How to negotiate a lower credit card interest rate
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- เผยแพร่เมื่อ 22 ก.ย. 2014
- If your credit card has a high interest rate, you may be able to do something about it - with a little luck and a few simple negotiating skills.
CreditCards.com commissioned a poll asking 1,000 credit card holders whether they'd ever negotiated for a lower credit card APR (Annual Percentage Rate). Only 23 percent of the cardholders we asked had ever asked for an interest rate reduction. But of those who did, two out of three scored a lower rate.
The bottom line? It pays to negotiate. We got one credit card user to help us read through a negotiating script that's available on CreditCards.com.
Tony Rodriguez, credit card user: I've never done it, but I have called and talked to customer service and when I asked them they just made it seem like it wasn't going to happen.
Kristin Wong, Creditcards.com: Are you willing to try it again today?
Rodriguez: Yeah, absolutely.
Wong: Ok, me too! Let's get started.
Once you have a customer service representative on the phone, tell them your name and your customer history.
Rodriguez: My name is Tony, and I've been a Chase card customer for over 10 years. I feel like I’ve been a good customer, and I would like to lower my interest rate. Do you have the authority to do that?
After stating your name and your case, at this point, the representative will likely say, no. In that case, simply ask for a supervisor.
Rodriguez: Is there any way I can talk to a supervisor?
Once you have a supervisor on the line, you’re ready to name your rate.
Rodriguez: My interest rate is just a little bit high I was wondering if there was any way we can get it down to 10 percent?
If they decline, ask if they have a different rate in mind.
Rodriguez: Is there another rate we can work out?
If they say no, you could ask to close your account. But you should only do that if you're ready to follow through.
Rodriguez: OK, in that case I'd like to close my account and finish off paying my balance under the old terms.
Be aware that when you close accounts, it increases your credit utilization ratio, which accounts for 30 percent of your credit score. Your credit utilization is the percentage of available credit that you're using.
Tony didn't have any luck lowering his score. But let’s see how it worked for me:
Wong: I've been a Capital One customer for a few years now and I feel like I've been a good customer. And I just wanted to see if I could lower my interest rate. Do you have the authority to do that?
Wong (responding to representative's offer): 12 percent for the next seven months? Could you go to 10 percent?
Wong (responding): OK, so right now you said I was at 16 percent variable but you could do 12 percent for the next, I'm sorry how many months was it? -- OK, that would be great. Bye.
Wong: So, Capital One, I didn't even have to ask for a supervisor or anything. In fact they offered to just lower my rate. That was really easy. All I had to do was call and basically ask if he had the authority to lower my interest rate. And he said "Yeah, sure. In fact here is what I can lower it to." I tried to counteroffer with an even lower rate and he said no. But the point is, I called and I asked and I actually got a lower rate and it was really easy.
Wong (to Rodriguez): That wasn't fair!
Rodriguez : I know.
Wong: They said something about - "That's been your interest rate from the beginning." So maybe if they hiked it up, you could call back and negotiate with them, lowering it down to what it was or something.
Rodriguez: Yeah.
Wong: Are you going to try it again in six months?
Rodriguez: Yeah I'm always going to keep trying. It's worth a shot.
When it comes to haggling over your interest rate, it doesn’t hurt to ask. Kristin Wong, CreditCards.com.
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Never tell them what interest rate you want, always ask them what's the best they could do, you never know it may be a lower interest rate then you requested from them.
Yes thats true, I didnt know that until dominic from mansard security helped me. I had mine done a few months back
Hi. Thanks in part to this video I just renegotiated my 21.7% interest rate down to 17% and waived my annual membership fee!!! Hell Yes!!!
Boy, you’re really winning. You’re actually celebrating only having to pay a 17% interest rate for stuff you should be paying cash for. If not, you can’t afford it and don’t need it.
@@aeromedical6750 in real adult life, there can be many things that people actually do need but can't afford to pay cash for at that moment. Someone could say, have an unexpected medical expense that needs immediate attention.
@@GalaxyNexus1 - in real adult life?? The vast majority of “real adults” as you call them lack the discipline to wait until they have the cash to pay for something vs dropping it on a credit card. We live in a society of immediacy. “I want it now and no one is gonna tell me to wait”. I used to be those people until I decided enough was enough. I spent 3 years doing nothing but pounding away at debt until I had nothing but my mortgage. Now I make buying decisions based upon what I can pay cash for - not what I think I “must have” in the moment. Don’t preach to me about not living in the adult world. Adults have a plan - children do what feels good.
