Have you ever thought to request a rate reduction on your credit cards?

United States
May 16, 2008 12:03pm CST
I have this credit card I have had for years and just reciently payed off. After a while we did a ballance transfer from a higher interest card so we could save a few dollars. Sometime after we got the ballance transfer done the upped our interest rate a huge jump, it doubled. I called them and got mad and they told me there was nothing they could do. I was so upset. We keep our credit good they just decided that we now owed them to much and so we deserved a rate hike. I never could get them to drop the rate down so we payed them off and now we dont use it at all any more, ( We still use some cards and pay them off each month. ) I thought that many cards would drop the rates if you called them and asked and Chase wouldnt. Have any of you ever had luck in getting rates reduced?
1 person likes this
3 responses
@GreenMoo (11842)
16 May 08
I've never tried to have the interest rate reduced, but I've been sucessful in having my annual fee returned before. I tend to pay my cards off in full each month, so I'm not too worried about the interest rate on them. I use them to keep the money in my account a little bit longer!
• United States
16 May 08
I have never had a card with an annual fee before. I figure they are getting enough from me just form the money they are charging the stores to take my money. We now pay all of our cards of each month but I still have a sour spot for this card. We liked the rewards it gave us but was it really worth it? Nope.
@GreenMoo (11842)
16 May 08
They're not so common here any more either, I guess everyone objected! But at one stage all the big card companies started introducing annual fees which sometimes they would waive if you spent enough on the card. I don't think any of my cards carry a fee now. I'd just cancel them if they did.
@Samanthavv (1395)
• United States
17 May 08
I'm thinking about asking them too. It'd be nice. I sure do hate having all these credit card interest rates getting higher and higher on me! I've been reading the book "Pay it down" and it's a great book about how to reduce your debt on ten dollars a day. Check it out.
• United States
27 May 08
Every little bit helps. It is worth a shot.
@Ldyjarhead (10161)
• United States
16 May 08
A year or so ago I was debating whether to consolidate or not, and decided to call two of the credit card companies and ask about a reduced interest rate. I had accounts with both companies for quite some time, had always paid on time, usually double or tripe the minimum amount due each month. One was very happy to reduce my interest rate and complimented me on my good credit rating, good payment schedule, etc. The other refused to budge, and I have no idea why. I asked to speak to a supervisor. She said there was nothing they could do. I insisted, she almost got rude with me. I told her that it would be their loss because that card was going to be paid off soon and I wouldn't use it again so they would never make another dime off me. Nope. That was Discover, of all things. I had ALWAYS had good dealings with them in the past, and it really surprised me that she wouldn't even consider my request.
• United States
16 May 08
Its funny how some companies are so eager to work with you and some are so stubborn to not. We dont have a Discover card but I have heard great things about them. I wonder if it is just the person you end up talking to.