Comments on: Five Minute Finances #2: Call Your Credit Card Company

By: workingmywayup.com

workingmywayup.com — Mon, 14 Apr 2008 08:04:15 +0000

I wrote about how to do this and also included a fantastic script to use when calling the credit card companies. It tells you word for word on how to lower your APR and also increase your credit limit(which increases your debt to credit limit ratio thus increasing your credit score [hypothetically]). Besides this is so easy that anyone can do it, so there is no reason not to do it!

It also gives you a good worksheet to fill out while doing it so you can track the changes in the credit limit and APR for each of your credit cards.

Anyways you can check it out at workingmywayup.com also a direct link to the post is http://workingmywayup.com/2008/02/raise-credit-limit-lower-apr/

Anyways keep up the great work trent! I am so happy that I stumbled across your site!

By: Jenn

Jenn — Fri, 19 Oct 2007 04:05:50 +0000

This almost always works. If you tell them you want to cancel the card and the reason is the interest rate, they usually lower it no problem. They may ask what rate you get on other cards and I have made up some number I want to get on the card I’m calling about and they usually go just below the competitor rate….if not they will sometimes give you a low rate for 3 or 6 months to keep you as a customer.

By: Eugene

Eugene — Sat, 25 Aug 2007 01:10:27 +0000

I called my American Express and in 2 minutes lowered my 18.24% (9 above prime) to 11.24% (2 above prime) without even arguing about it or speaking to a higher-up representative.

Excellent advice and I don’t know why I did not do it earlier! Due to a high balance on the card this reduction saves me almost $2000 a year.

By: Anne

Anne — Tue, 20 Mar 2007 18:47:22 +0000

Yeah, I tried this with the card I’ve had for nearly four years with an 8.9% and they didn’t budge. Oh well, no debt there anyway.

By: Jordan - Money Vs Debt

Jordan - Money Vs Debt — Sat, 24 Feb 2007 22:18:05 +0000

Wahooo It worked! Thanks Trent for the advice!!! I’m going to submit this post to this comming weeks carnaval of finance. I was able to knock 10% of the interest of one of my cards thanks to b.s.ing my way threw to lower rates.

I documented the heck out of the whole ordeal and posted it at http://www.moneyvsdebt.com/2007/02/24/death-to-high-interest-rate-credit-cards-me-vs-them-i-won-by-10/

By: John

John — Thu, 22 Feb 2007 20:32:18 +0000

Excellent advice, and perhaps the easiest way to save money EVER.

By: Oleg

Oleg — Thu, 22 Feb 2007 06:13:28 +0000

This is a great little hack to remember. Good thing I have a single credit card with an 8.9 APR which is just peachy for me.

But in talking about money to my friends, I’ll be sure to link them to this post.

Thank you.