Save Money - Ask For A Lower APR
@anotherxidentity (1434)
United States
July 2, 2009 12:40pm CST
I ended up getting a credit card as well as I turned 18 a few years ago through citicards because it was one of the easiest cards to get for a college student with no credit and I needed to start building it - especially if later on I was going to have to start getting loans etc. Well the interest rate was a high price was 24% but it was the best I could really find at the time. I never thought much about the price I was paying but I soon realized that my new chase card was given to me at only a 17% interest rate. Not much of a difference but I knew I could use the information to my advantage - especially with the economy in the recession it is now and credit companies wanting to keep loyal card members.
So I called them up and the rep told me there wasn't anything he could do so when I talked about my other card and a balance transfer option he said hold on just a minute and not 2 minutes later I had an offer of 13.4%. Of course I took it.
So as long as you haven't defaulted on any of your credit cards recently - I would call your companies and try to get that rate lower. It might not be much each month but it adds up!
4 responses
@maezee (41985)
• United States
6 Jul 09
I'm not sure what "defaulting" means. I have a credit card, actually with Citi Bank as we speak - and I have an 18.9% APR. It's kind of sick that my minimum payment goes totally to the finance charges. 
. But I'm definitely thinking of just closing it and paying off the remaining balance and not ever having to deal with them again. Ugh!
. But I'm definitely thinking of just closing it and paying off the remaining balance and not ever having to deal with them again. Ugh!
@kingparker (9673)
• United States
14 Feb 10
If you close your account, you might have your credit score affected. Because the score mainly mandated by how much fund available to you. If you have money to pay off your card, you might pay it off without closing it. You can just don't use it, or you can use it twice in a year, and pay off the balance every time you use it.
@kingparker (9673)
• United States
16 Apr 11
You know what, my business partner and friend screw up my credit score, and he defaulted the payment with a business card that was under my name. So, I couldn't ask for a lower APR on any of my credit card. I probably consider cancel all of my card, and strictly stick to cash or debit card. I might only keep one or two card with low credit line only. Recently, Bank of America tries to increase the APR on me now, up to 29.99%.
@kingparker (9673)
• United States
14 Feb 10
This good tactic too. If you want a lower rate, and a better deal, no harm to ask. You can tell them what your situation at, and if they can extend their hands to help. Majority of the companies might not want to help, but during the recession period, competition can be a key component. Some companies need to keep their customers, so, they might give you a deal. Nice move.
@atv818 (1980)
• United Arab Emirates
14 Feb 10
Yes, ask them for a lower rate. No harm in trying. Everything to gain and nothing to lose. If they don't approve, don't be sad. Just keep using the card wisely which means that whatever you buy, pay it always in full on or before the due date. In time (usually beyond 2 years), they might decrease your rate, give you credit limit increase or give you discounts on establishments or freebies. Woohoo!
