Last week we brought you a story we called 'the credit call', explaining a way to possibly lower the interest rate on your credit card. Since then NewsChannel 11 viewers made the credit call themselves.
"I saw your story the night that it ran. So the next day I told Frankie I was gonna call on my two credit cards that I had, and this absolutely, definitely worked," said Linda Olthoff.
The credit call is a simple phone call to your credit card company, asking them to lower your interest rate. We've received several e-mails and messages from people who tried it and say it worked. "I was surprised at how easy it was. All I said to them was that I'd gotten several offers in the mail from lower rates, and I would like to check and see. I'd really like to keep this card that I had, and I'd like to see if they could lower my rate, and they were just very receptive to it," said Linda.
Linda and her husband, Frankie, got three of their credit cards interest rates lowered. "One they lowered about 7 percent, and that was only for new purchases. The other two - one they lowered 3 percent and the other one 2 percent," said Frankie.
Frank Mendoza sent us an e-mail telling us AT&T lowered one of his cards from 14.76% to 6.99% for the next 9 months. Another of Mendoza's cards with Chase Bank lowered from 14.99% to 12.99%.
The credit card representative at Chase told Mendoza, customers can call back every 5 billing cycles. As long as you've paid all your bills on time they're willing to look at lowering your rate again. In about 6 months, it might be worth making the credit call again to see if you can lower your interest rate a second time.
As the Olthoffs learned, it can't hurt to ask. "I'm glad I did it, and thank you for doing the story," said Linda.
Here is the script they used to get their interest rate lowered:
"I'm a good customer. I received some offers in the mail from other companies with lower percentage rates. I was really wanting to lower the rate on my card. Can you help me?"
One Call Could Save You Money On Credit Card Bills
During tough economic times every penny counts. NewsChannel 11 has a tip that could save you money on your credit card bills.