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Credit Card Debt Calculator”

Carrying a CC balance? Guy lowers his APR by 5.75% using my negotiation scripts

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I’ve said it before and I’ll say it again: If you’re carrying a balance on your credit card, the first thing you should do is call your credit card and negotiate your APR down. It doesn’t always work, but when it does, you can save a ton of money.

I include a call script in Chapters 1 and 2 of my book to do this.

Aaron T. writes:

I was fortunate enough to come out of school with no student loans, but do have $4364.11 in credit card debt over 2 cards. One is $999.03 and the other is 3,365.08. I just started reading your book yesterday, today I called the card with the higher balance to lower my APR from 19.99%. I have had this card for almost 4 years. My Mom had been paying the minimum for a year or so, but since I became full time I took over any other bills my parents were paying. I have paid $200 the last 3 months and my minimum payment is around $89.

Anyways, I just called and asked, (I had to do no negotiating really, I just followed the script you have in your book) and I got my APR lowered from 19.99% to 14.24%, effective immediately.

Basically, the $13.95 my girlfriend paid for your book will more than pay for itself by the time I get my next bill.

See for yourself with full-chapter excerpts of my book.

Then get the book at Amazon or B&N.

New tool: Credit Card Payment Calculator

Reduced your APR? Great – next, check out my new credit card payment calculator to see how you can tackle your outstanding credit card balance (or any other debt).

The debt calculator follows the same rules as my book – give it a try and let me know in the comments how it helps:

Credit Card Payment Calculator from I Will Teach You To Be Rich

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  1. Ramit – I bought your book the day it came out because I believe in paying for value, and I’ve learned a lot from your site. This kind of negotiation is brilliant because the ROI is so high. If this guy takes to heart the other chapters in his book like he did the first two, I suspect he’ll be in a much better situation in a few months.

  2. Ramit,

    I am in a similar situation as the person in the post. Instead of debt though, I used your negotiation tips in your book to negotiate an extra $3,000 in salary when I signed my first full-time job out of college a couple of weeks ago.


  3. I am going to have to give the script a try now, I called a few weeks ago and only got a 0.5% reduction in my APR! it is!

  4. Thomas: AWESOME. I’ll follow up with you to get the details!

  5. I plan to do this over the next few days. Glad its working for many people, hopefully for me too.

    I just purchased the book yesterday and my girlfriend snatched it up and started reading it before I could finish the 2nd chapter :). I hope to blog about the successes I find while using the tips from your book Ramit. I just need to find a way to do it so that I don’t accidentally give away all the tips!

  6. I have a reminder setup to re-occur every 6 months, I’ve gotten my cards down from 16.99% to 5.2%. Eventually they try to jack them back up but the reminder keeps them down. Also, if you have decent credit at all just transfer to 0% a year.

    BTW – I’m now smart enough to realize that carrying a balance is stupid. I wisened up a couple of years ago and I’m still cleaning up the mess. I’m getting there, I’ve paid off $13,000 in a little over a year.

  7. I also followed your script and got my 27.74% card down to 13.49%
    SO Glad I bought the book 😉

  8. It’s just like my dad always says, “there’s no shame in asking!” I just paid off all my debt and it’s a really liberating feeling. So, as they say in The Power of Small, any steps you can take, no matter how little, to get closer to that goal are a real help.

  9. It would be great to have your book as an Audible book or a PDF file 🙂 Than it can be read/heard anywhere with an iPhone 🙂 I just got “The power of Less” from Audible and going to listen it for the next couple of days while traveling.

  10. Further proof that it never hurts to ask!

    I have had late fees waived just by calling and requesting that my card issuer remove them.