Negotiate Your Rate
April 23, 2012 by Deborah Owens
Filed under Wealthy Minute
Interests rates are at historic lows and this may be the perfect time to negotiate a lower rate on your credit cards and loans. Phone your credit card customer service department and ask a supervisor to lower your interest rate. If your request is denied get the name of the company president and the corporate office phone number,
and phone that person. When you phone, you will probably be transferred to a
high-ranking customer executive, at which point you can continue to lobby
for a better rate.
Don’t give up because perseverance can pay big time.
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Great advice with starting at the top! Never thought about negotiating in that manner. It has always been your immediate supervisor for me.
This was phenomenal advice. I called the bank this weekend and they agreed to cut my rate in half (yes you read that correct in half!). They agreed to the rate for a year, but the plan I worked out will allow me to pay off the entire balance in one year and that is months sooner than it would have been. I set up automatic payments so I won’t run the risk of a late payment & defaulting on the lower rate. Thank you for this.