AMEX lowering rate???

twoanddone · #1 (**permalink**) 02-28-2006, 01:35 PM

Hey I'm new here so HI EVERYONE!!

I'll start off my stay by asking: Has anyone been successful in lowing rate on their AMEX card. Everytime I call they say no and I pay extra and on time since we've had debt on it. Now it is way too much than I want (over $10K) and the limit is $21000. I haven't put anything on it in a few months.

We've had it since 97. I want to get the interest rate of 11.45 lowered. Is that possible? Should I cancel and go with a 0% transfer card for twelve months? We are working on payig this off by next summer (07) and the lower interest will help .

Ima saver · #2 (**permalink**) 02-28-2006, 01:40 PM

Yes,I would definately transfer the card to a 0% rate. I would not cancel cause that might affect your fico scoe. I have amex too and it pays us one percent back. We just use it for home depot purchases (cause my husband is a builder) and pay it off in full each month. My rate is about what yours is.

sweeps · #3 (**permalink**) 02-28-2006, 01:51 PM

I agree with Ima. Transfer the balance to a 0% card, but don't close the account.

(As an aside, 11.45% is not an unreasonable rate for a credit card.)

gavinmccallister · #4 (**permalink**) 02-28-2006, 02:09 PM

You can threaten to cancel your card if they don't lower your rate, I have done this with my Dicover Card and they lowered my rate. I told them the rate I wanted, they offered me a different rate, I said it wasn't good enough and they responded with "Hold on one second, I believe we can do that"

Has anyone else done that?

twoanddone · #5 (**permalink**) 02-28-2006, 02:26 PM

I definitely don't want to close the account. I guess I'd be happier if for once I could understand the person that I called there. It's not a "BAD" rate just I think they could at least to keep my business they could match a little lower. I guess I'll BT with my PUlaski cc.

Ima saver · #6 (**permalink**) 02-28-2006, 02:45 PM

It is always better to have a 0 rate than any other rate. I kept transferring mine around to the 0% rate until I paid it off.

midlight21 · #7 (**permalink**) 02-28-2006, 03:54 PM

Why should you not close the account? If the customer closes the account why would it go against your FICO score?

sweeps · #8 (**permalink**) 02-28-2006, 07:49 PM

Closing an account can increase your debt ratio (current debt divided by total available credit) and can lower the average age of your accounts. Both of these negatively affect your credit score, at least in the short term.

BTC · #9 (**permalink**) 03-01-2006, 06:39 AM

I can't remember the last time I carried a balance on a credit card where I was being charged anything higher than zero percent interest. If I use a credit card to make a purchase that's so large I can't pay it off at the end of the billing cycle, I will transfer that balance to a zero percent card as soon as possible, assuming the balance is large enough to justify the effort. Transaction fees are something to take into consideration when transferring a balance.

CJsoccerchic · #10 (**permalink**) 03-06-2006, 06:54 PM

WOW - I have been TRYING to get a AMEX card forever - they are really hard to qualify for!! Does any body have any suggestions for how to qualify for an AMEX card?

twoanddone · #11 (**permalink**) 03-06-2006, 09:16 PM

Sorry CJsoccer chic. I don't know ...... I know they love to increase credit lines which actually helps me in a way. Gets my debt ratio lower!

CJsoccerchic · #12 (**permalink**) 03-06-2006, 10:20 PM

Hmmmm... I truly do find it hard - I have put in at least 3 applications and ALL have been turned down - are they REALLY that interested in HOW much money you make? I've been trying to hook up with their Continental Credit card mileage card for SOME time now and it kills me how they keep turning me down!!! maybe they know that I pay off my credit card bill every month and realize that they won't make money off me... Hmm.....