Credit Card Interest Rate Problem

Post subject: Credit Card Interest Rate Problem
Guest: Board Monitor
Posted: Thu May 19, 2005 1:49 pm

This message posted by e-mail request from one of the visitors to our site:

recently found out my interest on my citi bank card went from 9.9 to 13 per cent i contacted them they had sent me info letting me know my interest rates could go up back infeb i could either close the accountor agreed to terms needless to say i never read it they will not lower my interest rate even though i am never later with my payments with them or anybody else

i really feel they are discriminating against us because we are hispanic and think we are just ignorant. what can i do ?
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314

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Guest: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Post subject: Credit Card Interest Rate Problem
Posted: Thu May 19, 2005 2:53 pm

"Customer service, how can I help you?"

"I'm calling to cancel my account."

"Oh I'm sorry to hear that. Was there some problem with the account?

"Well, I've been a loyal customer for 10 years, and I really enjoy dealing with you, but I just got an offer from Even Bigger Bank which is just too good to pass up.

[Have a realistic number in mind. Don't make it so low that they'll know you're making it up. Mabe just below the rate you used to have.]

"Well let me transfer you to our customer retention Department. They'll be able to help you."

Customer retention will ask you the same basic set of questions. Weave a gloom and doom word picture. Always be totally polite and business like, remembering that these are only people that you're dealing with, not devils. State your case something like this (and pour it on thick):

Hi customer retention specialist____________. I've been a loyal customer for ten years, always paying my bills on time. Truth of the matter is I really enjoy dealing with you folks. You're always helpful, friendly, courteous, and it's been a pleasure dealing with you. However, EVEN BIGGER BANK has been calling me recently and they're offering a much lower rate (tell him what the "rate" is). Your bank recently raised my rate to 13%, and I just don't know what to do. I'm torn between loyalty to you folks and loyalty to my bottom line. Is there anything you can do to make it easier for me to stay with you?


See the difference? You're throwing yourself on the mercy of the court by asking them to help you stay aboard. It's not a threat, it's a negotiating ploy. I've used it in business, and I've had it used on me. It's tough to resist, especially if you get the right department. Also, always call during the day when the "A" team is manning the phones.

They'll probably come back with a lower offer. If you like it, grab it. If it's not low enough, try something like this:

"Gosh that's much more interesting. I'll have to give it serious consideration, but remember that Even Bigger Bank is offering X%. Can you do a little better?"

Let us know how you make out.

Guest: Polonius
Credit Expert (100+ Posts)
Post subject: Credit Card Interest Rate Problem
Posted: Thu May 19, 2005 4:53 pm

Well, stop feeling that way, because it's not true. These decisions have nothing to do with whether you're Hispanic or not. 9.9% to 13% isn't such a big deal; 13% is half what some people here are paying