Comments on: How To Reduce Your Credit Card Interest Rate http://allfinancialmatters.com/2007/01/09/how-to-reduce-your-credit-card-interest-rate/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Thu, 24 May 2012 16:19:24 +0000 hourly 1 http://wordpress.org/?v= By: Mase http://allfinancialmatters.com/2007/01/09/how-to-reduce-your-credit-card-interest-rate/comment-page-1/#comment-104796 Mase Wed, 16 May 2007 19:33:35 +0000 http://allfinancialmatters.com/2007/01/09/how-to-reduce-your-credit-card-interest-rate/#comment-104796 I've been calling almost monthly regarding my WorldPerks Visa Signature Card to get the $90 annual fee waived. Each time, I did a spiel similar to the one above (replacing the "lower interest rate" with "1st year annual fee waived"). Some PSRs I spoke with were compeltely unresponsive ("Its a valid charge, sir") and others were sympathetic, but said they couldn't do anything. As my fee was due mid-June, thought I'd keep trying up-to-until I would be charged and would cancel if not waived. I was always extremely polite and nice each and every time. Well, today, finally, I had success. PSR said they could not do anything, but asked if OK to put me on hold to get their supervisor. Of couse I said I would not mind at all and thanked them for the effort. 3 minutes later, the supervisor told me I "qualified for a good consumer credit" or something like that. So, after a few months and maybe a total of 10 minutes of calls, I saved $90 (wanted to keep the card in that it is the one I've had the longest and it has a high credit limit ... i.e. didn't want to hurt my FICO score this year). IN fact, writing this reply probably has taken longer than the entire time I have been on the phone over the past months with Worldperks Visa. Anyway, just wanted to thank you, JLP, for the advice. It took a little time, but was worth it and it worked. I’ve been calling almost monthly regarding my WorldPerks Visa Signature Card to get the $90 annual fee waived. Each time, I did a spiel similar to the one above (replacing the “lower interest rate” with “1st year annual fee waived”). Some PSRs I spoke with were compeltely unresponsive (“Its a valid charge, sir”) and others were sympathetic, but said they couldn’t do anything. As my fee was due mid-June, thought I’d keep trying up-to-until I would be charged and would cancel if not waived. I was always extremely polite and nice each and every time.

Well, today, finally, I had success. PSR said they could not do anything, but asked if OK to put me on hold to get their supervisor. Of couse I said I would not mind at all and thanked them for the effort. 3 minutes later, the supervisor told me I “qualified for a good consumer credit” or something like that.

So, after a few months and maybe a total of 10 minutes of calls, I saved $90 (wanted to keep the card in that it is the one I’ve had the longest and it has a high credit limit … i.e. didn’t want to hurt my FICO score this year).
IN fact, writing this reply probably has taken longer than the entire time I have been on the phone over the past months with Worldperks Visa.

Anyway, just wanted to thank you, JLP, for the advice. It took a little time, but was worth it and it worked.

]]> By: ASAP Credit Card http://allfinancialmatters.com/2007/01/09/how-to-reduce-your-credit-card-interest-rate/comment-page-1/#comment-81763 ASAP Credit Card Wed, 28 Feb 2007 20:12:52 +0000 http://allfinancialmatters.com/2007/01/09/how-to-reduce-your-credit-card-interest-rate/#comment-81763 The credit card market is very competitive. For the most part, the credit card companies will lower your rate-- especially if you've received a better offer from another company. All you have to do is call! The credit card market is very competitive. For the most part, the credit card companies will lower your rate– especially if you’ve received a better offer from another company. All you have to do is call!

]]> By: donna jean http://allfinancialmatters.com/2007/01/09/how-to-reduce-your-credit-card-interest-rate/comment-page-1/#comment-62314 donna jean Fri, 12 Jan 2007 15:58:19 +0000 http://allfinancialmatters.com/2007/01/09/how-to-reduce-your-credit-card-interest-rate/#comment-62314 I also call our cards up every few months with great success. The most recent was getting a rate of 23% dropped to the 8% range. We're due to make another round of calls. I also call our cards up every few months with great success. The most recent was getting a rate of 23% dropped to the 8% range. We’re due to make another round of calls.

