Requesting better credit card rates

November 13, 2008 at 4:49 pm (credit cards) (, , )

I’ve been reading a lot lately on Blogging away Debt (in my blogroll). I’ve been waiting to see a post about whether or not to go out of my way to get a 0% rate credit card to transfer some of my higher-rate debt onto. I’ve only got 1 card with a $500 balance on it (all new purchases; I had a bad car month and had to get major brake/rotor work done). My personal line of credit through my bank just went up to 10%. I think the economic crisis has made them up the loan amount. It went up 1.25% – and they mailed out a form to me, which means they did it across the board.

So I’ve been looking at the offers coming in and the Discover Card looks really good. I am going to call tonight after I get home from work and see if they will let me have one to transfer a bank loan, and if I can get a little or no transfer fee (I think they start at 3% fee). I doubt I’ll get the full amount of credit limit as my loan is just shy of $15K, but anything will help.

As a first step, I called my bank to see if I could negotiate a lower % rate on my personal loan and did an application and was denied (the reason to be mailed to me in 4 weeks). I did call my Citibank credit card to see if they would give me a low to no % interest rate for transfers, but they don’t have any offers out right now. However, they did review my account, and after I mentioned several times I would close the card and get a new one (very nicely), they dropped my 18.99% rate (which is from an old default rate when I was late on payments), back to 8.99%. Hey, can’t hurt! I don’t plan on having finance charges anymore, but it never hurts to ask!

Wish me luck getting a discover card tonight! I’ll post the results tomorrow.

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