The guys from DebtGoal (a DIY debt reduction tool) have created a free tool to help consumers better negotiate their credit card interest rates.
Here on CPF we actually have a couple good articles about negotiating credit card interest rates and how to reduce the credit card interest rates you pay. So, if you have balances on any of your credit cards, I would suggest giving it a shot. I haven’t had a balance on a credit card in years, but in the past I did successfully negotiate lower interest rates just about every time I tried.
I will say that I think it is more difficult these days since the credit card companies are being squeezed by government regulation – but you really don’t have much to lose by trying. And some people with high rates could save hundreds or thousands in interest charges.
A look at NegotiateMyRate.com
NegotiateMyRate.com is a free tool that uses user-generated responses and information about different credit card companies to help give you the upper hand when calling to try to negotiate your rate. According to WalletPop it works like this…
“Say you have a Citi card and want a lower rate. Instead of calling several times and getting bounced around from CSR to CSR, NegotiateMyRate will let you see how others got ahold of Citi, how they were able to get a lower rate, and how big of an interest rate reduction they could get.”
Reading the articles mentioned at the top of this article and using this tool should leave you well-equipped to go to battle with your credit card companies.
If you have used NegotiateMyRate.com or use it – let us know how you like it!
{ 3 comments… read them below or add one }
I tried this recently and even in the face of a competing offer setting on my desk, they refused to negotiate to meet the competing offer. Although my credit rating took a small hit for applying for credit, I took the competing offer and balance transferred. My “debt snowball” will benefit from the 100% increase in principal component from the same payment due to significantly reduced interest rates. I recover the cost of the transfer fee in the first two months.
I am glad these types of services exist although I never plan on having to use them. I learned a long time ago that I don’t need to worry about what my rate is if I don’t give them time to apply it. So far I have managed to avoid any interest and am working hard to continue.
Although my credit rating took a small hit for applying for credit, I took the competing offer and balance transferred.