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

By: Bobby

Bobby — Tue, 28 Jul 2009 22:57:37 +0000

I love hearing these stories about how people negotiated their APR. Another thing to think about if you are carrying a massive amount of CC debt is debt settlement. I work for a debt settlement company, and we love hearing how people are able to negotiate interest rates. Lowering APR is a great way to lower your debt in the long term.

By: Molly

Molly — Mon, 29 Jun 2009 19:43:28 +0000

I tried this with 2 cards following the script in the book. Both of the customer service reps I talked to said they weren’t offering any other rates at this time. I even said I had other offers, was going to close my card, etc, etc. Perhaps I will try again and ask for a supervisor.

By: Ramit Sethi

Ramit Sethi — Sun, 07 Jun 2009 02:26:19 +0000

You can get my book here. Thanks!

By: Lysle Sutfin

Lysle Sutfin — Sat, 06 Jun 2009 21:16:37 +0000

Nowhere in this e-mail do you give the title of your book so I could buy it in a book store, nor is there a place to order it here on-line. I would like to buy a copy if it is in the price range mentioned by one of the people giving a comment in this e-mail.

By: Homer

Homer — Sat, 30 May 2009 00:12:14 +0000

Be careful – if you’re carrying a lot of high balances this can actually hurt you. I’ve racked up quite a balance on one of my credit cards, and when I called to ask for a rate reduction, they ran a review of my credit. Not only did they reduce my APR, but actually DECREASED my credit limit!! Those fuckers. I would have been better off not calling to request an account review.

By: Melissa

Melissa — Thu, 28 May 2009 18:25:32 +0000

I only owe a little over $400 on my CareCredit Card, and having been making regular, much-more-then-the-minimum payments for over a year. I tried this and they refused to lower the APR at all! The said it’s non-negotiable. I even waited on hold for 45 minutes to speak to an escalation rep. who said the same! They gave me the number for a credit counseling service!

By: Spencer

Spencer — Tue, 26 May 2009 20:31:53 +0000

So I ordered IWTYTBR a few weeks ago from Amazon (still waiting for it btw) after reading the first chapter online (thanks Ramit!) and decided to give calling the credit card company to lower my APR a try. My initial APR was 16.99%. I followed Ramit’s script and the agent told me that he could give me 14.99%. I persisted (cuz that’s what Ramit would do) and got transferred to an account specialist. I told the new agent that 14.99% would not be good because I have a high balance transfer (2.99%) on the account and from what I understand, the payments go toward the lower APR first. I explained to him that I would like to continue using the card for future purchases without worrying about my finance charges going higher and higher. He told me that he understood and offered me 7.99% for the next nine billing cycles. UNBELIEVABLE! I asked to have the rate put permanently in place but he said that it wasn’t possible, probably because of the new CARD Act Obama signed the other day.

By: the weakonomist

the weakonomist — Thu, 21 May 2009 17:29:37 +0000

If I could get my fiance’s rate lowered 5.75% we’d have a card with a little under 2%. My card is already below 12%, but I don’t carry a balance. I’m shocked anyone with a credit score higher than 600 hasn’t demanded a rate below 15%.

By: Debbie

Debbie — Wed, 20 May 2009 14:47:54 +0000

Without fail, every time I’ve called to to request to lower my interest rate, I’ve been told no due to the economy. Often followed by a letter within a month to raise my rates to prime plus. I am currently paying at least the minimum , on time and was agressively paying the highest interest rate down. I’ve been scolded for not carrying a balance, and for keeping unused card locked in a safe. (They requested the three digit number on the back of the card to verify I was holding the card). I just got one letter saying that rates were being increased to increase THEIR profitability. Very frustrating. IF this is the change promised, Obama needs to rethink this strategy.

By: Richard

Richard — Mon, 18 May 2009 18:10:09 +0000

These negotiation techniques really work. I recently received a notice upping the rate on a card with a $4k balance by 10% – just because they are sending out notices to everyone. I’ve been a good customer and always been on time. Called them up and actually got my rate locked in a lower one than I have been paying. Decided to call up my insurance company immediately following and got my motorcycle insurance reduced as well.

A lot of cc companies are sending out notices to increase rates and threatening that opting out will end up in closing out the account. I kept a friendly tone with the guy on the line and kept asking if there were other options and ended up reducing my rate. Same thing with the insurance company. Lesson for me is that it never hurts to ask and be firm. These two calls will save me hundreds of dollars.