Internet's first get-out-of-debt community - 136,000 members

Posted: Fri Jan 12, 2007 4:54 pm Subject: Can I request a lower interest rate?

I was watching Geraldo at Large a few nights ago and one of the things that a debt analyst recommended to eliminate high credit card balances was to request the credit card give you a reduced interest rate. Has anyone ever tried to contact their credit card company to see if they could get a lower interest rate on your credit card? Is there such a method that can be used?

Posted: Fri Jan 12, 2007 5:08 pm Subject:

I was able to request a lower interest rate on my Mastercard. They lowered it for a 6 month period from 18% to 0%. I told them that I was wanting to transfer the balance to a new card I had received that had a 0% for 6 month introductory rate and that is when they made me that offer. I would assume that is common practice to keep your business. During that 6 months, I was able to pay a substantial portion of the balance off.

Posted: Fri Jan 12, 2007 7:53 pm Subject:

How were able to approach them? Did you mail them a letter? Was the letter, if that was the case, sent via the mail or through email? Do you have a template of the letter?

Posted: Fri Jan 12, 2007 8:59 pm Subject:

Nope. No letter, I just called them and told them that I wanted to transfer my balance to a new card that I was approved for (actually, I was only pre-approved), and the representative offered to match the offer for 6 months if I thought that would help me reduce my balance and I took her up on it. It was a Sears Mastercard and the interest rate reduction was a huge help.

*Name:
*Email:
*Phone:
*Zip:
*Debt

	* denotes required field

Internet's first get-out-of-debt community - 136,000 members

Can I request a lower interest rate?

Members Area

Free Debt Counseling

Ask the community

Also See

Featured Discussions

Featured Articles

Recent Forum Discussions

Recent Blog Post