Lowering Interest Rates?

Anonymous · ‎08-15-2009

Has anyone had any success in getting their interest rate lowered?

With a credit score of 700, two of my cards are at 22.9% and I would like to get them lowered, but am afraid that a phone call to them with this request will result in lowering my credit limit, not lowering my interest rate.

Let me know your experiences.

Anonymous · ‎08-15-2009

@Anonymous wrote:
Has anyone had any success in getting their interest rate lowered?

With a credit score of 700, two of my cards are at 22.9% and I would like to get them lowered, but am afraid that a phone call to them with this request will result in lowering my credit limit, not lowering my interest rate.

Let me know your experiences.

Welcome to the forums!

Well you will have to get past your fear. I have had my APR's lowered by my initiative with Direct Merchants Bank (HSBC) and Citi. My APR was lowered by Discover all on their own. If you don't call you will not get your APR's lowered. You will have to call and ask if it is possible - and then you may have to pursue your question with some vigor to get anywhere. If the front line CSR says no you are going to have to move on to a supervisor or retention specialist.

Anonymous · ‎08-15-2009

Ask to speak to a credit analyst and be ready to bring up a solid recent credit history and if you have other cards with lower rates mention that and that you will likely be forced to use lower rate cards more than theirs if they don't match those rates.

Anonymous · ‎08-15-2009

before you do anything, remember when you ask a CC to review your account you may set yourself up for them taking action that you did not really want them to do.

be sure that your credit reports are showing good info and that you have a good payment history/history with the ones you are trying to get changed.

otherwise you may not like what they decide to do to your account.

ALSO: be aware that the interest rate with a card may be specific to that card, and lowering it may not be an option with that particular product.

If the minimum rate for a card is 14.9%, you may have to change to a different product to get 9.9%

[Granted most of that all goes out the door thanks to the new credit card rules......sigh]

marty56 · ‎08-15-2009

@Anonymous wrote:
before you do anything, remember when you ask a CC to review your account you may set yourself up for them taking action that you did not really want them to do.

Yeah, that question might start the CSR thinking your having trouble paying the minimum payment and that you are a good candidate for some good old fashion AA.

I while back I thought about making an large purchase with my Visa card and asked the CCC what kind of deal they could give me on a 12 month repayment plan. They said the only offer was a 3.99 % BT for 12 months with a 3% fee. I declined their offer. I took a 6 month Bill Me Latter.

IMHO if there was a best time to ask, it would be when the account is PIF since it is AA proof money wise that is.

1/25/2021: FICO 850 EQ 848 TU 847 EX

Anonymous · ‎08-15-2009

A better time to press the issue as I have outlined above would be when your card is PIF. I have never asked for a APRD on a card that was not PIF. If you are carrying a balance and are asking for APR relief that is a totally different matter. In that case you are asking for a payment plan or program and that might come with some AA baggage up to and including CLD and/or account suspension. If you are PIF or can PIF the card then go ahead and ask away.