credit card companies and lowering APR..

cms0701

We have one credit card that has just gotten out of hand..with an outrageous APR. We've been good customers and have never missed a payment, but the extra charges are crazy.

Has anyone ever called their company and asked them if they could lower your APR or do anything else to help you out?

What did you say? What were the results?

 

Thanks

anneliesek

What happened to the APR?  If you are current on payments than I would call them and ask them to lower the APR.  I would let them know that you have gotten offers from other companies offering and x percentage rate and if they can't budge then cancel the account.

cms0701

i should probably add that my husband has tried calling them and simple asked if anything could be done, but they didn't budge..are there any "magic words"?

anneliesek

Something along the lines of "I have received multiple offers from chase, citibank, BofA (whoever) offering interest rates at x APR.  Since these are competitve rates, is there any way you can lower my APR to match this?  If not I will need to close my account with you and open an account with the other good low APR lender."

I have attempted to get rates lowered and some companies have refused.  I generally close the account if they cannot work with me.  I have received alot of low APR and 0 APR rates so it always in my interest to get the most bang for my buck and not pay a bajillion dollars in finance charges.

eb629

I've done this several times....

I always say that I've been receiving offers in the mail, offering me 0% for one year, and then 6 or 7% from there after. Say that you enjoy being a customer of theirs, and that you've never been late or delinquent. That's what I usually say...

Because of the credit crunch, I know a lot of companies were upping their APRs without much notice... Just see what they can do for you - I've never been called on my bluff

cms0701

I know that we had one payment that was like 2 days late..it was sent during the holidays (with the post-mark being well before the duedate, knowing that it would be backed up because of the holidays) But somehow landed at the company 2 days late..I even called to argue about it, but the lady wouldn't budge. We send a little over the min payment due each month, with about 1/2 of that being finance charges..it's just becoming discourarging. I'm going to try to call again later tonight, the husband has to be here to confirm because he's the "main" person on the card.

mobun7

We've done this many times and it's always worked. ?We just tell them that we have been great customers, paying way over the amount due and we would like the APR lowered. ?If they don't budge, then we tell them we're thinking of switching to another company, and that's ususally when they give in.