Anyone ever asked a CC for a lower rate?

[Rajah]

We have one CC that has a ridiculous rate. Well, we're trying to get rid of all our CC debt, and I'm considering calling the CC to see if they'll lower the rate. Anyone ever had any luck with this, and if so, what's the best approach? The CC is Fleet.

 

[monkeyboy]

Yes and if I don't get it, I cancel the card on the spot

nothing in life is free

 

[Dopeygirl]

We only have Discover (plus our Mastercard debit card). I've been with Discover for 9 years--maybe half of those years I've called to ask for a rate reduction and every time I've asked, I've been given one. I am just straight-forward in my asking---I tell them I'm doing my annual review of my financial situation and trying to decide if I want to stay with Discover or not. I then ask if they would lower my rate since I pay on time, etc...

We don't carry a balance, so it isn't a concern for the moment, but I'm always thinking ahead in a "what if we end up with a balance" way (I don't foresee that happening but I doubt most people do.)

 

[Van Helsing]

Yes have did it loads of times and its worked everytime.

If you don't ask you don't get.


I do the same in shops

 

[ILMOUSE]

I have in the past called and said that I was considering changing to another card with a lower rate and ask what they can do for me. I recently called to cancel a card as I was getting down to one card that is almost paid off. I managed to get a different credit card through them for a much lower interest rate and 6 monthls no interest and no interest on the balance transfer.

It never hurts to ask. I did get denied a reduction on othe card I thought I was going to keep because they recently changed companies. They said they had to have more payment history on me. I have had that card through the various companies that have had it for 9 years. Needless to say I cancelled since I had been loyal and just paid it off a large part of my balance and planned to pay off the rest in the next two months..

 

[castlegazer]

OH YES! And it is a very smart move to make and amazing to me how few people do this - including myself. It works every time I have done it - several - and they pretty much have to as you have so many competitors knocking on you door to get your business.

Take this for example, my current credit card just upped my rate several months ago to a ridiculous 19% due to a two day over late payment - I called and they lowered the rate back to 11%, it was the first late payment I have made to them and it was simply due to a date mixup thing - not low enough for me as I had about seven offers sitting on my table to go 0% for 15 months. I just switched the balance over immediately.

You should probably have many offers sitting at home to compare and contrast. Take advantage of any 0% offers you can but just check what it bounces to after that period and also check late payment fees and penalties.

Always call to get a lower rate - because rates right now for credit cards are basically about 3-8% - very very low, and if you have had your card for a long time chances are you are paying much higher rates.

 

[battricia]

I have called in and just said 'I was hoping to get a lower rate on this card, is there anything lower available to me?'

The guy said yes and lowered my rate. It can't hurt to ask!

tricia.

 

[EsmeraldaX]

Would this work if you had mediocre credit but had never missed or had a late paymemt with the card you are trying to reduce?

 

[GoofItUp]

You inspired me, Rajah! I just called and got the rate reduced from 13.9% to 9.95%. I think if I would have been more persistent about wanting a lower rate, I probably could have decreased it more. I might call back next week and try it again. DH and I never carry a balance, but this is a fun game to play just in case!

 

[outstandinfarmer]

Can you get the rate lowered if there is a balance we still have to pay?

 

[castlegazer]

Um, yeah, I have a balance from my wedding four years ago that is a tad embarrassing compared to those on this thread saying they never carry a balance.

 

[Pugdog007]

Yes - and did it recently with the Disney Visa Card. Told them I wouldn't use it unless they lowered the rate, and that I wanted it fixed (this is key!) Started at 10.9%, lowered to 9.9%. They said that was as low as they could go right now fixed. Plan to call back in a couple of months to try & get 7.9%.

 

[Van Helsing]

Can you get the rate lowered if there is a balance we still have to pay?

YES

If you don't ask you don't get.

 

[battricia]

Yes, the lower rate that I got at the time had a balance (not a small balance either). As long as you're making min. payments on time they will most likely give you a lower rate.

tricia.

 

[wdwpluto]

Originally posted by Pugdog007
Yes - and did it recently with the Disney Visa Card. Told them I wouldn't use it unless they lowered the rate, and that I wanted it fixed (this is key!) Started at 10.9%, lowered to 9.9%. They said that was as low as they could go right now fixed. Plan to call back in a couple of months to try & get 7.9%.

They're Bank One and in my experience Bank One is pretty tightfisted. I was at 9.9% on my old Bank One card (pre-Disney Visa) and tried to get them to go lower and they refused. I even said I was thinking of transferring my balance elsewhere. I have excellent credit and they still said no. I was carrying a balance at the time so they were making $ off me, they just would have been making a little less. Oh well! Hope you have better luck!