Has anyone successfully renegotiated their credit card interest rate?

PlanesTrainsAutomobiles said:
ABSA gave me this reply when I asked to do so:
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Every year you hear of another bank opening.
More banks, more competition in my opinion. Competition will force Banks to renegotiate better interest rates on all products to keep customers loyal.

Our business manager at the bank contacted me earlier this year out of the blue for a largeish overdraft facility at an interest rate close to prime, not caring to check now. All I had to do was sign an online form and done.
In the past I'd have asked for a better rate, and they told me the same story about your profile, credit division or whatever. It's all BS as far as I am concerned.

The dividend yield on the 4 big banks in South Africa tells me they're making enough profits already and have room to negotiate with customers.

It'll become dog eat dog with Banks too, like is the case in the retail sector right now, with several retailers not being able to pay dividends to shareholders while trying to keep profitable.

The world has changed, not always for the better, but I think the consumer may well get some relief even if it's better interest rates.

Imagine being able to negotiate with SARS.
 
Do some shopping around and threaten to move. At some point you'll likely get to retentions department that'll have more authority to sweeten the deal (albeit with hard sales; beware of being screwed over).
 
Just my advice but don't ever use a credit card for loans. It's expensive as hell and you are just throwing money into a fire.

There are much better options for loans.
 
Yes, and no.

Yes from FNB - sent them my Discovery credit card statement, and they immediately dropped the interest rate by 2%.
No from Discovery Bank - they gave me the "Credit card interest rates are determined based on the customer's credit profile and are generally not negotiable." response as well. They actually suggested I pay the balance, close the account, and reapply for a credit card to see what interest rate they can offer me.
 
I was not even aware you could do it, not that I have CC debt anyway. 😮
 
dj_jyno said:
Yes, and no.

Yes from FNB - sent them my Discovery credit card statement, and they immediately dropped the interest rate by 2%.
No from Discovery Bank - they gave me the "Credit card interest rates are determined based on the customer's credit profile and are generally not negotiable." response as well. They actually suggested I pay the balance, close the account, and reapply for a credit card to see what interest rate they can offer me.
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Typical Discovery response... they are knobs
 
In my experience the best way to negotiate any interest rate is not to use it in the first place and failing that pay the money back as quickly as possible.
 
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