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What are the right "words and phrases" to use when calling a credit card company to request a lower interest..

Answers:1   |   LastAnswerAt:2011.03  

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Vicarious Cynic 
Asked at 2011.03.21 23:21:47
.. rate?

I'm assuming there is a 'right person to talk to' and some 'key phrases' that increase the likelihood of success.

Who should I be talking to, and what should I be asking and/or stating?

Thanks.
answer CatDad  Answered at 2011.03.21 23:21:47
Credit card companies have become merciless in recent years and they are in no mood to do anyone any favors....

Your best bet is if you have a great credit score and you tell them that you'll balance transfer the money to a new card at a lower interest rate if they cannot offer you a more competitive interest rate.

If you don't have good credit, you have no such bargaining power.

Another option:

Contact your local Red Cross for a referral to the local Consumer Credit Counseling Services (CCCS) in your area. They can negotiate much lower payments and interest rates. They DO NOT negotiate settlements.

They will require you to stop using all credit and to cut up your cards. Your credit report will be updated to "enrolled in debt management." This does not damage your credit, but it may make it impossible to obtain new credit while you are enrolled in their program....so don't use this service if you anticipate applying for a new apartment, car loan or mortgage anytime soon, as you would probably be denied while you're enrolled in the CCCS debt management program.... Otherwise, it can be a very good way to deal with your debt.
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