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Calling credit card companies to renegotiate interest rates

post #1 of 13
4/22/10 at 6:58pm
Thread Starter 
Has anyone done this? Are they receptive to dropping a few percentage points to keep a customer? Yes, yes, I know. I can always just cancel the card and move on. But I'm not interested in this method just yet.
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post #2 of 13
4/22/10 at 7:12pm
Yes, I just told them I had an offer from a competitor for a lower rate card and I was going to transfer my balance if they didn't reduce my interest rate. I even told them what rate I wanted.
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post #3 of 13
4/22/10 at 7:19pm
It's been a long time since I carried a balance, but I did exactly that in grad school. Completely worked.
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post #4 of 13
4/22/10 at 7:33pm
It can definitely be done. If you're a good customer they'll likely work with you a bit if it means keeping you.
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post #5 of 13
4/22/10 at 7:38pm
Thread Starter 
So, when you called, did you essentially play the "I got a better offer elsewhere, reduce my rate or I'll transfer my balance" card? Or something else? Also, did you have to escalate to a supervisor/manager, or could the regular service rep handle the business?
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post #6 of 13
4/22/10 at 7:45pm
Quote:
Originally Posted by DNW View Post
So, when you called, did you essentially play the "I got a better offer elsewhere, reduce my rate or I'll transfer my balance" card? Or something else?

Also, did you have to escalate to a supervisor/manager, or could the regular service rep handle the business?

When I did it, I had a teaser rate from another company. I took the tact that I was a long term customer and did not want to end business with them, but business is business. I did not actually talk to a supervisor but the rep put me on hold while she did. I can't remember the details, but those teaser rates used to be stupid low for a year or so. I didn't get quite the teaser rate, but got a few points shaved off.
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post #7 of 13
4/23/10 at 5:34pm
It can depend on which credit card company it is. Some of them have "backdoor" numbers that will bring you to either a retention department or an escaleted customer service. typically these agents have much more power than the front line people when you call in (or even their "supervisors").
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post #8 of 13
4/23/10 at 5:37pm
So I'd been thinking about doing this for a while, but I've been so busy recently that I hadn't thought to call my credit card company. Posting in this thread prompted me to make the call last night. When I talked to the lady she informed me that I have the lowest rate they offer, and that my rate is about 1.5% below the best rate they're offering new cardholders. Suffice it to say, they weren't willing to lower my rate.

It was a strange moment of a combined feeling of and
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post #9 of 13
4/23/10 at 5:38pm
Haven't because I don't carry a balance but I have done it with my mortgage and it was surprisingly easy: hi I'm thinking about refinancing my mortgage because rates are much lower than what I pay, sir you don't need to refinance we can simply adjust your rate to market, you can do that?, of course let me give you a new rate..., and is it going to cost me points or fees?, you just need to sign a paper and pay a one-time $500 modification fee, sweet, all set thank you, no thank YOU.
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post #10 of 13
4/24/10 at 2:42pm
Can someone name a decent card with a good APR?

I was using Citibank but I called to ask what my balance was and sent them a check for that balance (love my tax return). Well a month goes by and I get another statement and my last $300 purchase was on it. When I called for my balance I specifically asked if that purchase was included in the pay off amount and they told me it was.

Anyway long story short after a bunch of back and forth with the customer service supervisor they refused to remove the charge so I told them to shove it paid the $300 and closed my account. Goes to show how much the company cared I carried a Citibank card for 15 years. So my business was worth exactly $300 to them.

So now I'm looking for a new credit card hopefully with a sub 10% rate.
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post #11 of 13
4/24/10 at 2:50pm
I just did this with all three of my cards (AMEX, CHASE, CITI) and a 4th I wound up cancelling (HSBC). In each case I had to go all the way to 'cancelling' my card to get anywhere. Amex and CITI were willing to reduce my rate. CITI was the best, AMEX was reasonable. Chase told me to get lost, and HSBC was just a jerk to me, so I jettisoned that one. It probably didnt help that I called about a week after the new rules took effect, I could tell that most people didnt really know what the new protocals were and what they could and couldnt do.

Good luck.
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post #12 of 13
4/24/10 at 2:51pm
Quote:
Originally Posted by BP348 View Post
Can someone name a decent card with a good APR?

I was using Citibank but I called to ask what my balance was and sent them a check for that balance (love my tax return). Well a month goes by and I get another statement and my last $300 purchase was on it. When I called for my balance I specifically asked if that purchase was included in the pay off amount and they told me it was.

Anyway long story short after a bunch of back and forth with the customer service supervisor they refused to remove the charge so I told them to shove it paid the $300 and closed my account. Goes to show how much the company cared I carried a Citibank card for 15 years. So my business was worth exactly $300 to them.

So now I'm looking for a new credit card hopefully with a sub 10% rate.

Send copies of your monthly statements showing that the $300 was previously paid. Your statement should have an accounting of all activities, both credit and debit. If you failed to keep copies, call them and ask for copies.
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post #13 of 13
4/25/10 at 2:26am
I do not think he did pay for that 300 charge, but that he did not really know what his balance was, and tried to pay it all. Well, as it turns out, he did not pay it all because that charge was not on the stmt yet.
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