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Flashback – Reducing Credit Card Interest Rates


Back in my archives, there are some posts I wrote that I thought I would highlight occasionally and add some more of my thoughts since I’ve been learning more about these things.

Today I’m highlighting a post I did about calling your credit cards to reduce your interest rate. I actually wrote down how that call went with dialogue from me and the credit card customer service rep. Needless to say, that one didn’t go well. Looking at how I did it, I think I may have been a tad too aggressive and I probably should have asked to speak with a supervisor. When you call and talk to customer service, try to be pleasant and respectful. I think my call crossed the line a little bit. Thinking back to my days of working at a grocery store, I always was willing to go out of my way to help those who were nice to me.

Even though I rarely had success with trying to call to reduce my interest rates, it doesn’t hurt to try. While you are at it, you can also try to reverse late fees. A call will likely only take 5 or 10 minutes depending on how long you are on hold, and if the call is successful than it was some time well spent.


  • Reply Da big D |

    A little bit of honey catches more Bee’s then a big stick!!!

    Seriously, wait a month then for straight for the supervisor. Or keep looking for those 0% transfer cards in the mail 🙂

  • Reply Vedis Teh |

    I wrote in instead of calling the banks. I also sent them the interest rate offered by other banks.
    The results came back – one bank offered 9% instead of 18%. Another bank offered 12% (My home loan is from this bank ! Wait until I get better offer and I will move my home loan to another bank!)
    My hubby has written in too but the bank has not called back.I believe it’s because my hubby has been making the payment on time.We now want to stop paying for 2 months.I heard that the bank will definitely contact us if the payments have been in arrears for 2 to 3 months.I have tested two times to two banks…and they worked..;-)

  • Reply credit card user |

    It is possible to get your interest rate lowered. You can always say that you consider closing your account because the interest rate is too high and you have found a better deal. The bank wouldn’t want to loose its customer.

  • Reply Nick |

    I have been struggling to figure out a way to reduce my debt. With five accounts in collections, I decided to focus on one collection account at a time, and ignore the rest until the one was completely paid off. Ignore the calls, let it go to voice mail to screen the calls, and focus on one debt at a time.

  • Reply Tina |

    Forget everything you’ve been told about calling and lowering your interest rate on your cc, they caught on. The threat to close your acct. or switch to another card doesn’t work anymore. My experience with trying to lower mine was similar to what you posted earlier. Today I called again and got the rate dropped 11%. :0) I used to work cust. service, it’s true being polite is a key to a rep. be willing to help you. But, more importantly you have to have something to bring to the table.

    1st call I threatened to close my account. –The rep was more than happy to help me. Even, on a closed acct you still pay the interest. It’s not a threat if they can still make money off of you.
    2nd call I said I had a better offer. I mean really politely threatened to do a balance transfer with my imaginary better offer.-The rep called my bluff. They asked for details the could look into.
    3rd-fed up of ridiculous int. rates I begin to aggressively pay it off (thanks tax return, rage and budget)- The rep did the standard I’ll take look at your acct and offered to take off 8%. I played hardball. Well, really I just asked can you do more and stayed quiet until he broke the awkward silence. Something I would not have the first to times in an effort to plead my case.

    My advice: Call whether or not you have something to bring to the table. The worst they could say is no. BUT, do not get frustrated if they keep you on hold for an absurd amount of time an sill tell you NO. Just use that to strengthen your resolve to pay it off and never do it again.

  • Reply simple credit card holder |

    When I asked to lower my interest rates and got nothing, I decided to get a new credit card with lower rates and transfer my existing balance to the new card. And I have done it. Now I satisfy with my card and its APR.

  • Reply CreditCardAnalyst |

    I don’t think negotiating with the credit card company will give some favorable results. The only way to do it is to cancel your high interest rate credit card and get another low interest rate one.

So, what do you think ?