So today I decided to try something. I had heard (particularly from Get Rich Slowly) that if you called your Credit Card you might be able to get your interest rate lowered. So I called. The conversation went like this. (After proving myself and the agent pulling up my account)
Me: Hi, I was wondering what my interest rate is on this card.
Agent: Hang on, I’ll pull it up. It is 5.XX and 9.99 prime which is 15.9X (I don’t remember it exactly but very close to 16%)
Me: Oh thanks. Now I was wondering, we have been good at paying it, and we have never carried a balance, is there any chance we can get that lowered?
Agent: Well the best I can do is take 2% off prime.
Me: That would be excellent thanks.
Agent: OK, As of now your interest rate is 13.9X – is there anything else I can do for you?…
And there you have it – a lower interest rate in less than 5 minutes!