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Called MBNA and they actually did lower my rate.

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No Lifer
I'd heard about this in the past, but never really thought to do it. Some article at fool.com said that half of the people they recommended to try it had a 1/3 reduction in rates. So, I checked my card I've had for 3.5 years and it was at a foul 16.25%. This doesn't affect me much as I aim for a zero balance every month, but in reality there is always a little bit there at least (even if it's just payments not overlapping and what not), so I told the lady I was upset with this and now it's 10.9%; 5.7 (I think) + prime.

I like MBNA. They please me.
 
Originally posted by: Skoorb
I'd heard about this in the past, but never really thought to do it. Some article at fool.com said that half of the people they recommended to try it had a 1/3 reduction in rates. So, I checked my card I've had for 3.5 years and it was at a foul 16.25%. This doesn't affect me much as I aim for a zero balance every month, but in reality there is always a little bit there at least (even if it's just payments not overlapping and what not), so I told the lady I was upset with this and now it's 10.9%; 5.7 (I think) + prime.

I like MBNA. They please me.
Click to expand...


hmmmmm...sounds good, but my rate around the low 9% and it is my first credit card..... that said, i don't like mbna b/c they keep telling me i went past my credit limit when i am not even near it.
 
I believe Capital One will allow you to request a rate decrease once every 6 months or a year (can't recall) as long as your account has been in good standing for that amount of time. They'll only cut it so low, of course.
 
Our MBNA Platinum is at 16% too. It used to be around 9% but must have gone up. We haven't missed any payments but we've usually kept anywhere from $0 to $5000 on it at any given time over the past 5 years. Right now we owe around $3000 but we just transferred it to a 0% card. We should probably cancel the MBNA card, but we've accumulated 23,000 reward points. Hoping to get over 25K so we can get a free plane ticket.
 

samething happened to my Chase card that I have had for 5 years...has about a $10K limit...I usually have anywhere from $50 - $300 month on it (zero for the past two months though)...

Last Nov, when i was looking at my account online, my interest rate jumped from 9.99 to 21.99...I have never been late on a credit card payment in 5 years...after I called, they said it was because when they checked my credit back in June, my overall credit balance to credit limit ratio was too high...this was total b.s. (my balances were about 30% of my available credit on all my accounts)...apparently, then sent me a letter about the increase, but I probably shredded it thinking they were more convenience checks...

the CS guy transfers me to a supervisor who took 30 seconds to knock the rate down to 9.9 again...he ended the call saying that he hoped I would use the card more now...should have told him to hold his breath...

sounds like some of these companies will jack up your rates to see if you notice...anyway, all of my balances are on my two CITI cards, one with 0% interest until it is paid off and the other is 2.99% until it is paid off (Gotta love these low interest balance transfer rates with no transfer charge)...Paid down quite a bit, but still have a way to go to get it down to zero (should take about 2 years if I stick to the budget)...
 
Originally posted by: b0mbrman
Interesting...I may try this.

What did you say? And did you threaten to leave?
Click to expand...

I did the same thing as Skoorb a while back with Citibank. I did "threaten" to leave, or rather mentioned to their CS how many low interest rate offers I had been receiving in the mail from other providers, and that I was considering transferring my balance. Worked to get my % down a few points, from about 12% to 7.99%


 
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