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Requesting a Lower Interest Rate -- IT WORKS!

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Requesting a Lower Interest Rate -- IT WORKS!

Last week on TV I caught part of the show called "The Millionaire Inside" which featured a panel including "Rich Dad" Robert Kiyosaki.  Normally I don't watch CNBC but this was a good show.
 
One of the speakers suggested that people call their credit card company and request them to lower your interest rate.  He said do this a minimum of SEVEN TIMES and ask for a manager if the person answering the call won't do it. 
 
Well...IT WORKS!  I called American Express regarding my business account and asked them to lower the interest rate.  In fact they agreed to it with *very* little prodding.  Essentially they said they would do it since I have been a cardholder for almost 10 years.  Okay...sure...whatever helps them sleep at night...I was just happy that it worked.
 
In any event, it is down to 14.9% from about 30.25%!  Like many cards out there, if you have even ONE late payment the small print says they can jump your rate -- it happened to me. 
 
Good luck to all,
 
FICOnater2007
 
 
 
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Moderator Emeritus

Re: Requesting a Lower Interest Rate -- IT WORKS!



FICOnater2007 wrote:
Last week on TV I caught part of the show called "The Millionaire Inside" which featured a panel including "Rich Dad" Robert Kiyosaki.  Normally I don't watch CNBC but this was a good show.
 
One of the speakers suggested that people call their credit card company and request them to lower your interest rate.  He said do this a minimum of SEVEN TIMES and ask for a manager if the person answering the call won't do it. 
 
Well...IT WORKS!  I called American Express regarding my business account and asked them to lower the interest rate.  In fact they agreed to it with *very* little prodding.  Essentially they said they would do it since I have been a cardholder for almost 10 years.  Okay...sure...whatever helps them sleep at night...I was just happy that it worked.
 
In any event, it is down to 14.9% from about 30.25%!  Like many cards out there, if you have even ONE late payment the small print says they can jump your rate -- it happened to me. 
 
Good luck to all,
 
FICOnater2007
 
 
 


Good for you! I like hearing folks do this. I have been known to be a real bulldog with CCCs with APRs and CLIs and it almost always works. Good job!
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Moderator Emeritus

Re: Requesting a Lower Interest Rate -- IT WORKS!

WTG! Smiley Happy
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Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
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