@@aeromedical6750 you are way too angry. Real adults are grown people. When you are grown and live an actual life, the unexpected can come up. I'm not referencing irresponsible people...children or adults. I'm speaking about the facts of life.
I tried this for the first time the other day and I got approved for my interest rate to be lowered by 5.64 percent I was VERY HAPPY...
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For which bank
I can’t believe they recommend saying you want to close your account. Even if it’s just a negotiating tactic. If you close a credit card account, especially one you have had for a few years, you lose the age on your credit report, and as they do say in the video you lose the credit limit, which therefore increases your utilization. But the age can be even worse depending on how old the account is, and they don’t mention that at all.
Long ago my mother did exactly what they are suggesting here, and the result was that a 15 year old, $20,000 credit limit, card was closed. I think she only owed like $3000 on it. Because of the age and the loss of that $17,000 of free credit ceiling, her score dropped by about 100 points.
This was the first video I’ve seen in 2 hours of looking for help that actually did give me some helpful advice thank you
Capital one is actually a good credit card. But if you have a credit by walmart sams Lowes which is own by ge money bank basically you are screwed I have been paying my sams club credit card for about 16 years on time every time interest rate is 23% and no they will not lower it. Best thing to do cut that card up pay it off and never get a walmart sams lows or any retailer card they are the worst
Good luck with higher limits, annual fee or lowering your APR. By year 3 they are nothing but an albatross. Awful company.
for me, it was best to negotiate for lower interest rate when i didnt have any balance on my cards. When youre not carrying a balance, then ball is in your court. They will lower your interest rate because they want you to keep using your credit card. When you dont owe them money, you have a higher chance of closing your account and they will lose a customer.
Chase and Bank of America seems to be the least generous in lowering APR, while AMEX and Discover are the most generous in giving you a lower APR or a very good promotional rate.
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This is helpful thank you
Seeing it done builds confidence!
that's awesome; I have a credit card with capital one too; so I will try! good job Kristin!
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Yeah it doesn't hurt, but don't go crazy asking for managers and supervisors, they don't have the authority to do it, a normal rep can do it if the offer is available, is not like you can manipulate the system and change it, just pay in full, on time and that's it, the bank will lower your APR without asking, if they can't lower the interest rate, then ask for rewards, cash back or miles, or to waive the annual membership fee
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It worked for me Thanks!
i called amex and city today. Both lowered about 3%. I tried for more but it did not happen. Better than nothing i guess.
Bobo TheCat Did Amex have to get a supervisor?
As has being said before, it is sound advice, but as much negotiating skills you may have keep in mind lowering an interest rate is offered based on several factors such as credit history, payment beahiviour etc, dont go crazy with reps.
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But Capital One is not the same as JP Morgan. Each bank will use a different algorithm/policy in order to attract business. The overall business model of consumer credit lending is about balancing those clients who pay off a balance v those who carry a balance (and at what interest rate), and those who ultimately default (but how long can you keep them and/or charge of the debt afterwards for?).
All of the above goes into a fancy calculation which is then weighed against the financial institutions balance sheet for overall risk/return. In the case of Capital One, they are "more aggressive" lenders and are willing to take more "risk" to get client's that pay a bit of a balance but don't default. That cash stream means big money to them because it's the prime source of income.
JPM however is a more tight lending institution that doesn't need the consumer credit client base like Capital One in order to make billions. They put a priority on premium clients that can either afford the higher interest or not and worry more about branding. They have credit in order to have a presence in the market... it's just something they have to do.
Next time what you should try to do is first address your credit profile, then upon 'updating' your profile you ask for a credit reassessment on APR interest as well as limit. If you know how the debt-servicing ratio against income works, then it should not be a issue in presenting the numbers accordingly.
I tried and they wouldn't even let me speak to a supervisor. Don't get american express.
Dumb advice to close an account especially if it has no annual fee and is over 10 years old. That hurts your credit score.
I have ZERO credit cards and it’s never stopped me from getting the best available interest rate on a home loan. People need to quit living for a credit score and learn how better manage their finances and actually build wealth. A credit score is nothing more than a measure of how you manage DEBT. I have no debt other than my mortgage and I actually have savings and an emergency fund.
aeromedical67 some people like to use credit numbers as simple bragging rights. It is merely a game: good luck to you in your finances!
@@ash2092013 -- Totally Agree with you on that. And I appreciate the well wishes on my finances. My wife and I are in a very good spot, but it took a lot of us really understanding what builds wealth to get to this point. A high FICO score is no indication of your wealth building status. It's something to brag about during water cooler talk LOL.
