Call your credit card company

mcpegMarch 7, 2008

Sample script: Asking for a lower credit card rate

By Lucy Lazarony

Getting a lower interest rate from your credit card company is easier than you think. In many cases, all you have to do is call and ask.

- advertisement -

So flip over the back of your credit card and dial the 800 number for customer service. Not sure what to say?

Here's a sample script suggested by the U.S. Public Interest Research Group. It's short and sweet.

Hi, my name is [Your Name]. I am a good customer, but I have received several offers in the mail from other credit card companies with lower APRs. I want a lower rate on my card, or I will cancel my card and switch companies.

You can throw in additional details if you wish. For example, if you're a long-time customer or you've never been late with a payment, go ahead and tell them.

The main thing is to make it clear that you will cancel your card if they don't give you a lower interest rate. Be persistent.

If a customer service rep can't help you, ask for a supervisor.

If you get turned down, don't cut up your card just yet. Give them one more chance. Make the same call another day. You may reach a more cooperative customer service rep. You may be sent to an agent who specializes in keeping customers who are threatening to leave.

Once again, be persistent and make it clear that you'll close your account if your interest rate is not lowered.

If your card company really won't budge, it's time to start looking for a better deal.

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someone is busy copying and pasting this morning! LOL!

    Bookmark   March 7, 2008 at 8:30AM
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I saw that on the National news last night.
They stopped people in the mall and had them phone their CC companies and read the above. Amazingly more than half of them got their rates reduced on the spot. Many for 18 & 19% cown to 9 - 11%

    Bookmark   March 7, 2008 at 1:31PM
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GRRRR rotten typing

Many got reductions from 18 & 19% down to 9 - 11%

    Bookmark   March 7, 2008 at 1:32PM
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You guys been listening to the CBC again?

I heard it and thought that I should come to tell of it - so, thanks McPeg.

I think that the experiment was carried out in London, England, wasn't it?

They were rather diplomatic - spoke of how long they'd been with the company, had always been prompt with payments, etc., ... but was the requester claiming to have some financial difficulties at the time?

I was rather surprised at the ease with which they achieved their objective ... and the percdentage of the requesters who succeeded: six of ten, wasn't it?

Maybe we should rent a small office and put out a shingle offering to help folks get their credit card interest rates reduced, whadda ya think?

Have a great, interest-free weekend, everone.

ole joyful

    Bookmark   March 7, 2008 at 8:24PM
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No it was here in Canada because none of them spoke funny.

    Bookmark   March 8, 2008 at 10:17AM
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Good one.

I'm still wondering ...

... in some parts of our sub-culture, "PK" means "preacher's kid".

ole joyful

    Bookmark   March 8, 2008 at 5:56PM
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Perhaps it is part of the "ask and ye shall receive" quotation. It is amazing how people will forget they can always ask a credit card company to reduce their interest the company says no. Try again. Threaten to move your business elsewhere. Seems to work for some people. Budster

    Bookmark   March 10, 2008 at 9:42AM
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Some folks paying that high interest on those credit card debts may not have seen this, last time around.

I'm wondering how much of a reduction they might have been able to achieve with the store-issued card people - that usually charge 25 - 28%.

Unless the stuff that you bought is tax-deductible ... that interest must be paid with after-tax income, folks.

If you're in 20% tax bracket, it means that when you earn $5.00, you pay tax of $1.00 and have $4.00 left to buy things.

So if your interest rate is 28%, divide that by 4 to get 7, then add the 7 to the 28 to make 35.

You earn $35.00, pay $7.00 tax and have $28.00 on hand to pay that interest on $100. purchase (suppose you were dealing with a year, but you must pay some monthly ... but usually the required amount is only slightly above the amount of interest added that month).

Which means that if you pay only minimum monthly, or slightly more ...

... that bill will run (almost) forever.

Oh - you figure to die before "forever"?

Right ... most of us do, don't we?

Good wishes for paying your non-deductible debts down quickly (and probably the deductible ones, as well).

ole joyful

    Bookmark   June 14, 2008 at 12:17AM
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