I want to know if you can negotiate with your credit card lender to get a lower a.p.r. If so, what steps should I take to ensure they don't stiff me?
RE: Negotiating Annual Percent Some banks are negotiable, others are not. They don't let you know this information upfront however. You won't know until you try. My son recently was able to get his APR reduced by 7% just by threatening to close his account. They didn't want to lose a customer, so they reduced his APR and waived his annual fee. This was thru Providian. There are quite a number of posts regarding this subject you may want to read. I don't advocate going to these extreme measures unless your prepared for the consequencies. Bue you could tell them you were considering the possibility, or tell them you have been getting better offers. Good Luck ! By the way who's the bank you are trying to obtain a lower APR thru ?
RE: Negotiating Annual Percent It is a matter of simply asking. Sometimes the person you talk to makes the biggest difference. Some of the reps won't help you with it because they don't want to do the extra work involved. Keep in mind, however, that the age of the account does make a big difference. My guess would be that the account should be at least a year old and in very good standing. If you have really good credit, negotiating a low APR before opening an account is easy.
RE: Negotiating Annual Percent Like Doris said, make sure your account has good credit standing and has been open for at least a yr before any negotiation. Praise their services, promise them continued commitment... tell them they are outstanding, excellent, whatever, get them in a good mood... then pop the question. For increasing your chances of lowering your APR, have some other credit cards with lower APRs handy... they'll help you get your point across. This strategy has worked for me not just in lowering my own CC APR but also w/my parents, friends, wife... there's no limit...
RE: Negotiating Annual Percent Yes it's nice information to know, and you can tell your friends and family all about it, chances are they never knew it was even a possibility.
