When I tried Capital One, it was a joke, they told me you can’t adjust anything unless you receive an offer in the mail. I’ve had this card for approximately a year and a half, and the balance is low enough that I can just pay it and cancel it, which I told the man. He then decided he would credit my account 60$, which I thought was pretty awesome.

I approached these customer service agents with extreme kindness, perhaps just try calling in and showing these CSRs a bit of respect and maybe they will just consider helping you out!

@ Caroline: I went through the same thing with TD Visa. I got their Emerald card with prime + 7.75%. I used to have some missed payments a few years ago (just finishing university and all) but none in the past 3 years. They said the account gets reviewed automatically on its anniversary, it’s not the rep himself that has any authority in that regard. Prime + 7.75% isn’t a terrible rate either, compared to what else is out there. Let’s see if they’ll do anything about it (or rather, let’s see if the computer will decide I’m good enough for a rate decrease) in January 2012

If you have a perfect credit score and you are a longtime customer, credit card companies will actually lower your interest rate without you even asking. RBC called me up, thanked me for my business, and knocked 5% off my interest rate on my no annual free card.

I was put on HOLD for nearly an hour only to have the person tell me that there was nothing that could be done for me even though I told them I would have to declare bancruptcy.

Any ideas from anyone that could help me get my rate lowered?

Thank you for your help!

My question is, is there anything I can do? Am I allowed to cancel this card and move to , say, CIBC Visa, that offers a 11.5% interest rate? I don’t have a great credit history, would the even take me? Does anyone have negotiation tactics? This is all very new to me and I am overwhelmed by my debt, tired of paying interest charges every month. I almost never use my card for the past year.

thank you to anyone who can help.

First of all, I tried this on a credit card I have (I know, I shouldn’t be carrying a balance, but that is another story). I called, the employee initially said no and then the supervisor said yes. I don’t believe it was a diabolical scheme- the first employee I talked to did not have sufficient training, knowledge and/or authority for the request I was making.

Second, I DID “take responsibility” and I WAS paying back what I “agreed to borrow”, however, the company arbitrarily raised my interest rate after the economy went down the tubes last fall. I don’t like your implication that somehow asking my bank/CC company to change their rates is interpreted as backing out of an agreed upon contract. These companies do this sort of thing all of the time when things things aren’t going their way. I’m supposed to suck it up without so much as an “annoying” phone call? If Gail has taught me anything, it is NOT “silly” stick up for myself.

I don’t think my story is unusual, at least not if you read Gail’s blog on a regular basis.