Help! Credit card company refuses to lower my rate

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
17 posts
Dylan1982
Centurion Member
Centurion Member
 
Posts: 323
Joined: Tue Mar 06, 2012 12:15 am
Location: Chicago

Help! Credit card company refuses to lower my rate

Postby Dylan1982 » Mon Apr 23, 2012 10:50 am

Here are some of my posts from my previous thread that was about a balance transfer and had really nothing to do with me lowering my interest rate so I thought I would start a new thread.

Hope someone can help :)

This is from beginning of March this year

Dylan1982 wrote:Since I am working night shift right now, I just now got off the phone with GM Cards customer service. Here is how the convo went

I talked to the first customer service rep, I told her nicely that I have been a loyal customer for 10 yrs now, in those 10 yrs I have never been late or missed a single payment, what can you do to help me lower my interest rate? So she said right now unfortuately your 12.49% is the lowest rate that they have to offer. I then nicely asked can I please speak to someone like your Account Manager that has the authority to change my interest rate? She politely obliged with my request and transfered me.

..... 13 mins later I was speaking to the Account Manager, I again stated that I have been a loyal customer for 10 yrs, never made a late payment in those 10 yrs and that I make more than the minium payment. I asked what can you do to help me? The Account Manager saw that I have been a customer for a decade wtih an amazing payment history, but at this time I have a lower rate. She then said that she will flag my name for her manager to reveiw my account and will see if I can qualify for a lower interest rate. She said I should receive a call back later this afternoon.

If they don't lower my interest rate what else can I do? Tell them Chase has an offer for a 0% BT for 18 mos and the APR is 9.9% after that?

In all seriousness, being a customer for 10 yrs with an outstanding payment history, GM Card should have no problems lowering my interest rate....


Dylan1982 wrote:But I talked to an Account Manager last night, told them I was loyal customer been with HSBC for 10 yrs, never have had a late payment and always pay more than the minium payment. The Account Manager said that her manger would give me a call back today to let me know if I can get a lower rate

Fast Forward to 5:45 tonight. I got a call from HSBC, the Account Managers, manager (lol) said that there was no lower rate availabel to me at this time, but will put in a request for their credit department to look at it. Also she informed me that my account was up for a reveiew at the end of April of this year.

So I guess for now I am stuck, which is kinda BS. Been a customer for a decade with NO late payments and they cannot lower my rate at all.. Not too happy at the moment

I guess I will have to wait for now, I will report back later when I hear something


And this is from lastnight.

Dylan1982 wrote:It is now the end of April, I called HSBC The GM card tonight to see if my account was indeed reviewed.

When I called I got the regular representative, explained her the cliffnote version of my story for
March 6th. She herself looked to see if their was a lower interest rate for my card, of course there wasn't. So I again politely asked asked to speak with her account manager, she happy to transfer me.

6 minutes later I was talking an account manager, again explained my phone call from March 6th with great detail basically just repeated my stuff from post #2. The account manager also told me that my 12.49% was the lowest available interest rate on my card. She apologized and we started talking. She gave me a $30 credit just because. I said thank you I will accept but was really hoping to lower my interest rate, I could save more than $30 lol.

So where do I go from here? Should I call back in another month explain my situation again and try to lower my interest rate? I'm sort of at a loss now.

Any help, tips or trick would be greatly appreciated!!
Chase Freedom - $12,500 (2/2013)
GM Card - $7,700 (7/2002)
CitiBank (Thank You Preferred) - $6,400 (6/2012)
CitiBank (Diamond Preferred) - $4,600 (6/2012)
Rogers & Hollands - $3,300 (3/2006)
Target REDcard - $3,000 (11/2014)
BestBuy - $1,600 (9/2003)
Discount Tires - $1,000 (2/2004)
Kohl's - $300 (4/2012)


DavidNY
Centurion Member
Centurion Member
 
Posts: 1332
Joined: Tue Jul 05, 2011 12:28 pm
Location: New York

Postby DavidNY » Mon Apr 23, 2012 12:39 pm

Why not open a new card with Citibank and move the money there? There's a BT fee, but then no interest for 21 months.

Dylan1982
Centurion Member
Centurion Member
 
Posts: 323
Joined: Tue Mar 06, 2012 12:15 am
Location: Chicago

Postby Dylan1982 » Mon Apr 23, 2012 1:10 pm

DavidNY wrote:Why not open a new card with Citibank and move the money there? There's a BT fee, but then no interest for 21 months.

Do you have a link to this CC?


