Negotiate Lower Interest Rate on Credit Cards

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Post subject: Negotiate a lower rate on credit cards

Pat
Date: 2/1/2001 6:55 am CDT

Hello,
I would like information on how best to negotiate a lower rate on existing credit card balences. Payoff may be an alternative in this case.
Thank you for your time.

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Board Monitor - CA
Date: 2/1/2001 12:01 am CDT

Pat,

See Eugene's post below entitled "Reducing Percentage Rates". It contains some valuable tips.

Best Regards,
Curtis Arnold
CFCCT P.R. Dir.
http://www.cardratings.org

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CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!

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bob ainslie
Date: 2/1/2001 11:12 pm CDT

What do you do when the company has you by the short hairs and simply won't negotiate new rates? Particualrly difficult when you don't use the card at all and simply pay the bill every month on perpetual basis with no real gain every year!!!!!

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CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!

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Eugene
Date: 2/2/2001 0:05 am CDT

What do you do when the company has you by the short hairs and simply won't negotiate new rates?

Could happen. In fact, people who seem to need lower rates most are the ones who often can't get them. Sad, but that's how it works.

In that case, you try to transfer balance to another card, or be stuck with the current issuer. Once you and time correct the problem(s) in your credit report, things will change.

Particualrly difficult when you don't use the card at all

and particularly useless, too. Why would you need lower rates if you don't use the card?

and simply pay the bill every month on perpetual basis

Not using the card at all and paying the bill off every month are very different.

Not using credit shows credit card companies that you don't need it, so they will probably not give you any and might not negotiate rates. Paying the card off means that you do need it and, more importantly, know how to handle it. In this case, creditors will negotiate if your credit history with them and others is fine.

with no real gain every year!!!!!

You mean creditors' gain? Don't worry, they are getting their share from merchants (percentage on every transaction)if not from you (interest charges). Even if you pay off the balance in full every month but charge a lot, they still make a profit on you.

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CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!

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