I am interested in finding out whether or not credit card companies are willing to lower the interest rate on a credit card if you choose to close out your account. It would make it easier to pay off. Thanks.
Probably not! Why would they? They'll have no reason to keep you as a customer since your account is closed and you can't charge on it. If anything, they might raise your APR! Then what could you do to get them to lower it back? Nothing! I know companies have been willing to lower APRs for people whose accounts have charged off, etc. to help them repay but not for customers who close their account w/ a balance and want to pay down the balance faster. But first, make sure you read the terms and agreement for your card before you do anything!
MP$40 is right. Most times they will no longer negotiate on a closed account. Several will jump your rate up to 23% or higher. It's better to keep an open account while you continue to pay it off. Let them think you are happy to pay them and have their card, that's when they work WITH you.
