Reducing Credit Card Interest Rates

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Post subject: Reducing Credit Card Percentage Rates

Ross
Date: 2/1/2001 0:03 am CDT

It is my understanding that it is possible to have my APR reduced. Is this true? I am a beggining credit card user, and this sounds very interesting. My APR is about 22% and would love to see it reduced, please tell me if you know anything about this and how to do it.
Ross

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Eugene
Date: 2/1/2001 2:15 am CDT

It is my understanding that it is possible to have my APR reduced. Is this true?

Absolutely. You have to call the issuer, charm the representative with sweet talk and then ask for it politely. In case they say no, you need to think of your reaction. The bottomline of this (or any other) negotiation is to concentrate on the things that are good for the other party AND those that sound good to them but not necessarily are true. For example, tell them that you had the card for long, were never late, used it a lot (I hope those are true in your case). Add that you like the bank and the customer service which is always courteous and helpful (sucking up is good if seems sincere). Find some more good bank/card features and tell them about them (don't make the story long, though).

If they still won't budge, play some hardball. Tell them you have other cards with lower rates, or that you received an offer for a balance transfer at a much lower rate. The phrase that works very well is "I would hate to leave your bank and I thought I'd check out what you can offer me before I go".

I think this conversation has to be well prepared. You have to do your homework and understand as much as possible about how credit works (this might be an issue for you being a beginner). For example, if you say that you have another card with a lower APR, they pull your credit report and do not see it there, their decision can be to decline. So, if you think you have to lie, "lie plausibly".

Oh, and read this and other credit card boards for more inspiration.

Good luck!

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Linda in VA
Date: 2/1/2001 7:19 am CDT

Eugene,

Have you ever thought about putting these hints in a little book? I bet it would sell like hotcakes!

Linda

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Board Monitor - AD
Date: 2/1/2001 5:02 pm CDT

Dear Ross,

I would recommend that you visit the following page, where you'll find various quotes you can say to your card issuer to reduce the rate:

creditcardfreedom.com/debt_management/quotes/interest_rate.asp

Sincerely,
Alex Daskaloff
creditcardfreedom.com

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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: 2/1/2001 11:07 pm CDT

Have you ever thought about putting these hints in a little book?

Oh, I don't know about that. It's been beaten to death, online at least. But thanks, Linda.

Great links in this topic!

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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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Board Monitor- NK
Date: 2/1/2001 10:16 pm CDT

Here's a view from an insider on how to get the lowest rate you can on your existing as well as new credit cards:

creditexpert.epinions.com/finc-review-6176-81D30EC-38DD6721-prod3

Kat

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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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claire
Date: 2/9/2001 6:20 pm CDT

I hae spoken to a couple of debt consolidation 'non-profits' who offered to negotiate a ridiculously high rate to pay off all my debt. One told me they use a book in sync with the creditor. I want 0% and waive late fees. I'm looking for this mysterious book to find out what my situation has to be to qualify for 0%.
Any ideas?

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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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