From the article: How To Negotiate A Lower Credit Card Interest Rate
Sometimes credit card issuers play hardball when it comes to lowering an interest rate. Have you talked your way into a lower rate? Tell us how. Share Your Tips
Capital One
- Capital One recently raised my interest rate to 16.9%. I contacted them and I DID have valid balance transfer offers. I was told to take the offer and leave Capital One. Nice customer service. p.s. I was told I was an outstanding customer! I guess they don't want people that pay on time and keep balances low or at nothing.
- —Guest Todd
Huge Tip for Citibank and maybe others
- I just spent time with a "supervisor" at Citibank. I've called numerous times over the past year explaining how I want and NEED a lower interest rate. I've been a perfect customer, paying my payments on time - but I just cannot keep up with the minimum payment. They raised my rate to 29.99% a while ago on 3 different cards, and every time I talked to them, they explain "there just aren't any OTHER rates available for those cards." I was told once that I could switch my Gold airlines card to Bronze. I would accrue less miles, but my annual fee would go away. Did you know you could change card types? I then ask what my options are for changing my current airline card (29.99%) to another card. The bottom line - I converted one CitiAAdvantage card 29.99% to a Thank you Preferred card at 16% and converted one Thank you (29.99) to a Thank you Preferred card at 16%. I would have done my third card but I'm like 50 bucks over the limit, so I'll call back after I pay it down!
- —Guest Jeff
Just Ask
- Citibank refused to lower 29% interest rate. I've never been late ever and always pay 4 times minimum. But Bank of America lowered my rate without a problem. I was impressed with BofA customer service and willingness to help. Citicard is just plain greedy!
- —Guest roz
Chase is worse
- Chase decided to raise my CC interest to 22.24%. When I saw this on my CC statement, I called them. The rep told me they would lower the interest rate if I kept current for six months. Called back after six months and was told that I received wrong information and they wouldn't lower it because they didn't have any "programs" like that. Don't ever use Chase for anything. They won't work with you and they are bottom line (not customer) focused.
- —Guest Kevin
Tell them you won't use the card again
- I told the credit card that I was going to discontinue use of the card and continue to pay it off and use a competitor simultaneously. I said that until they lowered my rate I would be making no further charges. They lowered it imediately.
- —Guest Fiona
Lower credit rate citibank
- I got the citibank card with 0% interest. I paid late 1 month by 1 day and it jumped to 25%. They would not lower the interest for 2 months. I didn't have autopay on. Once autopay was working, i convinced them that my payments would not be late again. They lowered my rate back down to 0%.
- —Guest Temo
Rate Negotiations
- My rate went from 9.99% to 14.99% in April with BofA. I have a 780 credit score so I know they were unjustified. I was just able to renogtiate back down to 9.99% again by
- —Guest Marijke
I HATE BOfA - Credit Card Schemes
- I recently (6/26/09) received a letter dated June 2009 indicating that as of May 31, 2009 my interest rate was changing from 19.99% fixed to 19.99% VARIABLE. The letter did not indicate that the change could be rejected or that I could opt-out. When If first got the card it was through MBNA w/ a 5.99% fixed APR. But earlier this year (2009) they decided to raise it to 19.99% because I didn't pay my balance in full and paid late 6 months before. Meanwhile I've had the card for 5 years and have a history of making multiple payments each month and paying more than my minimum balance. So anyway, I called them up and told them it was unacceptable. The 1st representative actually told me, "Miss I'm telling you right now, your APR will not be lowered." I'm sure you can tell she was upset with me. The 2nd rep from the Credit department was able to lower it 5 digits after I complained and explained my credit history. He claimed all BOA credit card APR are now variable.
- —Guest Mad as Hell
BOA Using your call against you!!
- I called to ask them to please get their hand a "not so deep in my pocket". 1 week later I had received notification in the mail that BOTH of my accounts were closed. Get a loan, or pay cash!!! (the later is better). For some reason (congress??) they have you by the balls! I had a lawyer tell me that even the majority of them don't know what is in the "contract". CITI is a real pain in the butt too. SNEAKY too!! they said they sent an opt-out letter in the regular bill. I don't read the bill, as everything is paid online through the bank. Sorry sir, nothing we can do! Pay in cash!
- —Guest Rob
