Anyone asked for % rate to be lowered?

hairbrain05

Am planning calling Halifax this afternoon to ask them if they could consider reducing the rate of interest on my account.

I don't want a loan which they'll suggest, i just want to try lower the rate.

Anyone else done this? How did it go?

TIAx

scott_lithgows

You need a zero balance and the closure of the account as a threat IMO.
Barclaycard brought down the rate but MBNA would not(and was closed)

Good luck.

eschaton

hairbrain05 wrote: »

Am planning calling Halifax this afternoon to ask them if they could consider reducing the rate of interest on my account.

I don't want a loan which they'll suggest, i just want to try lower the rate.

Anyone else done this? How did it go?

TIAx

If you don't mind hearing the word 'no' then fire in and ask them.

But if you have a balance on your account - what do you think the answer will be?

paulsharpe

hairbrain05 wrote: »

Am planning calling Halifax this afternoon to ask them if they could consider reducing the rate of interest on my account.

I don't want a loan which they'll suggest, i just want to try lower the rate.

Anyone else done this? How did it go?

TIAx

Always, always, ask! It costs nothing, I'd suggest putting on a bit of an act and sounding really concerned, you might be talking to someone with a heart

What i'd suggest in any case, is getting a credit card (I have found ones issued by MBNA to be the best - which includes Virgin) which offers money transfers - the transfer rate might be 4%, but so long as you pay it off within the interest free period then it could save you a hell of a lot of money in interest that you're paying your bank.

If you do that though - never use the credit card until the balance transfer is all paid off - else you'll only ever be paying off the balance transfer while the additional spend is accruing interest. Does that make sense?

chattychappy

There have been odd reports of people having success - can't remember the CC involved.

BUT, take care not to suggest you "need" a reduction because you are struggling. This will trigger alarm bells... and could have ramifications!

Maestro.

I am planning to do this very thing with my BOS card. APR is at 23.9 and I will give them an ultimatum - reduce APR or I will not use it as a daily spend card. Most likely only works when the only person who has anything to lose is them.

leeroy2009

don't think anyone would lower apr on existing balances, you have to be in a better position then that, ie 0 balance and a threat to close your account, I got 8% reduction off Barclaycard.

_Andy_

Ring them and ask. Worse happens is they say no.

rb10

Halifax/BoS used to not have the facility to reduce the APR on a credit card, however much you pleaded or threatened to close/not use your account.

Things may have changed now.

[Deleted User]

paulsharpe wrote: »

You might be talking to someone with a heart

Unfortunately, unless you're in a position to close your account - and can therefore be referred to the retentions department, the size of the person's heart probably doesn't matter. Most of the offshore call centre drones have very little authority to do anything that could have an effect on the bottom line. one of the main (and most commonly overlooked) benefits of using a company that has call centres in the UK.

Maestro.

rb10 wrote: »

Halifax/BoS used to not have the facility to reduce the APR on a credit card, however much you pleaded or threatened to close/not use your account.

Things may have changed now.

Oh we'll, their loss if so. It's almost empty and I have another card with a way better rate!