will a credit card company lower yout interest rate if you tell them you will cancel your card?
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will a credit card company lower yout interest rate if you tell them you will cancel your card?
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Not unless you charge tens of thousands of dollars per month. They have millions of credit card holders. If you drop their card, they won’t even notice. It will take thousands of people dropping the card at the same time for the same reason before they will do anything to help you.
Probably not. Credit card companies are looking to limit their exposure. If your rates were raised, they probably reviewed your credit and determined you were a higher risk.
You might be able to get a lower interest rate IF you’ve had the account for 10+ years, seldom carry any balances, and have excellent credit.
In previous times I have called and just asked for a rate reduction and got it. I’ve also called and no matter what I say they basically tell me to take a flying leap.
First you need to get through the first person, their job is to tell you no to anything you want, and to try and sell you stuff you don’t want.
Ask to speak with a manager. Then ask them for a rate reduction.
As the previous guy basically said, be prepared for them not to care about you. And in this time they actually prefer to dump credit lines, so being the squeaky wheel at this time may just get your wheel removed.
Good luck.
Only if you are a good customer and you have a high limit and use your card A LOT every month. If you are someone with a kid’s credit card with a $1000 limit….fat chance.
I was having a lot of problems when I was 22 with paying my credit card. I spoke with a rep from that company and told them that I wanted to pay my debt, but my monthly amount I paid was basically just going to the *Interest Rate* and not toward my balance, so I told a small fib and said if they didn’t lower my interest rate that I would have to resort to Bankruptcy at age 22.
At that point I was given the opportunity to just pay a set amount until the card was paid off with absolutely no interest on my bill unless I became more than 30 days late with a payment.
I have 2 more payments to make and I will be completely credit card debt free and it’s a good feeling.
My advice is don’t be too proud when dealing with Credit Card Companies. They want their money, even if they have to make small sacrifices. With Bankruptcy, they get nothing. Just be calm if this is the route you take. Good Luck.
Generally, no they will not lower your rate if you threaten to take away your business. It really doesn’t help to give ultimatums. You should call the credit department and see if you can get your account reviewed for a lower rate. If your account has been past due or over limit recently (or ever) they can easily say no. They will also review your credit report. Sometimes it will work and sometimes it won’t.
Probably not
That used to work before all the new regulations and tightening of the credit market. Now, they will just tell you they are sorry if you choose to close your account.. LOL