Refused Interest rate decrease

therevelator

I've been with my CC provider for over 5 years. I've never been late on a payment.

My debt on the card has slowly increased over the years and I now have about 5K debt on the card.

I phoned them recently to request that they reduce the interest rate that I'm currently being charged. I didn't think this unreasonable as it's quite a high interest rate I am on (22.5%!).

They simply refused to move at all.

I'm wondering if their current stubborness could be attributed to the credit crunch in the financial markets.

sjc_2

Nope, they just want to make money out of you. I'd apply for a 0% Balance Transfer Card and switch it to that and pay no interest for the period. But don't use the card you switch the debt to.

bethanyrayne

therevelator wrote: »

I've been with my CC provider for over 5 years. I've never been late on a payment.

My debt on the card has slowly increased over the years and I now have about 5K debt on the card.

I phoned them recently to request that they reduce the interest rate that I'm currently being charged. I didn't think this unreasonable as it's quite a high interest rate I am on (22.5%!).

They simply refused to move at all.

I'm wondering if their current stubborness could be attributed to the credit crunch in the financial markets.

What sjc says is true. The way they see it is, your into them for 5k and they don't think you can pay it quickly so not a good time to ask them for a rate reduction.

therevelator

I'm aware of the tarting options. However, I won't be able to apply for a new credit card for a while. I was just wondering if anyone had any advice on bargaining the CC companies down. Thanks.

clio

Who are the credit card company!

thriftymomma

I would be interested in the answer to this too. I am with HAlifax and am slowly paying down as much as I can afford every month.
When I took the card out it was 18% I think and somehow it is now 26%.
Needless to say I don't use the card anymore, but they have just put my credit limit up by £1000 without me asking or anything. I would rather they had put the interest down. Should I write and ask do you think?

bethanyrayne

thriftymomma wrote: »

I would be interested in the answer to this too. I am with HAlifax and am slowly paying down as much as I can afford every month.
When I took the card out it was 18% I think and somehow it is now 26%.
Needless to say I don't use the card anymore, but they have just put my credit limit up by £1000 without me asking or anything. I would rather they had put the interest down. Should I write and ask do you think?

It's always worth a try. Try to bluff them by saying you can transfer the balance and close the account if they don't play ball.

bethanyrayne

Al_Mac wrote: »

That'll get them running scared:rolleyes: They'll probably ask for payment over the phone, there and then:eek:

Done right it can work!:D

thriftymomma

Well, I have just braved the phone and given them a call and simply said whats the point putting up my credit limit but nor reducing my interest.
So they put me straight through to the retentions department - and theres me thinking they are just going to tell me to naff off - but the lovely lady said I was running my account really well and she could defo look at reducing my interest for me.
So she has a little look and says she'll reduce it to 23% ( was 26).
So I say ok thanks, now could you give me some tips on reducing it further as it is still quite high. So she says no you are running the account so well, tell you what i'll look again and seee if I can reduce it further.
She then offered me 21% and said I could phone again in6 months and they will look at it again.
So although it is still high in comparison to a lot of cards, I am chuffed to bits that I have knock 5 whole percent off when this morning I thought this could never happen.
Thanks all moneysavers, I could get used to this!! :T
To my shame though, I think I could have utilised some of your tips and got more off but this is a good first attempt at reducing my bits and bobs so woohoo - will try harder next time!! lol:beer:

bethanyrayne

thriftymomma wrote: »

Well, I have just braved the phone and given them a call and simply said whats the point putting up my credit limit but nor reducing my interest.
So they put me straight through to the retentions department - and theres me thinking they are just going to tell me to naff off - but the lovely lady said I was running my account really well and she could defo look at reducing my interest for me.
So she has a little look and says she'll reduce it to 23% ( was 26).
So I say ok thanks, now could you give me some tips on reducing it further as it is still quite high. So she says no you are running the account so well, tell you what i'll look again and seee if I can reduce it further.
She then offered me 21% and said I could phone again in6 months and they will look at it again.
So although it is still high in comparison to a lot of cards, I am chuffed to bits that I have knock 5 whole percent off when this morning I thought this could never happen.
Thanks all moneysavers, I could get used to this!! :T
To my shame though, I think I could have utilised some of your tips and got more off but this is a good first attempt at reducing my bits and bobs so woohoo - will try harder next time!! lol:beer:

Well done thriftymomma :j you're on your way to getting things sorted.

thriftymomma

bethanyrayne wrote: »

Well done thriftymomma :j you're on your way to getting things sorted.

And boy is it a great feeling:j I've never smiled so much for yonks!