Credit Card Forum - Best Credit Card Deals, Reviews & Offers - View Single Post - How To Negoiate Lower Interest Rates On Credit Cards

JEFF COGA · 09:42 PM

What CreditCardGuru stated is completely true!!! All the interest rates are negotiable!!! NOW, here are some things you will never learn unless you have worked at the bank... it's all smoke and mirrors

1. ALL RATES ARE NEGOTIABLE TO SOME DEGREE ONLY IF YOU ASK!!!
- The key word is ASK!!! All reps are trained not to budge on interest rates unless the customer asks. (ex. if you say something like... "do you think this rate is too high" "WOW!! My other card gives me 12%" " I'm paying what"... etc etc)
**bottom line: if you do not directly ask the question... "CAN YOU PLEASE LOWER MY INTEREST RATE" reps will not do anything.
- I had a customer who had a FICO of 530 was paying an % in the low teens - dropped interest rates to 6.99% fixed (no other history)

2. IF THE FIRST REP CANNOT DROP THE RATE DOWN
- Be polite and say "may I speak to someone who can help me"
- 9 out of 10 times they (the rep) will put another call rep on the phone... never manager (I know, I was trained to teach this)
- You typically you need about 3-4 transfers to get someone with actual power.

3. KNOW WHICH DEPT YOU ARE TALKING TOO!!
- If the rep talks fast and polite you probably have a customer satisfaction rep (very good to have late fees, OD fees, BT fees and etc waved)
- If the rep tries to build report and pitches curtain product or services - you have a sales rep
- If the rep is very smooth and really really tries to build report - you might have been routed to the top sales people for a pitch (YES, banks do route calls for profitability)... typically they have much more power then the ummm... uhhh service reps

**BEST REPS FOR APR CHANGE!!!***
- Balance Transfer Departments - these reps usually have ability to negotiate contractual rates and balance transfer rates. They also get paid commission on the amount BT you do (I'm sure you knew that!!) Tell them you are interested in a BT but you're hesitant because of the CURRENT interest rate is TOO HIGH... If they need to hit quota to get paid out... I'm sure they can help you =)

I'll post more replies later... It's getting very late... I hope this helps

09:42 PM	#3
JEFF COGA Gold Member Join Date: Aug 2008 Location: Los Angeles Posts: 33	Other Sneaky Secerts... What CreditCardGuru stated is completely true!!! All the interest rates are negotiable!!! NOW, here are some things you will never learn unless you have worked at the bank... it's all smoke and mirrors 1. ALL RATES ARE NEGOTIABLE TO SOME DEGREE ONLY IF YOU ASK!!! - The key word is ASK!!! All reps are trained not to budge on interest rates unless the customer asks. (ex. if you say something like... "do you think this rate is too high" "WOW!! My other card gives me 12%" " I'm paying what"... etc etc) bottom line: if you do not directly ask the question... "CAN YOU PLEASE LOWER MY INTEREST RATE" reps will not do anything. - I had a customer who had a FICO of 530 was paying an % in the low teens - dropped interest rates to 6.99% fixed (no other history) 2. IF THE FIRST REP CANNOT DROP THE RATE DOWN - Be polite and say "may I speak to someone who can help me" - 9 out of 10 times they (the rep) will put another call rep on the phone... never manager (I know, I was trained to teach this) - You typically you need about 3-4 transfers to get someone with actual power. 3. KNOW WHICH DEPT YOU ARE TALKING TOO!! - If the rep talks fast and polite you probably have a customer satisfaction rep (very good to have late fees, OD fees, BT fees and etc waved) - If the rep tries to build report and pitches curtain product or services - you have a sales rep - If the rep is very smooth and really really tries to build report - you might have been routed to the top sales people for a pitch (YES, banks do route calls for profitability)... typically they have much more power then the ummm... uhhh service reps BEST REPS FOR APR CHANGE!!!*** - Balance Transfer Departments - these reps usually have ability to negotiate contractual rates and balance transfer rates. They also get paid commission on the amount BT you do (I'm sure you knew that!!) Tell them you are interested in a BT but you're hesitant because of the CURRENT interest rate is TOO HIGH... If they need to hit quota to get paid out... I'm sure they can help you =) I'll post more replies later... It's getting very late... I hope this helps Last edited by JEFF COGA : 08-20-2008 at 07:48 PM.