Any tips on renegotiating credit card interest?

[SMEGMA STENCH]

I have a credit card that has a $5k limit on it. Currently the balance is about $2,500. Over the next 3 months I'm going to pay that off. I got it back when I was new to the credit world and had no credit at all, good or bad. The interest rate is a whopping 22.5%.

The card started with only a $1,000 dollar limit and they have given me a credit increase every year since I've had it. Each year they increased it another $1,000 until it reached the $5,000 that its at now. In an effort to get me to spend more so they could make more, no doubt. But I never fell for it. I just kept it somewhere around the $2,500 mark that its at now. So I'm hoping that I'll have some bargaining room when I pay it off. I plan to leave it fairly close to the $0 balance mark for about 3 months so the credit bureaus can refresh their data on me. Then I'll call the credit card company and ask them to cut the interest rate in half.

Anybody have any experience doing this? Will they even negotiate, or will they tell you to just reapply for another credit card with them? It seems like they'd rather keep a seemingly valued customer, and make SOME money rather than have me walk and cancel the card and then they make NO money. Cause at that point, I've got a few options. I can go with someone else who isn't so greedy and they'll be happy to take me.

[zachary]

It seems like they'd rather keep a seemingly valued customer, and make SOME money rather than have me walk and cancel the card and then they make NO money.

...you owe a debt. Pay it at what you agreed too. Not there fault you agreed to an outrageous amount of interest! You are part of the problem!

[SMEGMA STENCH]

Please read the post you replied to. And understand it this time.

[Ted]

...you owe a debt. Pay it at what you agreed too. Not there fault you agreed to an outrageous amount of interest! You are part of the problem!

I'm confused. He did say he would try renegotiating after paying it off.

[Pro88LX]

...you owe a debt. Pay it at what you agreed too. Not there fault you agreed to an outrageous amount of interest! You are part of the problem!

hes not saying hes going to let it go into default, he said he is going to pay it off, and either ask for a lower rate or cancel the card. Seems responsible to me. Hes paid good for 5 years or whatever, i think hes proven he deserves a lower rate. He can probably open a new card with less than 1/2 the APR now.

[Sleeper]

Get rid of the card and get some sort of rewards card.

[SMEGMA STENCH]

hes not saying hes going to let it go into default, he said he is going to pay it off, and either ask for a lower rate or cancel the card. Seems responsible to me. Hes paid good for 5 years or whatever, i think hes proven he deserves a lower rate. He can probably open a new card with less than 1/2 the APR now.

Yes I will get it down to near $0 balance and try to renegotiate the interest. I wanted to find out if anyone here had ever successfully done this. Or if its known whether or not they'll even do it. I can imagine banks telling people to just pound sand and cancel the card if they don't like the rate.

[Pro88LX]

Get rid of the card and get some sort of rewards card.

this. I have a bofa cash rewards that gives me 3% back on fuel (i commute 80 miles a day in a T/A. Also have an amex that gives me airline miles.

[Sleeper]

Youll be able to get it down some, But unless its significant, youll prob be better off starting with a while new card.

I never carry a balance on credit cards. I pay them in full every month.

[71chevellejohn]

Look for a new card that you can transfer that balance to at 0%. Then pay it off the balance on the new card. You can still keep the old card active so you don't lose an old line of credit which could negatively effect your credit.

[90MarkVII]

OP,
Don't wait til it's paid off to ask for lower interest rate. Most CC companies will lower the % -if you ask- every 6 months until you reach their lower limit.
You have nothing to lose by asking.

[90MarkVII]

...you owe a debt. Pay it at what you agreed too. Not there fault you agreed to an outrageous amount of interest! You are part of the problem!

Derrrrrr.......

[jakesford]

Don't cancel it unless there is an annual fee. Having open revolving credit lines is a good thing for your credit score. I probably have 8-10 open credit card accounts, but I only use one (chase cash rewards) and pay it off each month.

[UserX]

Look for a new card that you can transfer that balance to at 0%. Then pay it off the balance on the new card. You can still keep the old card active so you don't lose an old line of credit which could negatively effect your credit.

This! Good luck, OP.

[Pro88LX]

Look for a new card that you can transfer that balance to at 0%. Then pay it off the balance on the new card. You can still keep the old card active so you don't lose an old line of credit which could negatively effect your credit.

Yea make sure you keep the old line active for the length of tradeline. put a tank of gas a month on it and pay it off every month to maintain activity