Awesome tips
Why did she hang up on customer service. 😂😂
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If the card has cash back rewards, there is no reason to close the account. It's still useful for things consumers would purchase with cash anyhow. With these type of cards, just pay in full each month.
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I requested for a lower interest rate & they did not budge. Think I’ll try again in a few months
What she doesn't realize is that they only dropped it 3 or 4 numbers for a "limited" time just to shut her up and make her feel like she did something when really there not saving shit, and then after the promo is over that rate is going back up again. Theres other ways to go about receiving a zero interest rate on your cards that most people don't know but you have to know how to play the game...This aint how you play it
Yea, don't carry a balance with Crapitol One.
Is there a best time to call cc companys to lower rates? I.e. mon, tues, wed and also am, pm, evening?
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Capital one sounds promising because I have 3 of them.
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No link to script ☹️
I negotiated mine down to ZERO interest because I don’t use the things. What’s even better is that I also never get a bill in the mail either. As long as you continue to use those “high interest temporary loan” instruments, you are a slave to the whim of the cc company.
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you only got a lower rate for 7 months??
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Is there a catch? They reduce my interest rate to 5.99% for 1 year. I feel like it’s too good to be true. Thanks for your feedback
What bank?
I'm not really sure why this video was made to give the impression that you are negotiating offer to lorient persuade I spoke with capital one the same when you spoke to and the offer is based on not even if you make your credit card payments on time or that you have been a good customer is based on the offers may be having the time is a blanket offered they offered to everybody
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Does a great credit score matter at all to credit card companies?
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Capital One is best
Talk to me in 2 years.
I got my down 4% 😂
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Only once has that worked...capital one reduced my rate from 22.99 to 21.99...I find they could care less because if you can’t pay it off what can you do...many other cards decline you saying debt ratio on cards too high...how do you dig yourself out without just not paying? Crooks
Well, pay off the card and quit being a slave to it. When I still used those stupid things (about 10 years ago) I used to fuss and gripe when they would raise my interest rate and lower my limits at their whim. I finally got so sick of it that I paid them all off and cut them up. That was my “middle finger” moment to the CC companies. Believe it or not, you can actually survive without them. There is nothing I can’t do because I don’t have a cc that my debit card can be used for.
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How often can I ask a credit card to lower my interest rate?
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Does anyone have Merrickbank? They won't lower anything nor do they take request from customers for a credit line increase. How do I know? I just called them.
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I said the same thing AND THEY TOLD ME THERE IS NO OFFER AT THE MOMENT
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did you really just advise people to close credit accounts after 10 years because of call.
Hi, Benjamin, no, there's nothing in the video that says that.
1:30 after a failed negotiation attempt you advise the audience to consider closing the credit account. That would raise the percentage of used credit and would decrease the credit history if most cards are less than 10 years old.
consider
The best thing you can do with a credit card is introduce it to a pair of scissors. Keep a garbage can by the mailbox so when that trap crap comes you can quickly dispose that parasite.
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Yeah she got a lower rate, but it was only for the next 7 months!!??
I got a chase credit card and APR is 25 gtfoh
My Chase card before the 2008 crash was 3%. I got this card in 2005. Now its been 10.75% for the last 11 years.
Chicago KJV I actually just got zero apr for both cards I’ve got
@@ToddTinley wtf? What card is that?
@@jesusf.2600 When I got the Card in 2005 the card was called Chase Rewards. Now that Credit Card has been renamed to Chase Freedom.
Chicajo KJV wtf? My credit score now is 817 and my APR in that credit card is 23% although i have to admit i haven't really used it in the ladt year or so. Specially when my APR on my U.S Bank Platinum Visabis 0% Apr for 20 months, my HSBC GOLD MASTER CARD IS 0% APR FOR 18 MONTHS AND THEN 13.24% AFTER THAT And MY PenFed Power Cash Rewards Visa Signature has an APR of 15.24%.
this is bs....I have an excellent credit rating and have never had any luck negotiating a lower rate with any credit card
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I've had great success with AMEX. Discover lowered for 1 year and Capital One offered me temporary decreases like in this video, but I declined as I was looking for something permanent.
You screwed over that guy for a video ? Smh you didn't even let us hear your card rep
+INGLEWOOD CRIPS dude, you made me actually laugh out loud :)
Also you shouldn't care what your apr is. Pay your bills in full every month and you'll pay no interest.
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If you are paying any interest at all you are doing it wrong.
I totally agree. If you don’t use those stupid things, you never pay interest. Other than that .....
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