Nab a Lower Credit-Card Rate.

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Author: Gengler, Amanda

Finding the Right Words

Fed up with paying a high rate on your credit card when you know lower rates abound? Just pick up the phone and dial. More than half of consumers who call their issuer to request a lower rate land a better deal. But you've got to know what to say.

[CALLER]: OPENING PITCH I'm calling to request that you lower the interest rate on my credit card from 16% to 10%. My mailbox is flooded with lower-rate offers from other companies, and it seems ridiculous that I'm still paying such a high rate.

TOO LITTLE MOVEMENT Let me check…. I'm happy to say that we can lower your interest rate to 14%.

NO DEAL Let me check…. I'm sorry, but that is the best rate we can offer you at this time.

[CALLER]: PLAY THE LOYALTY CARD I've been a cardholder for more than seven years and I pay my bills on time. I'm disappointed that this is the best you can do for a loyal customer. I'd hate to take my business elsewhere. Is this really the lowest rate you can give me?

BETTER OFFER Actually, we do have a special promotion we can offer you now that will lower your rate to 10%.

STILL NO DEAL I'm afraid this really is the best rate we can offer you at this time.

[CALLER]: SEAL THE DEAL Thanks, I do appreciate it. When will the new interest rate take effect and show up on my statement? [THUMBS UP]

[CALLER]: First time: GO HIGHER I need to speak with your supervisor. Please connect me right now. (Start again from the top.)

[CALLER]: Second time: THREATEN TO CANCEL Then I need to cancel my card. Please transfer me to that department.

(Transfer.) I asked to cancel my card because your service reps won't lower my interest rate. Can you help me with this?

BETTER OFFER Actually, we do have a special promotion we can offer you now that will lower your rate to 10%.

NO DEAL AGAIN I'm sorry, there's nothing we can do. Can I help you with anything else?

[CALLER]: END THE CALL I'm very disappointed and I will stop using this card immediately. (Don't actually cancel--that can hurt your credit score.) [THUMBS DOWN]

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By Amanda Gengler