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What to Say When Asking For a Lower Interest Rate

Ask Savvy: What to Say When Asking For a Lower Interest Rate

Dear Savvy,

I currently am trying to pay off a high revolving balance on my Citibank MasterCard. I have a good credit rating (730-740) and am current on all my bills with no late payments. My current credit card interest rate is 14.99 percent. I heard that if you contact the credit card company and say that you are receiving offers for lower rates in the mail they would lower your interest rate. I would do this but I don't know what to say or what would be considered a reasonable interest rate. Can you help?

See my answer when you

.

Because you're a reliable customer who pays her bills on time, you should be able to get your credit card company to lower your interest rate. Right now you're an ideal customer because you haven't defaulted on payments but you're also paying them interest, and Citibank wouldn't want to lose you to one of their competitors.

Say something along the lines of the script CBC News gave to shoppers during their mall experiment and led to six of ten shoppers getting their interest rates reduced. Here's the spiel: "I think I've been a good customer. I'd like to stay with you, but I really want you to lower the rate on my card. Can you help me?" If the customer service rep dares to say no, ask for a supervisor and repeat the script.

Three of those shoppers rates were offered rates half of what they used to be. While getting your 15 percent rate cut in half may be a long shot, you really have nothing to lose. The customer service rep will likely offer you a new rate first but that doesn't mean you should accept it, so aim low! With your medium to low risk credit score I'd estimate that you would be able to get at least a few percentage points knocked off, if not a handful. Don't hang up until you've gotten a good deal.

Have any of you had experiences with trying to get your interest rates lowered?

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LittleMzFit LittleMzFit 6 years
:rotfl: Good for you bingbing! :highfive:
LittleMzFit LittleMzFit 6 years
:rotfl: Good for you bingbing! :highfive:
bingbingboom bingbingboom 6 years
I just called Capital One after I saw an 18% interest rate. They even told me that "you are a good customer in good standing", but they will not lower anything. I tried with their supervisor and she said there was nothing she could do either. I plan on paying the remaining balance off and closes it. Take that, Capital One!
jessr1214 jessr1214 6 years
i just did this with mine! It didnt even occur to me until i got a notification that the interest rate on one of mine had been increased; i was mad because i have been trying soo hard to pay it down so i called them and they reduced it a LOT for me...so then i was so excited i did that with my other one too :-) I pretty much used the script...I told them i was looking into debt consolidation to get a lower interest rate but was happy with them and would like to stay with them but only at a lower rate.
mikeylikesitcamo mikeylikesitcamo 7 years
top this!!! 0, nada , nothing for 1 year, my ex stuck me with $6500 on citi card and purgered herself in court doing so. I was at 6% for the 1st year, when the year was over I renegotiated them to 0% for this year. You bet I am Paying as much as I can afford to get it cleared...ha and its helped my credit score back to what it was before the separation. LIFE IS GREAT AGAIN!
mikeylikesitcamo mikeylikesitcamo 7 years
top this!!! 0, nada , nothing for 1 year, my ex stuck me with $6500 on citi card and purgered herself in court doing so. I was at 6% for the 1st year, when the year was over I renegotiated them to 0% for this year. You bet I am Paying as much as I can afford to get it cleared...ha and its helped my credit score back to what it was before the separation. LIFE IS GREAT AGAIN!
hithatsmybike hithatsmybike 7 years
I didn't even know you could do this!
Katrinka27 Katrinka27 7 years
I tried this, and it worked. I had a card where a late payment had driven my interest rate up, but after a year, it hadn't been lowered. The company lowered the rate to their "normal" rate, which isn't great, but better than what it was. Now, though, I've paid off all of my cards, and the lower rate on that one helped.
graduatedsqueaks graduatedsqueaks 7 years
I pay my credit card balance, so I shouldn't have to worry about it. But I called one of my credit card companies a while back and requested a rate decrease (and they agreed) because I'm slightly paranoid that something crazy happens where I don't pay off the whole balance, and wanted to have a lower rate.
ilanac13 ilanac13 7 years
in the grand scheme of things, i guess that any little bit will help - but when you see that there are some cards that are upwards of like 19-25% - going from 25 to 23% - that doesn't make me feel like i've accomplished anything.
roxtarchic roxtarchic 7 years
i'm helpin my mom w/this... i havent actually called them yet, but this is helpful in prepping for it. i hope i can help her by more than a 2% reduction, i agree ilanac, i dont see how just a few points will help (then again she's carrying a pretty big balance).
ilanac13 ilanac13 7 years
i was actually successful in getting one of my card rates lowered but it wasn't as much as i had hoped. my question on this is whether there's a benchmark reduction that i can hope for. i don't know why - but i feel like a 2% reduction isn't all the helpful....
cravinsugar cravinsugar 7 years
haha i never considered being nice about it lololol
mlen mlen 7 years
o i do this- its not a prob. actually i just told capital one i didn't care if they lowered mine cause i pay it off every month and they did it anyways lol but no i called my normal credit card that had a high rate and i asked if they could lower it since i was a good customer and i believed it was inordinately high and they did- they knocked it down to 6.99
verily verily 7 years
14.99% is insane. I'm at 8% right now with Citi. I could probably talk them down lower but I very rarely carry a balance longer than 2 months.
Le-Luxe Le-Luxe 7 years
15% is NUTSO. My highest card is at 8% and I think even that is nuts. It should be around 5-6%
emily60608 emily60608 7 years
I think you should be able to get it down to 5 or 6% I just did this with a card that I have that was 19% and got it downt o 5.99% and my credit isn't as good as yours.
emily60608 emily60608 7 years
I think you should be able to get it down to 5 or 6%I just did this with a card that I have that was 19% and got it downt o 5.99% and my credit isn't as good as yours.
cravinsugar cravinsugar 7 years
I was in a some credit card debt about 4 years ago, and although i made my payments on time and had good credit my rates were in the 19-23% range. I called pissed off and threatened to cancel my cards. And, for those who didn't play the game, I did cancel, although only 1 out of 3 did not lower my rates. You can haggle on anything. On your cable/internet/phone bills, etc.
skigurl skigurl 7 years
not necessary i dont even know what my rate is, as i pay off my card in full every month
skigurl skigurl 7 years
not necessaryi dont even know what my rate is, as i pay off my card in full every month
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