Has anyone ask for lower interest rate on credit card?

Started by Lise, Aug 23 07 12:04

Previous topic - Next topic

Lise

I see consultants on the TV tell their clients to ask about lowering interest rate. I've tried to ask on the phone but they kept giving me the round-around about my card. If I wanted to get a lower interest rate, that I would have to pay extra $20 and it doesn't cover insurance and whatever....

  Which is kinda ridiculous because I'm the paying customer and I've NEVER missed a payment before. The consultants on TV said it's a sales tactic and if you wanted to lower your interest rate to actually go see the manager.

  Anyways, I might do this but want to get input from anyone who has tried to get a lower interest rate on their credit cards. Any advice?
Always end the name of your child with a vowel, so that when you yell the name will carry.
Bill Cosby.

Michel

The only way that I have been able to lower my rates is by stop using a card and order another card with lower interestas rates from another bank doing promotion.

purelife

Hey Lise.

  Yes, I have asked for lower interest for my visas but was only successful with my Vancity Visa and CIBC Select Visa.  With them, I had to pay a yearly fee (can't remember how much) and was charged a lower rate of interest at around 12% or something.  I had no problems with paying that yearly fee for a lower rate because the fee will pay itself out in a month or two.  It was wayyyy cheaper for me.  But now, I only have one Visa, the Vancity one with the lower rate.

  I tried asking PC Mastercard but they wouldn't budge.  

  What you could do is transfer your balance to PC Mastercard.  They have a very low interest for transfer of balance at around 4% or something.  

49er

Lise wrote:
I see consultants on the TV tell their clients to ask about lowering interest rate. I've tried to ask on the phone but they kept giving me the round-around about my card. If I wanted to get a lower interest rate, that I would have to pay extra $20 and it doesn't cover insurance and whatever....

  I suspect these consultants are talking about the US.  I know people who have called and easily have had there interest rates reduced.  They threatened to transfer the balances to a new credit card if the rates were not matched.  Unless your credit is really bad, credit card company here are falling over themselves to give you a credit card without a fee......many offers rewards.  

Lise

Hmm... Interesting. I guess I will have to go ahead and do some research on which bank will give the lower interest rate. Maybe even consider switching over.

  Thanks for the input, everyone.
Always end the name of your child with a vowel, so that when you yell the name will carry.
Bill Cosby.