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Odds of my CC company lowering my rate?

BobDaMenkey

Diamond Member
Jan 27, 2005
3,057
2
0
So I'm planning to call up my CC company tomorrow and ask them to lower my rate. Currently it's the default pwn you 22.99%. It was my first credit card that I got for college to help build my credit rating up. They've upped my limit twice to almost double what I started with. I've never made a late payment, and will carry a balance about half the time (less than $300 or so).

That being said, I got an offer from a different company that I'm probably going to take up, and transfer my balance to, even if my current CC's rate gets lowered. The new card is 0% for the first 15 months, 12.49% after that. Reading through the stuff on the app though it doesn't state what my limit would be, but it also doesn't state that there are any annual fees, and they've got a free rewards program for airline tickets.

I doubt they'd drop my rate enough to compete, but even a drop would be nice. I'm also debating on keeping the line open after opening the new card. There aren't any fees associated with it, so I don't see the harm in leaving it alone.

Update: Well, WellsFargo keeps shooting themselves in the foot with their services. The rep I spoke with said that there was no way for her to lower the rate, but that she would send a request to the XOffice and they would send out a notice within 45 buisness days as to weather or not they will offer to lower the rate. Then I have to call based on what they send out to confirm that I want to lower my rate. What a joke.

I got approved for the 12.49% card though. No fees, not nothin. And there's no mention of fees for a balance transfer either. I should get the card before the end of the month. I'll have to call to activate it, obviously. When I do, I'll be able to ask about the balance transfer, and make sure there isn't a fee. If there is no fee, I'll just make the minimum on my current card, and toss it all to the new one, and pay it off in a little while. And it's a flat 3.99% intrest on any balance transfer.

The limit on the new card is also 3x the limit on my first card initiall. I guess I'm being financially responsible, n stuff.
 

dullard

Elite Member
May 21, 2001
23,054
1,312
126
Why carry a balance at all? Since you are just starting, lets get you on the right track. Never, ever carry a CC balance for any reason at all. If you have a reason to borrow money, get a real loan. Then the CC interest rate is a meaningless number.

Don't close this account.

It would be a good idea to have more than one CC, so go ahead and apply for that other one if you really want airline miles instead of cash.
 

Reckoner

Lifer
Jun 11, 2004
10,851
1
81
Originally posted by: BobDaMenkey
So I'm planning to call up my CC company tomorrow and ask them to lower my rate. Currently it's the default pwn you 22.99%. It was my first credit card that I got for college to help build my credit rating up. They've upped my limit twice to almost double what I started with. I've never made a late payment, and will carry a balance about half the time (less than $300 or so).

That being said, I got an offer from a different company that I'm probably going to take up, and transfer my balance to, even if my current CC's rate gets lowered. The new card is 0% for the first 15 months, 12.49% after that. Reading through the stuff on the app though it doesn't state what my limit would be, but it also doesn't state that there are any annual fees, and they've got a free rewards program for airline tickets.

I doubt they'd drop my rate enough to compete, but even a drop would be nice. I'm also debating on keeping the line open after opening the new card. There aren't any fees associated with it, so I don't see the harm in leaving it alone.

Call retention, threaten to cancel because of high rate, get lowered rate, profit.
 

BobDaMenkey

Diamond Member
Jan 27, 2005
3,057
2
0
Originally posted by: dullard
Why carry a balance at all? Since you are just starting, lets get you on the right track. Never, ever carry a CC balance for any reason at all. If you have a reason to borrow money, get a real loan. Then the CC interest rate is a meaningless number.

Don't close this account.

It would be a good idea to have more than one CC, so go ahead and apply for that other one if you really want airline miles instead of cash.
Half of it usually ends up being my dad's debt. I've since stopped letting him pull that on me.

"Hey son, go ahead and fix that part on your truck, I'll pay you back for it in a couple weeks. Just put it on your Visa" or before we put our dog down, I had to take her to the vet while my dad and his girlfriend were out of town. Bill came out to $300, he never paid me back for it. Most of the current balance was a new set of tires for my truck.

I'm going to have my current balance paid off in about the next month. I've got $450 outstanding, $475 in my ING savings, and $300 in my checking. I'm just going to toss the majority of my paycheck at it and it'll be gone right quick.
 

waitman

Diamond Member
Oct 27, 2002
3,758
0
71
Good chance they will lower it. I have had several that I have called up and they lowered it. My visa company told me to call every 6 months and they would lower it. It ended up at about 2.9 from about 11. Now all I use is my debit card. :)
 
Nov 5, 2001
18,367
3
0
if you carry a balance don't count on it. They know they have you over a barrel since you likely can't pay off the balance. Depending on your balance, the balance transfer fees may not make it worth while. Many new BT offers have fees as much as 3% of the total with no cap.
 

jlee

Lifer
Sep 12, 2001
48,503
217
106
Capital One wouldn't lower my rate (from ~23%), yet I keep getting offers - 0% for 12mo, ~11.99-14.99% thereafter/etc from other cards..if CapitalOne wasn't my oldest account, I'd cancel it. Not sure if I'd be better off (credit-wise) just keeping it open..
 

BobDaMenkey

Diamond Member
Jan 27, 2005
3,057
2
0
From what I understand it's a good thing to have open credit lines (to a point) with no balance.
 

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