Mastercard - trying to get a lower interest rate

Buster1874

Hi, I tried calling Yorkshire Bank Mastercard, to see if I could get a lower rate of interest by telling them that I was thinking of taking out a loan elsewhere to pay it off. I was turned down, but was asked if I wanted to be put through to somebody who could give me a loan proposal. I declined, saying I'd already got some figures from elsewhere. I'm not one for giving up so easily, would sending a letter get me anywhere with a lower rate of interest? Thanks.

The_Boss

Unlikely.

By the way, the decision is not made by Mastercard just to save you writing to the wrong people.

Buster1874

Who would be the people to contact?

[Deleted User]

Yorkshire Bank.

meer53

Buster1874 wrote: »

Hi, I tried calling Yorkshire Bank Mastercard, to see if I could get a lower rate of interest by telling them that I was thinking of taking out a loan elsewhere to pay it off. I was turned down, but was asked if I wanted to be put through to somebody who could give me a loan proposal. I declined, saying I'd already got some figures from elsewhere. I'm not one for giving up so easily, would sending a letter get me anywhere with a lower rate of interest? Thanks.

I wouldn't bother, you've already rung one alarm bell with them.

SnowTiger

Buster1874 wrote: »

Who would be the people to contact?

Whoever issued the card. Presumably Yorkshire Bank, who you called.

I think The Boss was just making the point that it doesn't make any difference whether it's Mascardcard or Visa.

Anyway, it's unlikely they'll reduce your interest rate. It'll be set by a computer.

Asking them to reduce your interest rate might even have the opposite effect.

They might see it was an indication that you're struggling financially and reduce your credit limit and increase your interest rate.