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How to Get a Reduced Credit Card Rate

Money Tip: Get Your Credit Card Rate Lowered

A mall experiment by CBC News suggests that all it takes to get your credit card rate lowered is a phone call and a question. They approached 10 mall shoppers and had them dial their credit card company, and told the shoppers to say this: "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?" They were advised to ask for a supervisor and say the same thing if the customer service rep told them no. Six of the 10 were able to get their rates reduced! Three of the shoppers quoted in the article report they were offered new rates that are about half as much as their old ones. You have nothing to lose by calling, so why not take five minutes and try?


Join The Conversation
estahrox estahrox 9 years
Does anyone know if this works for people with bad credit?
BeautyQueen20 BeautyQueen20 9 years
I found that if you ask for a reduced rate for six months, a "no" becomes a "yes" so try bargining!
j2e1n9 j2e1n9 9 years
Oh I do this all the time and it totally works. I used to do it with my cable company too. I used to call and pretend I was going to cancel my cable because I couldnt afford it, and they would lower my bill AND give me extra cable channels. Companies just hate losing customers for some reason. I think it is bad for their books or something. They are basically told to do whatever possible to keep customers with the company.
nomerz nomerz 9 years
basically all credit cards companies are in it for the money but Capital One, Wells Fargo and Chase suckkkkkk. If you're a part of a credit union they can usually offer the best rates and they really care about your business. (no, I don't work for one ... just have been a happy member for 3+ years!)
freegracefrom freegracefrom 9 years
Sophia - I had the same problem with Chase. They are AWFUL. I cancelled my credit card with them immediately and vowed never again. I'm definitely going to try this with Discover. I asked them over the internet to change my APR and they wouldn't. Phonecall might be key. Thanks Savvy!
sophia_HL sophia_HL 9 years
I tried this with my CHASE card because they had sent me cheques in the mail that were at a lower rate. They flat out refused- so I'm planning on transferring my balance ASAP. Basically CHASE has the WORST customer service and they really don't care about their customers.
natalie5785 natalie5785 9 years
i just did this! :-) went from 12% to 9%. the first person i tried to talk to blew me off, but i insisted! thanks savvysugar!
terryt18 terryt18 9 years
Yes. I do this all the time.
brookrene brookrene 9 years
especially do it now with the feds lowering interest rates...i called only three days ago and both card companies dropped the rates, and i had called one of them just about a month ago and they dropped it then too! totally worth it.
beingtazim beingtazim 9 years
wow - i didn't think this would work! i should call my CC companies up tomorrow to try this out! thanks for the advice!
jb3 jb3 9 years
Great advice, Savvy! If you don't ask the answers already no...
LadyAngel89 LadyAngel89 9 years
The only one I didn't manage to get a reduction from was Capital one (which I wouldn't personally recommend to anyone). All of my other rates drop drastically. They suggest calling every six months and asking for a rate reduction. I mean all they can say is "no".
Shopaholichunny Shopaholichunny 9 years
I have actually heard of this working too. But, I haven't gotten a credit card yet so I'll def do this when I do. :)
mlen mlen 9 years
same here- definitely not half off but a few % pts off- which well every little bit helps i guess!
ilanac13 ilanac13 9 years
i've done this before - but i haven't gotten my rate to half of my original...i wish i knew how to do THAT Magic. i got a few %points taken off though...which doesn't REALLY help - but it's a start.
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