I Got a Lower Rate on the Credit Card I Use

In case you missed yesterday’s post on my current credit card, I noticed that I didn’t have a low rate on it.

I called the credit card’s customer service line and spoke to a nice young man named Willie. I told him that I would like to have a lower rate on my card. He said that the actual credit card company had to handle that particular request. He politely gave me the number incase I got disconnected during the transfer.

After a few minutes of listening to a combination of elevator music and pitches to use the credit card I got to speak with a friendly woman named Maria. I again repeated my desire to lower my interest rate. She said that it is possible but they would have to run a credit check on me. I thought that was a bit strange. After 5 minutes of hold she said I qualified for a lower interest rate based on my score, which she revealed to me.

What I found interesting is that she described the tiered system the company uses to determine the APR. I was close to the next jump, but not quite there. My current interest rate is now 15.99%, I know it’s not a big jump, but it’s something. If my score goes up a smidge, then I’ll get 11.99%, once I call in (she was really helpful, reminding to call in when it goes higher).

Thanks Randall for the motivation to call them!

How helpful was your credit card company? Did they tell you of their tiered system?

Photo Credit: The Consumerist

• Rich College Student: Understand Your Credit Cards Photo Credit: The Consumerist My weekend was eventful: we had a great time celebrating our friends’ 3 year anniversary on Friday, Saturday we joined in on another friend’s baby shower (her first child!), and Sunday we went over to another friend’s house for an intense game night. I hope everyone......
• No Interest Credit Cards   If you have a large amount of credit card debt, a lower interest rate will help you save a little money. The credit cards listed below are no interest for balance transfers.  If you decide to use these credit cards, use them responsibly. I looked up credit cards with......

• Credit Cards Suck! You head off to college.  You're finally on your own truly feeling like an adult for the first time.  As you head to the cafeteria you pass a table run by a credit card company.  If you sign up today you get a free t-shirt.  Hey, you've wanted a......
• Citibank Credit Card Holders Get a Rebate (and Why it's a Bad Deal) The Deal. According to the AP, some Citibank credit card customers can now get a rebate of up to the total finance charge on the balance. The details are still a bit loose, but here are the minimum requirements according to the article: Meet the spending minimum (may be as......