Released: May 11, 2008

Persistance pays off in lower card rates

Source: Kiplinger's [Washington Post] (Free Registration)

Sam Sweet has become a master at getting credit card issuers to cut the rates on his cards. Over the past several months he has persuaded Capital One to roll back his interest rate from 12.9 percent to 7.9 percent and gotten Chase to reduce its rate from 17.9 percent to 11.9 percent, and he got Washington Mutual card to cut his rate from 23.9 percent to 11.9 percent.

What’s his secret? He has a stellar credit record, has owned each of his cards for more than two years and has never had late payments. It also helps that he’s very persistent.

First, he calls the customer service department and asks for a lower rate. “Naturally, they say there’s nothing they can do,” says Sweet. So he asks for a manager - who says there’s nothing he or she can do, either.

Read Full Article: Persistance pays off in lower card rates