I have to tell somebody this or I'll bust, so forgive me!!! My FNANB statement closed yesterday, so I called the automated system this morning to see how much interest was charged (I only owe about $400), and found out that they raised my credit limit AGAIN! This is the card I've had since Oct 96, started at $6K, stayed there until June 00, when they raised it to $7K. Couldn't pay them for an increase before. Four months later it's at $8K! Granted, this is just my 'mail order' card since I've got all these prime cards now, but Hey...I'm smiling. So I'm at work *working* and decide to finally call Direct Merchants and close my account. Had this card since Jan 99, interest rate creeps up to 22.7, so I call Jan 00 and ask for a reduction. Drops to 16.99 - decent at the time. Interest rates rise, comes up to 17.74%. Transfer it to Chase at 3.9, no balance. That's why I figure I can close it now. Called to cancel it, get sent to retention, tell him the reason, and he asks what I think a good rate would be(15% is acceptable); he tells me they can do 13.74 for purchases, 16.74 for cash advances! That makes it my second-lowest APR after my credit union. In January of this year, my rate was 22.7 for purchases, 26.7 for cash advance. Now it's 13.74 and 16.74. HUGE difference, and I still earn cashback awards! Thanks for listening (reading?)! I'll go eat now...
Notice that Jacqui negotiated from a position of strength: no balance. Notice also that she adopted an assertive position: she threatened to cancel the card. Congratulations, and I hope others will follow your example.
Awesome job! Great work JacquiG! What is your opinion of your FNANB card? I recently got one with a $500 limit and was wondering how they are with increases? thanks chet
RE: Awesome job! Thanks everyone for responding. I feel really good!! Chet, I haven't had any problems whatsoever with this account in four years. The only 'issue' I have with them is that they don't have online account access. Increases? Started at $6K, didn't move despite regular credit report monitoring and my own increase requests. I don't know why they now feel I'm worthy. Jacqui