Sep

12

Is there a way to negotiate a lower interest rate on existing credit cards?

Filed Under Credit 

Coco asked:


Has anyone ever negotiated a lower interest rate on an existing credit card? I have paid down all my cards and my credit has since gotten better. I still have these ridiculously high rates (like 20% and higher). I do not want to open new cards with lower interest rates because then I will lose out on credit history. I do not plan on continuing to use these cards, maybe just a gas purchase here and there.

LUCIANO

Comments

6 Responses to “Is there a way to negotiate a lower interest rate on existing credit cards?”

  1. ELLIOT on September 14th, 2009 6:08 pm

    ART

    It is worth your time to call the credit card company and ask them to lower your rate. Chances are that they will lower it. If not, threaten to close the account.

  2. VITO on September 17th, 2009 4:40 am

    DARIUS

    Call them up and tell them that you need help in paying and you can’t sustain this debt with a high interest rate. My rates are a third less than yours and I don’t borrow, but I have asked to erase late fees and got it.

  3. BORIS on September 20th, 2009 6:05 am

    MORGAN

    Threaten to close the account can work. It is called bluffing. Most companies will be willing to get 15% from you versus 0. If your credit has been getting better they should be willing to lower. Of course if you can get your balances paid off you will not have to worry what the interest rate is as long as you pay of the balance each month.

  4. RICARDO on September 21st, 2009 1:50 pm

    DONNIE

    It depends on who is the backer of the credit card. If you are talking about department store cards, you would be better off dropping the history and using the scissors.

    What you can do. Call the customer service center and simply ask for a lower rate. A lot of card companies are willing to lower their rates if you request it and if your credit history is good. Some may just want to keep your business. If you point out you have a zero balance and would like to make purchases, but are hesitant due to the high rate, they may offer. However, in my experience it is best just to ask.

    Oh and I was told you can request every six months. So if you ask today and they lower it a little, call back again. My husband has worked for several major credit card companies and he assures me that asking is the only way to start the process. We have lowered our rates.

    Since you have 20% and higher though it might take awhile. You may want to ask if your company has a lower rate card you can transfer to. Though most will push a variable rate on you, and that may not work well if interest rates go up. Try for a lower fixed rate card if you can.

    Good luck.

  5. VERNON on September 23rd, 2009 11:17 pm

    ISAAC

    Yes sometimes but you have to have an offer of a lower rate from another credit card company for them to do that. If I were you I would start shopping around try the banks they ususally offer the best rate. I know I am paying 10.99 on one card and 6.99 on another. But your credit has to be good for those rates. Make sure if they offer you a low rate that they don’t jack it up after 6 months. Make sure its for all the time. And make sure you make your payments on time because they can use that as their excuse to raise your interest rates.

  6. SYDNEY on September 24th, 2009 8:57 am

    DANIAL

    Just get a new credit card.
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