wouldn't cheat them of their due - by no means - but a fib to get a lower rate? F--- em.

**Mom23boys** · 07-11-2008, 05:19 PM

Originally Posted by Greebo

If they wont budge, and you get a 0% interest offer to do a balance transfer in the mail, you could do the balance transfer, and close the old card, and cut up the new one.

However, if you WONT close the old card, and WONT cut up the new one, DO NOT DO THIS - cause all you'll be doing is making your debt situation worse when both the old AND new ones fill up.

I do agree with you because otherwise I would just be wasting my time. And I could be using my time doing something else besides sitting on hold waiting for a supervisor to 'appear'.

**paintedsky** · 07-13-2008, 12:48 AM

I've done this as well. You can even email them but the phone probably gets better results. Most of my credit card companies have budged, all except WAMU (horrible CS in all the time I've been with them). It is well worth it.