Firstly, this is taken from the book, “Pay It Down”.
Call a toll free number to reach customer service and request a lower rate. In 2002, the US Public Interest Research Group (PIRG) did a study to find that people who asked for a lower rate were successful 56% of the time, many times the reduction was substantial. The average reduction was 1/3 off their interest rate. Try this script to ask for a reduction for yourself:
-I am banking with (name of card) and we agreed on an interest rate of (X) percent. I just received an ad from your competitor in an email where they promise a lower rate at (X). Before I switch over to them, I want to see where you stand on this proposition.
You aren’t authorized to do anything?
If I switch over to them right now, you will probably turn around and send me an offer at a lower rate anyway, right? Why don’t we just skip to that future lower rate right now and be done with it.
Oh? The credit card is a fixed rate?
Even though it’s a fixed rate, you are still able to change the interest rate. A fixed rate doesn’t fluctuate from the prime rate automatically. In fact, the bank can still manually change my interest rate with a 2 week notice. But, I am willing to negotiate the interest rate right now, and we can surely change it over the phone at this time.
You’re still not authorized to do anything?
Let me speak to your supervisor.
Hello, Mr Supervisor? Thank you for that reduced cut in my interest rate. I understand that your underlings are not in the position to make serious decisions on interest rate matters. Let’s not hold that against them. You are required to make serious decisions, and because of that extra responsibility comes additional risk for your employment.
Let me ask, can I get my rate lowered just a little bit more? No? I will pull my account from your bank immediately, sir. Let me have your name, I will make a note of this conversation and you have yourself a good day. Thank you.