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Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: APR Reduction Date:  10/4/2019  4:48 PM
Author:  aj485 Number:  312679 of 312825

I was curious if other people have had the experience of being declined an APR decrease and what strategies can be used to motivate the lenders to negotiate on those rates.

The best option is to pay it off yourself.

The second best option is to transfer the balance to another card, and see if they give you a balance transfer offer to get the money back.

When both the rep and the supervisor say "we aren't negotiating anyone's rates" - it's probably a corporate thing, and you aren't likely to get them to negotiate. And if you look at what's going on in Britain right now with Brexit and the overall condition of British and European banks, I'm not surprised that Barclays isn't negotiating. (You did know that Barclays is a British bank, didn't you?)

In fact, I wouldn't be surprised if, rather than giving you a balance transfer offer to transfer money back, Barclays decided to close one or two of your cards after you pay them off, especially if you don't use them. So I would suggest leaving a small ($1000 or less) on each of the cards, and leave them until last, if you want to keep those credit lines to help bolster your credit score while you are paying down the debt.

Right now I'm the perfect customer for them; ie, I pay the minimums and keep accruing interest … so I feel like I have no leverage.

Ding, ding, ding - we have a winner! You're right, you have no leverage with Barclays - which is why, if you want to find a lower rate, you will probably need to move the money to another card.

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