Asking for Lower Interest Rates

laureng2587

I don't have a lot of credit cards IMO (2 stores, 1 from a bank). But I still want to manage my debt better. I always pay on time over the minimum payment. Do you ladies know how or if I can call the creditors and negotiate an interest rate... or is it pretty much stuck? Thanks!

CollegeGrrl219

It never hurts to ask. You have absolutely nothing to lose by picking up the phone and just telling them the same things you have told us. Tell them that you've been a great customer and you would like to know if your rates can be improved.

IamMrs.C

CNBC's show "On the Money" recently cited the statistic that 50% of the time cardholders call cc companies to ask for a lower interest rate, they get it. 

I did this years ago and got my Visa rate lowered.  Later they raised it again.  When I called a second time to lower the rate back down, they said no.  So there you go: 50% success.

Just call your cc company, tell them you have other offers with other companies for lower rates, and that you want to stay with them but want a lower rate asap.  See what they say.  Probably, you'll get a "no" at first.  Ask to speak to a manager then, and plead you case with him/her. 

 Good luck!

hoping4septimus

it doesn't hurt to try and you can always just transfer the balane on all of them to 1 low rate interest card

emas

 Like others said, it doesn't hurt to try.  If possible, try to have a bargaining chip.  For example, you'd like to stay with their company, but you just got an offer from another company with a lower rate.  By telling them about that other offer, they may adjust their rate in an effort to keep your business.

ms.c.seattle

I call every 6 months...my cc company actually said to call every 24 months to see if they can lower the rate. It works most times.

swankbride

I call. Sometimes I only get a promotional rate for 6 months but then I call back and usually get the same lowered rate or better! I would try it.

Amy Drinkwater

I have never had a store cc agree to lower my interest rate, but my CitiBank MC tries to do something for me every time I call (usually about every 6mos or so). ?I've had that account a long, long time though and used it for balance transfers and also my expense report at work so it has lots of activity on it. ?I think cc companies are more open to negotiating a better rate if they see the card is being used a lot.