Ask for a Lower Credit Card Interest Rate

Ask for a Lower Credit Card Interest 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 credit card interest rate.


Getting your credit card 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 credit 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.


If you think you would qualify for a lower credit card interest rate, your next step is to do a bit of research and visit the websites of the largest credit card issuers listed below to compare various credit card offers before you telephone them. Keep in mind that the interest rates credit card companies advertise prominently on their websites are reserved for those who earn a median to high income and have excellent credit --
www.bankofamerica.com www.capitalone.com
www.mbna.com www.americanexpress.com
www.discovercard.com www.fleet.com
www.citibank.com www.chase.com
www.wellsfargo.com www.firstunion.com
www.bankone.com www.providian.com

When you call and ask for a lower interest rate, your reasoning should be based on the argument that you deserve it because you're an excellent customer or you're getting better offers from other credit card 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 interest 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.