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Joey asked
<<Wondering if anyone can pass on suggestions as to how I can negotiate lower interest rates on major credit cards when I carry a high balance and don't see where I have alot of negotiating power?>>

Tony suggested
Actually, the best way is to wait until you accumulate some good offers in the mail, and then use
those rates when you call your card issuer to ask if they can at least match it.

Sometimes, it's a good approach to give them the ultimatum that they either match the rate, or you'll take the other offer. However, if you do that, you need to be prepared to follow through on it--which may not be a bad thing.>/i>

You might want to apply for and get a low rate card then you put it in a safe so you don't use it. Now you call up high rate CC company and say, "I have in my hot little hands a 9.9% fixed rate card with a zero balance. Would you like to beat or match that rate, or do I make yours a CLOSED ZERO BALANCE account?"

There's nothing wrong with just calling up your card issuers and asking them if the rate could be lowered. If you've got a good history with them, it's very possible that they'll be able to do something. Worth a try.

Yup, never hurts to ask. If nothing else use the call as a fact finding mission. Oh, you can't lower my rate because of payment history, what would it take on my part before you could? I see, 3 more months of on-time payments, I will call you again in March.

~~paul
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