Tips on getting CC companies to lower interest rates

[Anonymous]

My wife used to work customer service for Capital One.  I just got a credit increase from Capital One and proudly told her last night (I had read it can be tough with them).  She wasn't impressed.

She told me when people call in a button pops up for the customer service rep as an offer to increase credit limits and lower interest rates.  She could offer to increase limits or decrease rates "if she felt like it" (she was 19 at the time and the lowest level in the company).  I didn't even know this could happen.

So, wondering what tips people have to get the rep to decrease their rates?  Any past experiences shared would be great.

[AverageJoesCredit]

Id imagine just call in and ask. If its at the csr whim, which would really stink, make sure to be curteous and charming.

[Anonymous]

I would say it is more likely that a “button pops up” if your account is flagged as being available for a CLI increase or APR reduction. There is no magic button that pops up that allows all front line CSRs the power to increase credit lines and lower APRs at their desire.

So, to answer you question, call them and ask to have your APR lowered. If your account qualifies, they will lower it; if it doesn’t, they won’t.

[Anonymous]

I know it isn't available to every one all the time...but I have NEVER been asked if I'd like an interest rate decrease...but that button has probably been there before for them to push....I think most of us (like me until last night) don't know you can get your interest rate decreased just by asking.

[Anonymous]

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@Anonymous wrote:

I know it isn't available to every one all the time...but I have NEVER been asked if I'd like an interest rate decrease...but that button has probably been there before for them to push....I think most of us (like me until last night) don't know you can get your interest rate decreased just by asking.

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Not to be rude, but that’s a false assumption. Most people actively managing their credit know you can get interest rate reduced the same way you get CLI. Asking. 

Just like you can get auto CLI you can get offers for rate decreases (usually tied to balance transfer) but most times asking for either or both happens more frequently than automatically.

[Remedios]

Most people do not actively manage their credit, they just go on about their lives. 

Thank you for sharing, OP

[Anonymous]

No offense to people in this field, but it's almost scary to think that people fresh out of high School are between me and my CLI/APR reduction financial info etc. I natuarally assumed that people with more experience and a bit older were in this profession. But with all jobs there are the various levels.

Also, it's not like a Bank is actively going to hand out APR reductions to their cardholders automatically. It's something we have to ask for, and if eligible due to your history, it should be relatively easy to get. But I doubt it's at the CSR's sole discretion, depentand upon thier good or bad mood. Obviousy if you're calling in to ask for something, you're not going to be crabby and demanding.

[Anonymous]

“Most people actively managing their credit” is one subset. It’s not meant to imply that most people actively manage their credit.

Most people doing X. Not, most people do X. I thought that was clear but I guess something got lost in the translation.

[AverageJoesCredit]

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@Anonymous wrote:

No offense to people in this field, but it's almost scary to think that people fresh out of high School are between me and my CLI/APR reduction financial info etc. I natuarally assumed that people with more experience and a bit older were in this profession. But with all jobs there are the various levels.

Also, it's not like a Bank is actively going to hand out APR reductions to their cardholders automatically. It's something we have to ask for, and if eligible due to your history, it should be relatively easy to get. But I doubt it's at the CSR's sole discretion, depentand upon thier good or bad mood. Obviousy if you're calling in to ask for something, you're not going to be crabby and demanding.

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lol, you would be suprised how many people call in to demand things or are not pleasant to frontline csr. Some people who are having issues expect it to be taken care of right away. Lol, How else do we explain all the negative reviews on credit cards all over interweb.

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