Negotiating CCCompany?

[Mainio]

Hey I was wondering if anyone has negotiated with their credit card company to lower their interest rate? I have been a card holder for 5 years and would like them to lower my interest (currently 18.5%) so I have a better chance to pay off my balance.

[15-20_God]

have you considered a line of credit or consolidating loan from the bank first?

[daveinmtl]

most banks have a low-interest credit card, for example, at CIBC it's the Visa select with a rate of 11.5%

You should check what the one is for your bank then call your the number on the back of your card to ask about switching to it.

[shellysoda]

I tried with my Capital One card and the lowest they would go is 17.9% (gee thanks for nothing, lol)! So as soon as I have it paid off I'm going to cancel it. If you have better luck please let us know :)

[st7860]

I tried with my Capital One card and the lowest they would go is 17.9% (gee thanks for nothing, lol)! So as soon as I have it paid off I'm going to cancel it. If you have better luck please let us know :)

capital one has a card with 7%/year and no annual fee

[shellysoda]

I know and they wouldn't switch me to that card. Isn't that nice of them? That's why I'm gone as soon as my balance is paid :)

[eliteblaze]

apply for anything then do a balance transfer.
then if you really want you should be able to cancle/convert to the low rate Cap One.


I tried with my Capital One card and the lowest they would go is 17.9% (gee thanks for nothing, lol)! So as soon as I have it paid off I'm going to cancel it. If you have better luck please let us know :)

[Mainio]

most banks have a low-interest credit card, for example, at CIBC it's the Visa select with a rate of 11.5%

You should check what the one is for your bank then call your the number on the back of your card to ask about switching to it.

Well my CCard just happens to be with CIBC (Classic). Do you think they will let me switch my full balance over to the Select card?
Also I just visited the CIBC website and noticed their having a 2.99% balance transfer option on three of their cards. The cards are the Classic, Select & Dividend.
I'm a little confused on how to approach this. I mean should I ask the CCCompany to lower my interest rate first? Or should I apply for the Select assuming I won't get the low interest rate I ask for?

[st7860]

Well my CCard just happens to be with CIBC (Classic). Do you think they will let me switch my full balance over to the Select card?
Also I just visited the CIBC website and noticed their having a 2.99% balance transfer option on three of their cards. The cards are the Classic, Select & Dividend.
I'm a little confused on how to approach this. I mean should I ask the CCCompany to lower my interest rate first? Or should I apply for the Select assuming I won't get the low interest rate I ask for?

If you already have a CIBC classic card you can switch to any card at any time. Simply call 1-800-465-4653 and ask them to switch you to the Select card. in a few weeks you'll receive a new card in the mail, and your balance will be automatically transferred.

If you have a big enough credit limit already($5,000 minimum) and you want Aeroplan miles, CIBC has a special aerogold card with a $180 annual fee but a lower 11% interest rate. or a regular aerogold card with 19.50% annual rate but only $120 per year.


since you already have a CIBC card, this is an easy way to increase your credit limit if you want a bigger limit.
#1. To get a credit limit increase you don't need to speak to a person. If you have ANY type of CIBC VISA card, here is what you do
a) call 1-800-465-4653 and log into your visa account normally(enter the card number, birthday, CV code, etc)
b) push the button when it says "credit limit increase"
c) it will ask you how much of an increase you want. enter $15,000. do not enter anything less. it won't hurt to ask for more just to see what happens.
d) it will ask you how much is your annual income. enter $90,000. do not enter anything less.
e) it will then instantly give you a decision and increase. depending on how clean you are, you will get between $2,000 to $10,000(possibly more). For the average joe who pays off his or her card every month, its likely you'll get about $4,000. It doesn't really matter if you had a late payment. What matters is , is your card in good standing, in other words, can you still charge stuff on it. if so, then it'll probably work.

The main point is, you DO NOT NEED TO SPEAK TO A HUMAN to get an increase with CIBC Visa. so there is no embarassment if the 'computer' rejects you

[don242]

I have a Canadian Tire Options mastercard and they dropped my rate to 7% after I had it about 5 years. I didn't ask, they just did it.

[st7860]

I have a Canadian Tire Options mastercard and they dropped my rate to 7% after I had it about 5 years. I didn't ask, they just did it.

is that a perm rate? the only other card that even comes close is the capital one 7% mastercard with no annual fee, but their credit standards are high.

[don242]

is that a perm rate? the only other card that even comes close is the capital one 7% mastercard with no annual fee, but their credit standards are high.

It is a permanent rate. I would have to check the exact details but it probably flucuates with prime.

The card was always around 18% at first but about a year ago they sent us notice that they were dropping the rate. Doesn't really matter much anyway as we never carry a balance.

[grant]

I tried with my Capital One card and the lowest they would go is 17.9% (gee thanks for nothing, lol)! So as soon as I have it paid off I'm going to cancel it. If you have better luck please let us know :)
Why cancel it? Trying to 'send a message'? Just cut it up, it'll continue to improve your credit rating.

who knows, one day you might want to use it again too.