If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
Photo Credit: The Consumerist
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 told 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?
{ 1 trackback }
{ 3 comments… read them below or add one }
No problem. Just put it on the calendar and try again in a few months. Lather, rinse, repeat.
The better the credit gets, the lower the rate they give.
You can do the same thing with the credit limit too. Just don’t max it out after an increase!
I agree with Randall’s lather, rinse, repeat, raise the limit suggestion. The latter only if you’re not going to spend it all, of course.
Higher limit will improve your credit just as improved credit allows for a higher limit.
Thanks guys, I’m planning on trying for a lower interest as soon as I qualify.