And Today Negotiated An Interest Rate Reduction Of 8%

Today I did something a little irregular, or perhaps not too irregular, but something that all of us(especially if you have any credit debt) should not be afraid to do.
After recieving a letter in the mail stating that my interest was about to go up to a whopping 20.99% I decided that I would call Canada Card Services(the operator of MBNA’s credit services)and demand an explanation for their gross rate increase.
After initially speaking with a service rep who had no ability to tell me why the increase had taken place I asked to speak with his superior. I told her that I found it disgusting that my interest rate would increase on the card, and she spoke with her manager who told her there was nothing she could do about it. Then I told her that she could give me my balance and I would pay it off first thing in the morning and cancel the credit account entirely at which oint she replied, hang on, let me talk to my other manager.
After a 3 minute interval or so she came back on the phone and announced with some excitement that they were sorry and they would REDUCE my interest rate a whopping 8% ….just because I told them they would lose me a customer and make absolutely zero in interest from me in the future.(the card is basically paid off every month but they intended on charging higher interest for purchases that I make for my business.)
All of this leads me to believe that all of the card companies could offer rate reductions…if they wanted to. So, I encourage all Canadians(or wherever you may be)to get on the phone, and bargain your way to lower interest rates on your credit cards…it’s worth a shot anyways.


  1. Anonymous
    Posted August 21, 2008 at 6:32 pm | Permalink

    Lucky you.

  2. Anonymous
    Posted August 22, 2008 at 9:58 am | Permalink

    Lucky? There was no luck involved. He got up off his ass and DID SOMETHING. If more people did that rather than just lying down and taking it the world would be a better place.

  3. Anonymous
    Posted August 22, 2008 at 12:08 pm | Permalink

    can you call mine for me:)

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