With the latest news calling credit card debt as the next crash to come...I've been mulling through my choices on my one credit card with a big ol' balance which happens to be Citibank. I've taken to calling my creditors for their advice. Heck, they're getting bailed out, right? I thought maybe I would see if they are willing to share the love. Surprisingly, they are.
We have three credit cards. Only one has a balance, but it's a doozy. We relocated recently and foolishly (I know, I know) we used this card too much. I've always had 7% on this card. Not a bad rate, but I thought I'd see what Citibank was willing to do.
Three months ago I called and asked for a better rate. I pointed out that I have held this card for quite a few years, had been pretty good about paying regularly and asked what they could do. Initially, customer service claimed there was nothing they could do. I asked to speak with a manager. Almost immediately, the manager told me they could drop my rate to 5.25%. That was it. I almost fell out of my chair. Effective immediately.
Of course, last month, I was 6 days late on my minimum payment. They jumped my rate to 29.99%. Yesterday, I called and again, asking for a manager, asked what they could do. Now they have given my 6%. I could not believe my "good luck" relatively speaking.
Now I'm going through my list of regular monthly bills to see who else will be willing to find a better deal...I have been successful with my internet/tv/phone service, auto insurance and the bank that holds the mortgage on our rental income property (we can't sell it) have all negotiated new terms.
So, I'm just saying....give it a try. You never know. Hang in there.