Does calling really work?

[rabbitfoot]

I have read in a couple of places on this site that you can call your credit card company and get your fees waived and rates lowered. Is this true? Has anyone ever done it?

[Tree0164]

Yes it does work.

On interest rates yes- let them know you are getting so many offers in the mail and would like to stay with their company but you won't be able to because you are getting x% rate offers in the mail.

If a rep says no ask for a supervisor.

Good luck!

[rabbitfoot]

OK, I will give it a try. I'm a little nervous, but I guess it can't hurt.

[terry1156]

How did the effort go? Hopefully you didn't get the run around and were able to get the rate lowered.

[jhd815]

Also, when speaking with a supervisor ask if the new rate they are offering to you is a promotional rate or a contract rate? A promotional rate will expire after a set time limit; a contract rate is good as long as your account is in good standing (if you have a variable rate card, the rate can increase anytime the Prime Rate is raised).

[rabbitfoot]

Thank you all for the advice. I was able to lower one of the cards about 10%. The other one I didn't have any luck on, but I'm considering transfering the balance to the one that I was able to get a lower rate on. Is there anything special I should do when making the balance transfer request?

[Tree0164]

That's great that you were able to get the lower rate.

Ask if they will waive the balance transfer fees. Sometimes they can be as high as $50.

Good luck!