One interesting point that most people dont know about credit cards is that you can DEMAND that the credit card comapany reducet your interest rate. More times then naught, they will do it.
I learned this from a friend:
1. Call the credit card company customer service deptartment and say "Hello, how are you, Im x and my interest rate us too high, I need you to reduce it to X% please" (State whatever interest rate you want them to lower it to....always start with a low rate)
2. The customer service person will probably decline....theyve been trained to do it. Ask the rep, "May I have your name please?" Get their name and say "May I speak to your supervisor please." The rep will attempt to say that they cant do anything to help you, but DEMAND that you speak to their supervisor. They HAVE to let you speak to a supervisor
3. Speak to the supervisor and say, I talked to 'x' (the first person you talked to) about reducing my interest rate, and they couldnt help me. Im extremely disappointed. Ive looked at several cards with lower rates and im considering canceling my card. I need to have my interest rate lowered,
At this stage, you may have to mention how long youve had the card, you being loyal, the amount of $ youve made the company, etc. If this supervisor balks, repeat the process again..get name...ask for their supervisor, etc.
I did this process with two credit cards, I reduced one from 20% to 12% ... another from 18% to around 13%. I could have gotten them lower but I had checkered payment histories on both cards. If you have a good payment history, you can get a single digit rate.
Each time I called, I had to speak to three people. Both times, I only had to do the process once. You may have to speak to several people to get what you want..keep going up the chain. You may have to do the process more than once, but be consistent with it. Consistentely watch your rate and call whenever it goes up and demand that they reduce it.
Originally posted by JoeB:
thank you for bumping this, Gman.
here is my dilemma. i am thinking about getting a loan to consolidate my credit card debt. i have about 4000 dollars. should i do it or just keep going at it? i've dropped a few grand from the total but i want to get rid of it once and for all.
thanks for hearing me out and any possible feedback on this.