From time to time due to circumstances of a busy life, I’m forced to use a credit millionaire credit repair and debt reduction strategy myself.
Today was one of those times.
I have a personal Bank of America credit card that I’ve owned since 1998.
A year ago, I took advantage of a low interest rate credit card offer and transferred a balance at 3.99%. Then I set up my bank account to cover the minimum payment and promptly forgot about it.
That low interest rate expired, rocketing my rate up to 24.99% last month. I didn’t notice.
So my mandatory monthly minimum payment went from around $300 to over $1,000! I, of course, was still paying the $300.
So last month I called, explained what happened, promised to pay the difference, and they removed the late fee from my credit card. It took approximately 30 seconds, and I was $40 richer.
This month I decided to tackle that high interest rate.
Me: Hello, Here’s my account number, social, mother’s maiden name, the age I was when I got my wisdom teeth and the color of my first car.
BOA: Thank you for being a valued customer since 1998. How can I be of service for you today, Ms Fox?
Me: I was looking at my credit card statement and I noticed that my interest rate is REALLY high. Since I’ve been a valued customer for so long, I was wondering if you could do anything about it.
BOA: Let me take a look (pauses) well, there doesn’t seem to be a lower interest rate available on that account because you had a late payment last month. Try calling back in a few months.
Me: Well, the payment was late because the interest rate increased, and my payments go out automatically so I didn’t notice it. You’ll see that the late fee was removed and I immediately paid the difference in the minimum monthly interest payment when I noticed it.
BOA: That’s great, in a couple of months after making these payments, call us back and I’m sure there will be a lower rate at that time.
Me: Isn’t there anything you can do? This interest is killing me, and even a couple a percent will help.
BOA: Well, hold please and I’ll look into it.
(me, holding for an eternity)
BOA: Here’s what I’m able to do for you. I’ll reinstate that 3.99% interest rate until May of 2008. This will lower your monthly payment to around $300.
Me: thank you so, so, so much. That’s a big relief off my shoulders. You’ve really made me a happy customer.
That’s it. It was really rather easy. But take note. I didn’t take no for an answer the first or second time. I demonstrated that I was a responsible bill payer, and begged just a little. All the while I remained emotionally cool.
The credit card customer service rep was firm at first, but eventually became responsive and flexible. In the end, I got better than I bargained for. I would have been happy with even a few points reduction… and instead I got the original promotional low interest rate extended another six months.
It’s another example of the principle I mention in the credit millionaire system…. the Aladdin Factor. Just ask, ask in the right way, ask again… and if you need to, ask someone else. Eventually you’ll get your wish.
Donna Fox,
From Credit Repair to Credit Millionaire
If you like this script there are others in the course available at Credit Millionaire
3 Responses to “Credit Card Interest Lowering Script for Credit Millionaires”
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Hi Donna,
That’s a great script. Thank you. It’s amazing to me how we come at credit from such opposite viewpoints. I read your book and leaarned a lot. Just proves that you can’t know too much about credit.
Joy,
Jeanette
Hey Donna,
That’s great! The funny thing is - it’s that easy. Thanks for the script, makes it easy to understand.
Cheers,
Chris
http://www.37daystocleancredit.com
Donna,
I had the same thing happen to me with my Discover card account. I usually don’t carry a balance so I don’t really pay attention to the monthly rate. I know at one time that it was 6.99%. In January, I made a rather significant purchase and did not pay the balance in full at the end of the statement cycle.
Last month, I got busy and did not pay my bill on time. Actually I did, but online payments at the Discover Card website take 2 business days to post, so my payment was technically two months late. I got charged a late fee and my finance charge jumped to 24.99%. I called Discover, explained that I usually don’t carry a balance and have been a good and faithful customer for several years.
I told them that I will be carrying a balance for awhile and asked if I could get a lower rate. My credit score is around 750 so I thought my request would be honored.
I was told that my late pay is what drove my rate higher and that I have to live with it for six months. I also pleaded for a little relief and the customer service rep did lower the rate to 20.99 effective with the next statement cycle, but did tell me that I could not get another rate review for six months.
My goal is to pay off the outstanding balance in two more months, then call every six months until my rate is back to single digits. Until then, I just won’t carry a balance.