Saving Money Tip of the Day - Posted by SCook85

Posted by LC (IL) on March 09, 2000 at 09:35:39:

In my case, I keep getting these lower rate pre-approved offers in the mail for the same type of card. I simply inquired about lowering the rate on the card I have rather than applying for the same card again.

No questions asked. They did it on the spot. Thanks for the tip!

Saving Money Tip of the Day - Posted by SCook85

Posted by SCook85 on March 09, 2000 at 09:28:12:

Last week my brother decided to call up one of his credit card companies to complain about his interest rate. He didn’t even have to complain, they just lowered it 8%. I decided to do the same thing with one of my companies, I didn’t even have to complain. They lowered it 7%. I need to get off of this and call the rest of them now. It’s a quick way to save money. Hope it works for all.

Happy Investing!

Steve

Re: Saving Money Tip of the Day - Posted by Maggie

Posted by Maggie on March 09, 2000 at 19:41:09:

Thanks for the tip. I used it this morning and lowered my APR 6% with practically no effort. They said to call next month and try it again because they may be offering a promotion I could transfer to fixed. This was not so bad.

Re: Saving Money Tip of the Day - Posted by Tarun_md

Posted by Tarun_md on March 09, 2000 at 17:47:36:

Steve,
I did the same thing a year ago and got my interest lowered. Got the idea from a russ whitney seminar.
later
tarun

Re: Saving Money Tip of the Day - Posted by Ed_IL

Posted by Ed_IL on March 09, 2000 at 16:58:20:

I’ve done this several times in the past on all of my cards. Granted my credit is good and I do keep a balance at times. It’s cool! When I get a lower rate on one card I just call another cards company and say “It just doesn’t make sense for me to continue using your card at 12.9% when my other card is at 5.9%” BAM!! “Will 5.9% do for you sir?” Um ok. Then I make sure I get a Fixed rate instead of a Variable rate. One time a card changed from a fixed rate to a variable on me and I gave them the doesn’t make sense line and now it’s fixed rate again! By the way there’s nothing saying you have to use certain cards. Shop around. See http://www.bankrate.com/brm/rate/cc_home.asp for best rates on credit cards. Also, if you decide to cut up a card. Make sure you call the company and cancel your account. That way it will disappear from your credit report and not hamper you from obtaining additional credit cards if needed.