]]> By: Blogging Away Debt » Blog Archive » Friday Blog Highlight http://allfinancialmatters.com/2007/01/09/how-to-reduce-your-credit-card-interest-rate/comment-page-1/#comment-62228 Blogging Away Debt » Blog Archive » Friday Blog Highlight Fri, 12 Jan 2007 15:18:28 +0000 http://allfinancialmatters.com/2007/01/09/how-to-reduce-your-credit-card-interest-rate/#comment-62228 [...] JLP at AllFinancialMatters discusses how you can call your credit cards to reduce those interest rates. [...] [...] JLP at AllFinancialMatters discusses how you can call your credit cards to reduce those interest rates. [...]

]]> By: Brian http://allfinancialmatters.com/2007/01/09/how-to-reduce-your-credit-card-interest-rate/comment-page-1/#comment-62056 Brian Thu, 11 Jan 2007 14:21:04 +0000 http://allfinancialmatters.com/2007/01/09/how-to-reduce-your-credit-card-interest-rate/#comment-62056 Do to many at once and you can temporarily hurt your credit score due to all the inquiries. Ask your credit card company when they do the annual review. If it is close to that time, you may want to wait, as that is a soft inquiry and does not hurt your score. Do to many at once and you can temporarily hurt your credit score due to all the inquiries. Ask your credit card company when they do the annual review. If it is close to that time, you may want to wait, as that is a soft inquiry and does not hurt your score.

]]> By: We’re In Debt » Day 245: Check Those Balance Transfers http://allfinancialmatters.com/2007/01/09/how-to-reduce-your-credit-card-interest-rate/comment-page-1/#comment-61966 We’re In Debt » Day 245: Check Those Balance Transfers Thu, 11 Jan 2007 02:00:22 +0000 http://allfinancialmatters.com/2007/01/09/how-to-reduce-your-credit-card-interest-rate/#comment-61966 [...] If, by chance, you’re credit card balance transfers are about to expire, you’ll want to explore getting a lower rate. [...] [...] If, by chance, you’re credit card balance transfers are about to expire, you’ll want to explore getting a lower rate. [...]

]]> By: financeguide101 http://allfinancialmatters.com/2007/01/09/how-to-reduce-your-credit-card-interest-rate/comment-page-1/#comment-61575 financeguide101 Wed, 10 Jan 2007 13:48:19 +0000 http://allfinancialmatters.com/2007/01/09/how-to-reduce-your-credit-card-interest-rate/#comment-61575 Well I agree with Alissa, its better wait for the right time. Yes you are right about getting a barrel of calls to credit card companies with same script. Well I agree with Alissa, its better wait for the right time. Yes you are right about getting a barrel of calls to credit card companies with same script.

]]> By: Clever Dude http://allfinancialmatters.com/2007/01/09/how-to-reduce-your-credit-card-interest-rate/comment-page-1/#comment-61477 Clever Dude Tue, 09 Jan 2007 23:51:47 +0000 http://allfinancialmatters.com/2007/01/09/how-to-reduce-your-credit-card-interest-rate/#comment-61477 I just don't use credit cards if I can avoid it. I did negotiate a 6 month 0% on purchases that really helped in our trip to San Francisco for work. It took 2 months to finally get reimbursed, and I was able to pay down debt with actual interest rates. I just don’t use credit cards if I can avoid it. I did negotiate a 6 month 0% on purchases that really helped in our trip to San Francisco for work. It took 2 months to finally get reimbursed, and I was able to pay down debt with actual interest rates.

]]> By: Alissa http://allfinancialmatters.com/2007/01/09/how-to-reduce-your-credit-card-interest-rate/comment-page-1/#comment-61445 Alissa Tue, 09 Jan 2007 21:23:16 +0000 http://allfinancialmatters.com/2007/01/09/how-to-reduce-your-credit-card-interest-rate/#comment-61445 I actually do this every 6 months, and I'm due again in March. Works like a charm. Now if only they'd offer to reduce my principle... I actually do this every 6 months, and I’m due again in March. Works like a charm. Now if only they’d offer to reduce my principle…

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