Thanks to a mod that change my thread title, I know it was a long title, I couldn't figure out what I wanted to say!
Chase Freedom - $12,500 (2/2013)
GM Card - $7,700 (7/2002)
CitiBank (Thank You Preferred) - $6,400 (6/2012)
CitiBank (Diamond Preferred) - $4,600 (6/2012)
Rogers & Hollands - $3,300 (3/2006)
Target REDcard - $3,000 (11/2014)
BestBuy - $1,600 (9/2003)
Discount Tires - $1,000 (2/2004)
Kohl's - $300 (4/2012)

DavidNY
Centurion Member
Centurion Member
 
Posts: 1332
Joined: Tue Jul 05, 2011 12:28 pm
Location: New York

Postby DavidNY » Mon Apr 23, 2012 2:36 pm


Dylan1982
Centurion Member
Centurion Member
 
Posts: 323
Joined: Tue Mar 06, 2012 12:15 am
Location: Chicago

Postby Dylan1982 » Mon Apr 23, 2012 4:34 pm


I'm gonna have to look into this and maybe apply. How hard is it to get approved, would you know?
Chase Freedom - $12,500 (2/2013)
GM Card - $7,700 (7/2002)
CitiBank (Thank You Preferred) - $6,400 (6/2012)
CitiBank (Diamond Preferred) - $4,600 (6/2012)
Rogers & Hollands - $3,300 (3/2006)
Target REDcard - $3,000 (11/2014)
BestBuy - $1,600 (9/2003)
Discount Tires - $1,000 (2/2004)
Kohl's - $300 (4/2012)

DavidNY
Centurion Member
Centurion Member
 
Posts: 1332
Joined: Tue Jul 05, 2011 12:28 pm
Location: New York

Postby DavidNY » Mon Apr 23, 2012 5:36 pm

Depends on what's on your application and credit report. It's not the hardest card to get. I think they pull Experian.

Dylan1982
Centurion Member
Centurion Member
 
Posts: 323
Joined: Tue Mar 06, 2012 12:15 am
Location: Chicago

Postby Dylan1982 » Tue Apr 24, 2012 11:10 am

What is the difference between the two cards?
Chase Freedom - $12,500 (2/2013)
GM Card - $7,700 (7/2002)
CitiBank (Thank You Preferred) - $6,400 (6/2012)
CitiBank (Diamond Preferred) - $4,600 (6/2012)
Rogers & Hollands - $3,300 (3/2006)
Target REDcard - $3,000 (11/2014)
BestBuy - $1,600 (9/2003)
Discount Tires - $1,000 (2/2004)
Kohl's - $300 (4/2012)

User avatar
FastSRT8
Centurion Member
Centurion Member
 
Posts: 1454
Joined: Thu Apr 19, 2012 1:32 pm
Location: Canada

Postby FastSRT8 » Tue Apr 24, 2012 6:04 pm

Hmmmm as much as I believe in loyalty, I also believe in taking care of myself. IF you find a better offer somewhere else, why not take it! Their competitor would love to have you as a client and you win with the better rate.
Carpe diem quam minimum credula postero!

Dylan1982
Centurion Member
Centurion Member
 
Posts: 323
Joined: Tue Mar 06, 2012 12:15 am
Location: Chicago

Postby Dylan1982 » Tue Apr 24, 2012 6:23 pm

FastSRT8 wrote:Hmmmm as much as I believe in loyalty, I also believe in taking care of myself. IF you find a better offer somewhere else, why not take it! Their competitor would love to have you as a client and you win with the better rate.

Yeah I agree with you. I was just really hoping they would take care of a loyal customer of with a decade of on time payments
Chase Freedom - $12,500 (2/2013)
GM Card - $7,700 (7/2002)
CitiBank (Thank You Preferred) - $6,400 (6/2012)
CitiBank (Diamond Preferred) - $4,600 (6/2012)
Rogers & Hollands - $3,300 (3/2006)
Target REDcard - $3,000 (11/2014)
BestBuy - $1,600 (9/2003)
Discount Tires - $1,000 (2/2004)
Kohl's - $300 (4/2012)

User avatar
FastSRT8
Centurion Member
Centurion Member
 
Posts: 1454
Joined: Thu Apr 19, 2012 1:32 pm
Location: Canada

Postby FastSRT8 » Tue Apr 24, 2012 6:44 pm

Dylan, sadly when times and business went bad so did 'loyalty'. Don't think for a minute if your position changes and you can't pay they will still be nice to you. They will go after you despite your excellent record and history.
Carpe diem quam minimum credula postero!



Return to “Finance Charges & APR Compare”

Who is online

Users browsing this forum: No registered users and 0 guests