Yeah, their rate was truly outrageous.
When they answered the woman said, "I hope you know that Xcard truly values you as a long standing, excellent customer."
I said, "I sure hope so, and I hope that you are willing to prove it because right now I'm not feeling it. Our rate is completely unacceptable and I am requesting that you reduce that rate."
"Oh, let me take a look at your history...Well, it looks like you have had this rate for some time; but I'm not sure why since you have excellent credit."
"I know I do. We are great customers. Our rate should not be that high. Especially since your company is sending me stuff telling me that because we are such great customers they are willing to offer us a fabulous transfer rate. Why don't they just give me that rate on what I have on the card now?"
"I could get you to a specialist that could help you with your rate. I'm sure that we can get your rate lowered for you."
"Well, if you can't make my rate reasonable, I will do whatever I can to pay it off in the next couple of months and close that account."
"Let me get you to that specialist."
Wham, bam - 11% lower than we had been getting charged, effective immediately!
They already make enough off from us, they really don't need to be so damn greedy!
8 comments:
Mine just dropped our rate by 5% for the next 6 months. I didn't even ask; it just showed up on my statement as a "reward" for good credit. But even with the 5% reduction, the rate is ridiculously high IMHO.
Mrs. Loquacious, sweet! I wish I could get another card to lower their rates. I called CO and they thumbed their nose at me. Bastards! That's OK. I have one more month before I have them paid off, and then I can thumb my nose at them! Working multiple jobs does have its benefits :)
It's a fight I've had too with some result. Other companies are offering zero percent transfers which is a useful lever too.
I found that some credit cards were put into collections - a euphemism for arrears - simply because I had been made redundant even though I have insurance paying the bills and am still paying myself too - so more than twice the requested amounts going in - and they still put a block on accounts which had always been managed perfectly responsibly.
Those accounts will be the first to be closed for sure.
regards...Al.
Alistair welcome to my blog! Credit card companies sure are a racket! I play the low interest transfer switch game a lot to keep my rates low - but many card companies will not give out new accounts now, especially if you have other cards, so it is harder to play. In a way, it is comforting to know that they are pains-in-the-ass everywhere, not just the US! :)
Well done! so many people just take the crap and don't bother to shop around or even threaten to shop around. My mom always haggled her interest rate. At 13 I didn't get the importance, but I do now! Wishing you debt free days in the near future.
Lyvvie, this is my second major win with the credit card companies. YEARS ago I saw that they had two different interest rates on my card. I sent in the minimum plus an extra check that was memo'd to be applied to the higher rate balance. They didn't apply it to that balance, it went to the whole. I called them and told them that I was fairly sure that it was illegal to force me to pay off a cheaper rate balance BEFORE I could pay down a higher rate balance. What they did was lower the higher rate to match the lower rate. OK. That works :)
I was going to try to continue working the two jobs for awhile to try to pay down my debt faster, but you know what - NAH!! I think I will take my mornings to garden instead :)
Amazing, isn't it. I commend you for being bold. The CC companies are out of control. No doubt about it.
Michael, it is really nice to have that extra time to get that card paid off. I've already worked through two. Soon, very soon -- Balance FREE!!
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