Negotiating Credit Card Interest Rates

[nimisht]

I have always worked with the following strategies to negotiate credit card interest rates:

1. Know what you are paying
2. Research what your peers (similar credit score) are paying
3. Call them and negotiate
4. Be persistent
5. Escalate to a supervisor if necessary

I am wondering if anyone has recently been successful in negotiating/lowering credit card interest rates. It used to be much easier a few years back but I have heard these days CC companies simply don't budge. Any success stories recently?

[bjl584]

No success with the strategy that you listed above. However, I am proud to say that I haven't paid credit card interest in years because I always pay off the bill in full. I take advantage of rewards points. I pay no attention to interest rates since I don't pay interest.

[nimisht]

That's excellent, Brian. No debt, no interest -- way to go! Add to that rewards. Even better. Reverting to the point of cc interest rates, until some time back banks would be willing to give you a break if you negotiated right. But I don't know if they still do. Just wanted to see if other members have had any luck.

[JustBill]

You may want to poke around on creditboards.com for recent attempts and success at lowering CC APRs. Really in depth of credit usage of all types over there, including FICO score manipulation.

[snafu]

The economy has changed, the 'free fall' over so many economic sectors is no longer a threat. There is no upside for credit grantors to negotiate their rates down. That train left the station.

If you have a higher than average FICO score, you can likely transfer sums to a 0 % interest rate and negotiate fees or penalty. However, before taking that action you must do the math and feel certain that you can clear the balance before it reverts to really high interest.

[nimisht]

Thank you. That makes sense.

[thesimplemoneyblog]

I haven't ever paid interest on my credit card, but the key I have heard from people I know who have negotiated successfully in the past is to primarily do your research (bankrate.com can give a good summary of what is comparable in the marketplace today). If they aren't willing to budge, then consider moving the card (and tell them)!

[chrisburke21]

No Interest

Please do not pay interest to the credit card companies. If you are doing this then you are living above your means. Please dig yourself out of that hole ASAP. Your financial future will thank you.