Want a Lower Interest Rate? Just Ask
Friday October 24, 2008
Did you know that you might be able to reduce your credit card interest rate simply by giving the card company a call? If you have a good history with the credit card company, a simple phone call may be all it takes to lower your rate. Lowering your interest rate can result in significant savings over time. Card companies know that their customers are looking for good rates, and since finding good borrowers is harder than ever these days, they will often go to great lengths to keep you as their customer. Learn how to call and ask for a lower interest rate on your credit card.
Comments
Have you actually done this? Every time I have tried they just say no, and I have excellent credit. Did you also know that they can just raise it back anytime for whatever reason?
TeeBee, I have had success on a few occasions. Generally they are accounts that I’ve had open for a long time and use frequently. More recent accounts, or accounts I rarely use aren’t likely to make changes.
Also, you’ll sometimes have to call again to talk to someone else as not everyone is in the mood to, or cares about keeping your business by making any adjustments.
I also have excellent credit. I’ve also had zero success getting my credit card APRs lowered, irregardless of with whom I speak. When I was again denied any reduction in my rate with MBNA a while back, I took out a lower rate personal loan from my credit union, paid off my MBNA account and closed it, never to do business with them again. Felt good.
I ask for a lower rate and have excellent credit
they would not lower it and then closed my account.Bank of America be careful what you ask.
BEWARE of Bank of America! I, too, requested a lower interest rate (on a card that had a zero balance). Their response was to close my account, which, you know, causes a drop in credit rating….
Lisa,
“irregardless” is not a word. I think you mean “regardless.” Just because spell check doesn’t pick it up does not make it correct.