DebtGoal is a new site that helps you track and manage your debt-reduction goals (as opposed to a debt settlement company). After the free trial, it runs $11.95 per month. One of the things they do is try and guide you to lower the interest rates on your credit cards. Here’s a sample script that you can try out yourself for free, which is quite simple but probably also effective:
Hello, my name is _______________. I have been a cardholder since ____. In the past few months, several credit card companies have offered me lower rates than my current rate with you. I value my relationship with you, but I would like you to match the other offers that I have received and reduce my interest rate by ___%. Are you authorized to adjust my interest rate?
It can be handy to actually have offers or other cards in front of you that really have lower rates. Depending on their response, you could also throw in one of these:
- “Are there other people who have the authority to lower my rate? May I speak with them?”
- “Do you have a promotional rate that I can take advantage of?”
- “What would I have to do to get a lower rate? Can I call back later when I meet those criteria?”
- “Can I qualify for a hardship program?”
Any other success stories or tips?