Has anyone had success in getting MBNA to lower their APR? I have a $20,000 CL, with a balance of just over $19,000 and an APR of 13.99%. I have no derogatories on my credit report, but very high useage on all credit cards (about 70%). i have some money coming in next week to pay down balances, and want to use it where I can get a lower APR in return. I have never been late on any of my cards and have no defaults. Score is 681. Should I call now and ask? Or, should I wait until I can pay down the balance some? Will they pull a hard inquiry? I have used up some inquiries in the last month or so to get lower APR's from other companies, and do not want to get too many hard inquiries, especially if it will not do me any good. Of interest, they are offering me a 3.9% BT rate. Any opinions?
search for a thread on this board called "direct to r". Read it, and call the number listed for MBNA - the "rates adjusment department". Ask for 9.99%. They offer 9.99% for purchases on the Platinum Plus and the Quantum.
marci: Based on my circumstances, do you think I have a chance? Like I said above, I have used up some hard inquiries, and do not want to get too many. I'm trying to be careful. When my cash comes in next week, I plan to use it to pay down Citi, then use their 3.9% BT offer to pay off a 19.99% FirstUSA, and then use that credit (at 9.9% BT rate) to pay off my Nextcard (soon to be Merrick), which is going to 24.99%. That means that about half my credit will be at a resonable interest rate. Thanks
It seems that most creditors get sticky with CL increases after you cross over the $15000 CL. And with a score of 681 and the the high % usage, I would doubt they would decrease your APR. I am in a similar situation. You may try to convert your Citi to a Upromise account. Apr is in mid 10% range. And be careful as high usage has been a reason as of late for rate JACKING! Good luck, keep us (me) posted!
I just called the Retention at MBNA.... I have Plat Plus 11.99% product... asked for the 9.99%, told them NO hard...and he revieved account and , stated that its not available right now, but things are changing and when its available they will notify me...lol....he did go ahead and extend 1.7% BT checks till december....i wont use them for the fact of the FEE they charge....i have read here that you can get the BT to your checking w/out fee...i may try that....thanks Tony V. San Diego
Here's how I've gotten my rate lowered, twice within a two week period. My initial APR was at 12.99%. I called and told them I had a card with a lower apr at 11.99% and that I wanted to cancel their card due to the high apr. I was transferred to retention and given a 10.99% rate across the board. The followign week I called them back and told them that I had gotten a Capital One Visa with a 9.99% apr and really wanted to keep the Plat. Plus card because it had better services but the rate was just too high. I was granted the 9.99% across the board. I think you just have to threaten to cancel. BTW, my account had been open for less than a few weeks when I did this, so they didn't even have any payment history or anything to gauge me as a valuable customer. Good luck!
Called "r" requested that 11.99% be lowered to 9.99%....said i couldnt get that right now....so i said i wanted 10.99% at least...put me on hold and said ok i can give that to you.had to get an overide from the accounts manager.....lol sure....i have a $2300 balance from a CL of $9k.......ill call again to get the 9.99%....Thanks... Tony V. san diego, ca
