A regular at my bar in Cincinnati gave me the best credit advice I ever got

I was venting about my high credit card interest, and this guy, Mike, told me to just call the company and ask for a lower rate. I was sure it wouldn't work, but I tried it last week with my Discover card. I got my rate cut from 24% to 18% in a ten minute phone call. Has anyone else had luck just asking for a better rate like that?

4 comments

4 Comments

fisher.jessica29d ago

That part about "no questions asked" might be a little too hopeful. When I called my card company, they definitely asked questions. They wanted to know my income and why I was asking. They even did a soft credit check. It's still a super easy call, but you should have your info ready. They're not just going to say yes because you asked nicely, you have to give them a reason, like your good payment history.

laura_wilson29d ago

Wow, my buddy did the exact same thing with his Capital One card! He was paying something like 22% and just called them up. He told them he'd seen better offers and asked if they could help. They dropped him down to 16% on the spot, no questions asked. It really is that simple sometimes.

mila_murphy7d ago

That stat from @adam414 is pretty wild, right? It makes you wonder why more people don't just try. I guess they figure it's a big hassle, but it's literally just one phone call. Even if they ask a few questions like Jessica said, what's the worst that can happen? They say no and you're right back where you started.

adam41429d ago

My credit union's newsletter last month had a tip about this. They said over half of people who ask for a lower interest rate get one, especially if they've been paying on time. It's worth the quick phone call.