Could it be as easy as asking for a lower interest rate on your credit card and receiving one? For me the answer is no and sort of yes. As part of my Sum 180 plan I am committed to eliminating my credit card balances. The good news is that I don’t use the credit cards and haven’t for a couple of years but paying the balance down is hard at the current interest rates. My Sum 180 plan gave me specific cards to pay off first and also suggested I call the card company to ask for a lower rate. Here is my experience and tips for you:
1) Don’t take no for an answer: The first person I spoke to politely refused and thanked me for my long tenure. Before giving up, I asked to speak to her supervisor – a tip from a friend. Miraculously the supervisor came on the line. She listened patiently and while the answer was the same, “no, there are no lower rates available to you at this moment,” She did offer to refund a month of interest because of my tenure and payment record. A small victory.
2) Threaten to transfer your balance: I told her my goal was a lower interest rate and was considering several offers from other banks. She then offered to refund a second month of interest and then encouraged me to call back in the next two months to see if additional promotions would be available.
So while I did not succeed in lowering this card’s rate immediately, it did give me two months at 0% interest that will help to lower my total balance. My investment: 30 minutes on the phone.
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