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Author: PlasticLeo Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308881  
Subject: Re: How to instantly lower your CC intrest rate Date: 6/15/2000 12:15 AM
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Recommendations: 1
First, I'd like to thank SailorMarz for the tips on lowering my CC interest rate. It works! (well, at least one out of two)
I called my Chase CC on Monday, and did exactly what SailorMarz wrote, here's how it went:
% "How can I help you today Sir?"
$ "I would like to close my account please."
% "Let me transfer you to an account specialist."
% "How may I help you?"
$ "I'd like to close my account please."
% "May I ask you why?"
$ "I'm not happy with my current APR and I'm doing a balance transfer to a CC with lower APR."
% "Could you please wait for a moment while I'll get you my supervisor"
% "Hi... my name is ___ I understand that you would like to close your account because you are not happy with your current APR? If I can offer you a better APR would you consider staying with us?"
$ " Well that would depend on what the APR would be..."
% " May I ask you how much the APR on your other CC?"
$ " 2.9% introductory rate and a 9.9% fixed APR afterward..."
% " I will give you a fixed interest rate of 9.9% should you decided to stay with us and you can always check every now and then for a balance transfer special that we offer since you are our preferred customer." (laughing nervously every now and then, trying to be polite & friendly I guess)
$ " Hmmmm... Could you give me one minute?" (I was ROTFLMAO) "Would that be 'purchase' or 'cash' APR?"
% "That would be your purchase APR, unfortunately I can't lower your cash APR by that much... Your cash APR would be 9.5% + 14.9% Sir."
$ "What good would that be then?"
% " Well, you could transfer your balance to that other CC and once their introductory APR expired as a preffered costumer you will get a 9.9% fix APR when you transfer your balance back to us that way you will save a lot of money. And just as a reminder, always check with us for special on balance transfer."
$ "Well O.K. then, I will keep my account for now. How soon will you send me a confirmation?" (I wasn't about to get greedy, after all my APR was 24.49% on purchase and 25.49% on cash)

So, that's how it went with my ol' pal Chase. But things went a little different with my CitiBank... It went something like this:
% "How can I help you today?"
$ "I would like to close my account please."
% "Let me transfer you to an account specialist who can help you..."
$ (Here we go again...)
% "My name is ___ How can I help you?"
$ "I would like to close my account please."
% "May I ask you why?"
$ "I'm not happy with my APR and I am doing a balance transfer to another CC with much better rate."
% "I see... We will send you the confirmation and you should receive it within 5 working days."
$ (Duh! What went wrong?) "Thank You."
Click..
Fortunately my wife just got this platinum card that has introductory rate of 2.9% and a fix rate of 14.9%, so, this morning I transfered the balance from my 20.650% CitiBank to my brand spanking new platinum card. I am still ROTFLMAF everytime I remember how things went with CitiBank.


Ciao

PlasticLeo

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