Debt Kit -- Settle unsecured debts for less than half of amount owed Credit Kit -- Improve credit score and reduce monthly bills by $200+ |
Debt Management > Reduce Variable Expenses > Ask for a Lower Rate |
A major consumer group conducted a study to find out how easy it is to get a lower credit card interest rate. Fifty-seven percent (57%) of those who simply telephoned their credit card company and asked for a lower interest rate got one instantly. This rate was anywhere from 7 to 10 points lower than their current rate. Getting your interest rate lowered depends on various factors. They are more willing to say "yes" if you meet most or all of the following conditions: (1) You have a good credit rating -- meaning no late pay notations on your credit report and a good credit score; (2) You do not have a high debt-to-income ratio and you do not carry a big balance on your card; (3) You do not send in just the minimum payment required each month; (4) You have an excellent payment record with that particular creditor; (5) The credit card is not one that is categorized as "sub-prime", meaning it is not a secured credit card or one marketed exclusively to those with bad credit. |
Many people are surprised at how easy and quick it can be to get their credit card interest rates lowered. How easy is it? Just pick up the phone and call the appropriate number that appears on your credit card statement and ask for a lower rate. But before dialing, you need to make sure you are a good candidate for this strategy by doing some research. Visit the websites of the largest credit card issuers listed below to compare various credit card offers. Keep in mind that the interest rates they advertise prominently on their websites are reserved for those who earn a median income and have excellent credit -- www.bankofamerica.com www.capitalone.com www.americanexpress.com www.mbna.com www.discovercard.com www.fleet.com www.citibank.com www.chase.com www.wellsfargo.com www.firstunion.com www.bankone.com When you call and ask for a lower rate, your reasoning should be based on an argument such as you deserve it because you're an excellent customer or you're getting better offers from other banks. Telephone Scripts Script 1: I've visited the websites of several of your competitors, the ______ Bank and ______ Bank, and found that they are offering a _____ interest rate on purchases which is _____ points lower than what I'm paying on my credit card. Are you willing to give me that rate? Script 2: I am requesting that you reduce my current interest rate of 16.9% to 8.9% so that it is in line with what is available in the current market. I feel this is a fair rate since at least three major credit card issuers, _________, _________, and _________ are offering it to new customers like me who have an excellent credit rating. Script 3: [Find out the current rate being offered at a credit card website and then lie and say] I have received a pre-approved offer in the mail from _______ Bank offering me a ____ interest rate card. Can you beat or match that offer or do I have to transfer my balance to their credit card? Script 4: I visited your website and noticed that you are offering a ____ rate to attract new customers. I have been an excellent customer of yours for __ years and would like to receive the same rate being offered to new customers. Script 5: I was about to sign up for a new credit card at the _______ website and thought I would call you and ask for a lower rate before doing so. If you don't give me that rate today I will transfer my balance from your card to theirs as soon as I hang up the phone. Letters If a telephone call won't work, odds are that a letter won't work either. We provide letters only because some people prefer sending a letter instead of phoning a credit card company, but note that sending a letter gives them a better opportunity to respond with a canned response refusing to lower your credit card interest rate. Ask to Speak to a Supervisor Credit card companies are aware that being are people advised to call and ask for a lower credit card interest rate so they have instructed their phone representatives to give callers a canned response claiming they can't lower the rate any further. If this happens to you, ask to speak to a supervisor. There is no guarantee, but odds are higher you will get better results with a supervisor. And remember, just because they say no today, doesn't mean they will say no six months from now or a year from now. If they say no, then transfer the balance to another card if you qualify to do so. If you don't qualify for a transfer because your credit score isn't high enough, then spend the next six months paying down as much debt as you can and paying all of your bills on time so that you can raise your credit score and qualify for a better interest rate. Keep calling and asking for a lower rate every six months and work while you work on improving your credit score. |
Ask for a Lower Credit Card Interest Rate |
Many people are surprised at how easy and quick it can be to get their credit card interest rates lowered. How easy is it? Just pick up the phone and call the appropriate number that appears on your credit card statement and ask for a lower rate. But before dialing, you need to make sure you are a good candidate for this strategy by doing some research. Visit the websites of the largest credit card issuers listed below to compare various credit card offers. Keep in mind that the interest rates they advertise prominently on their websites are reserved for those who earn a median income and have excellent credit -- www.bankofamerica.com www.capitalone.com www.americanexpress.com www.mbna.com www.discovercard.com www.fleet.com www.citibank.com www.chase.com www.wellsfargo.com www.firstunion.com www.bankone.com When you call and ask for a lower rate, your reasoning should be based on an argument such as you deserve it because you're an excellent customer or you're getting better offers from other banks. Telephone Scripts Script 1: I've visited the websites of several of your competitors, the ______ Bank and ______ Bank, and found that they are offering a _____ interest rate on purchases which is _____ points lower than what I'm paying on my credit card. Are you willing to give me that rate? Script 2: I am requesting that you reduce my current interest rate of 16.9% to 8.9% so that it is in line with what is available in the current market. I feel this is a fair rate since at least three major credit card issuers, _________, _________, and _________ are offering it to new customers like me who have an excellent credit rating. Script 3: [Find out the current rate being offered at a credit card website and then lie and say] I have received a pre-approved offer in the mail from _______ Bank offering me a ____ interest rate card. Can you beat or match that offer or do I have to transfer my balance to their credit card? Script 4: I visited your website and noticed that you are offering a ____ rate to attract new customers. I have been an excellent customer of yours for __ years and would like to receive the same rate being offered to new customers. Script 5: I was about to sign up for a new credit card at the _______ website and thought I would call you and ask for a lower rate before doing so. If you don't give me that rate today I will transfer my balance from your card to theirs as soon as I hang up the phone. Letters If a telephone call won't work, odds are that a letter won't work either. We provide letters only because some people prefer sending a letter instead of phoning a credit card company, but note that sending a letter gives them a better opportunity to respond with a canned response refusing to lower your credit card interest rate. Ask to Speak to a Supervisor Credit card companies are aware that being are people advised to call and ask for a lower credit card interest rate so they have instructed their phone representatives to give callers a canned response claiming they can't lower the rate any further. If this happens to you, ask to speak to a supervisor. There is no guarantee, but odds are higher you will get better results with a supervisor. And remember, just because they say no today, doesn't mean they will say no six months from now or a year from now. If they say no, then transfer the balance to another card if you qualify to do so. If you don't qualify for a transfer because your credit score isn't high enough, then spend the next six months paying down as much debt as you can and paying all of your bills on time so that you can raise your credit score and qualify for a better interest rate. Keep calling and asking for a lower rate every six months and work while you work on improving your credit score. |
A major consumer group conducted a study to find out how easy it is to get a lower credit card interest rate. Fifty-seven percent (57%) of those who simply telephoned their credit card company and asked for a lower interest rate got one instantly. This rate was anywhere from 7 to 10 points lower than their current rate. Getting your interest rate lowered depends on various factors. They are more willing to say "yes" if you meet most or all of the following conditions: (1) You have a good credit rating -- meaning no late pay notations on your credit report and a good credit score; (2) You do not have a high debt-to-income ratio and you do not carry a big balance on your card; (3) You do not send in just the minimum payment required each month; (4) You have an excellent payment record with that particular creditor; (5) The credit card is not one that is categorized as "sub-prime", meaning it is not a secured credit card or one marketed exclusively to those with bad credit. |
Debt Management > Reduce Variable Expenses > Ask for a Lower Rate |
Debt Kit -- Settle unsecured debts for less than half of amount owed Credit Kit -- Improve credit score and reduce monthly bills by $200+ |
