Credit Tips: Requesting Lower Interest Rate From Credit Card Companies

Posted On: May 1, 2006

Author: beoram
Posted: Wed Mar 22, 2006 9:52 am
Post subject: Requesting Lower Interest Rates / Lower APR

I have an account with MBNA, and I’m carrying a rather large balance and have been for about 1 year. My interest has been around 11% - varying a bit, but this month it just jumped to 22%.

Since I’m carrying a large balance (though I make at least minimum payments on time), do I have a chance for an APR reduction?

And can I do this via letter rather than over the phone?

thanks for any advice

Author: rapjunkie
Posted: Wed Mar 22, 2006 12:05 pm
Post subject:

Call and ask them why the rate jumped (unless you were late and it’s clear to you). If you haven’t been late, you should be able to get them to put the rate back where it was.

Author: Ira
Posted: Wed Mar 22, 2006 12:16 pm
Post subject: Requesting Lower Interest Rate From Credit Card Companies

I wonder if they’re still operating under the universal default rate, in which case if you were late or went over limit with ANY other card they can raise your rate. Definitely call customer service and ask them what your options are. Bit of advice: call during the business day when any bank has their best CSRs on the phones. Be very polite when speaking with them. You can catch more flies with honey than with vinegar.

Author: rapjunkie
Posted: Wed Mar 22, 2006 2:28 pm
Post subject:

Good points, Ira.

beoram, also don’t be afraid to ask for a supervisor if you don’t get the results you want from the first rep you speak with (after asking nicely, of course).