Want to get your credit card interest rates reduced and annual fee abolished?

[eridani]

Try to cancel it. Just did that when I got a yearly fee notice from a card I keep in reserve. The service rep asked what other cards I was using, and I told him about my two credit union cards, one with 6.9% interest and the other with 9.9% interest, neither with an annual fee. He promptly offered me a new MasterCard with no fee and 9.9% interest. I figured whatthehell--may as well still keep it as a reserve card in case of wallet loss. There is a $24,000 credit limit on it, which seems a bit insane.

Probably should have lied about my existing interest rates. If you have an annual fee or high interest rate, cancel the card and see what happens.

[Sherman A1]

1. It's the squeaky wheel thing

Amazing what they can do when they think they will lose a customer. I would suggest using it from time to time, just to keep the account active. Perhaps making it the card of choice for a regular monthly purchase that you will pay off in any event. I have one that I use exclusively for gasoline as it has a 3% rebate. I use another to generate other cash back by having regular monthly bill (cell phone, cable, etc) paid by it. Just trying to game the system as much as I can.

[merwin]

2. Make sure you read the fine print as they'll probably include something in your next bill

about how the rate goes to 35% if you are at all late on a single payment, or the rate might only be good for a year, etc.

[eridani]

3. Oh, he told me that on the phone. What I said back to him was

--the day that happens is the day the credit card gets cancelled for good.

[CoffeeCat]

5. That's why I have no credit cards...only a debit card...

These monsters have bankrupt our nation. Now, they're scrambling because
people are realizing that you can't make $10k a year and spend $15.

These companies have fueled a vacuous, materialistic era in our country, that
I hope will soon be a dinosaur.

I'm not smart enough to avoid getting bilked by these people. I don't play
because 95 percent of people who use credit cards, don't win the game they
are playing.

[eridani]

6. Don't have a link, but have heard that debit cards are more likely targets

--for fraud and identity theft. I've always been a "deadbeat," paying the full balance every month except for an occasional used car or computer purchase.

[CoffeeCat]

7. I haven't heard that about debit cards...

...and identity theft. Ours says "SEE ID" on the back, where the signature should be.

You're part of the 10 percent who outsmarts the credit-card companies. I commend
you on doing so!

:)

[CoffeeCat]

4. This also words with cable companies...

...and other businesses.

Call the cable company and tell them that you are wanting to cancel. They'll often offer
you lower rates.

Also, if you belong to a gym or have magazine/newspaper subscriptions--they might be able to work with you as well.

I don't believe this tactic works with the water company though... ;)

[Zookeeper]

8. I just called our garbage collection company and told them...

about the salespeople from competing companies that keep coming to my door and offering me considerably cheaper rates. We've been using the same service for years and years and they are one of the last that is locally-owned. I've been happy with them and don't want to switch, so I offered them the opportunity to make me a deal. They did by giving us the first year discount.

It never hurts to ask. :)

[dixiegrrrrl]

9. Got a 10.00 month lower rate with our phone company.

We have dsl with them, I told them we were going to satellite, what could they offer me?
Got a caller ID package and paying less than I did before.
Had to agree to another 2 year contract, tho.


Calling DISH next week. They are all outsourced to India call centers, but you never know.

[eridani]

10. Followup, They reneged.

I didn't see a new card in the mail, but I got another bill saying that I was past due on the membership fee. I called to find out what was going on, and that service rep wasn't nearly as eager to keep the account as the one I talked to last month. Wound up cancelling the card. Not sure what all that means.