Probably a daft question, but I'll ask none the less

lala9

Can you negotiate with credit card company's a lower rate of interest on your account? Without this having an adverse effect on your credit report.

izools

Sometimes.

The lions share won't play ball but in August when RBS wanted to increase my mothers' two Mastercards from 13.9% to 20.9% we called to close the accounts.

They said "we'll reduce your APR to 9.9% for six months if you keep them open". So she did. Must get her to call back soon now I come to thin of it as the 9.9% for six months is just about up.

I've read another success story with HSBC putting an account at 6.9% for six months, too.

This has no negative impact on your credit rating whatsoever.

Only when you pay less than the minimum, either as part of an arrangement or otherwise, is your credit adversely affected.

Closing an account to reject an increase has no adverse effect, either. It appears on your credit file as if nothing happened and the account is still open.

lala9

I may just give it a go then, it can't hurt. Although when my balance is 6k on said card I guess I am not in a very good position to go making demands.

Sausage_Roll

lala9 wrote: »

I may just give it a go then, it can't hurt. Although when my balance is 6k on said card I guess I am not in a very good position to go making demands.

It helps if you have another card with some available credit?
You can then phone up the card with 6k on it and say you've been offered a 9mth 3% deal or whatever with the other, so is there anything you could offer me before I take that up? If they say no, then you're no worse off.

izools

lala9 wrote: »

I may just give it a go then, it can't hurt. Although when my balance is 6k on said card I guess I am not in a very good position to go making demands.

It depends on your account conduct. If you've been chipping away small amounts of a large debt which is close to your limit you'll be considered a high risk / under debt stress, in which case they won't offer you anything.

My mother was in the lucky position of having spend a lot on her RBS cards and repaid every penny several times over.