I'm trying to clean up/maintain my credit, and investing/attempting long term savings. To that end, I implemented phase 1 of my plan: decrease the APRs on my credit cards.
I have always heard people say that it's easy to get a lower APR on your credit card; I just never really believed it. Granted, it's not like they take off 5% or anything (at least they didn't for me), but in the long run, going from 9.96% to 8.96% will be worth it if I have to carry a balance on my card. I think I will try to call in annually and see if they'll lower my rates. :-).
That's Panhandler finance tip #1- Call your credit card companies and get lower APRs today!
Lifestyles of the poor and nameless
Sunday, April 17, 2005 at 11:38 PM
Finance #1
Ananse's Web's two cents:
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's two cents:
I called my credit card company two weeks ago to get my APR lowered. They said no. According to the customer service representative, they periodically review their accounts and at that time they decide whether or not to lower the APR. The rep told me that she has no authority to lower rates. Any suggestions?
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Queen Bee's two cents:
Hmmmm....I would try calling back at different times to speak to different representatives. Sometimes you get different results with different people. One of my friends said that when he called about lowering his APR, he threatened to cancel the card if they wouldn't do it. They lowered his rate.
In the grand scheme of things, I imagine that the company would rather give you 1% less on your APR than lose your business entirely.
However, I wouldn't threaten to cancel unless I was actually prepared to do so. They could just call your bluff.
I'm not a licensed financial advisor or anything, so I don't know the ins and outs of the industry....these are just my thoughts/experiences.
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