Get Help Negotiating a Lower Interest Rate – Review of Negotiatemyrate.com

NegotiateMyRate.com is an excellent tool from the DIY debt reduction site Debtgoal.com that helps you negotiate for a lower interest rate on your credit card.  It’s an interactive tool consisting of the largest credit card companies and and average reduction percentage that actual customers have negotiated with their respective card companies.

First of all, the site  outlines the type pf person that might be successful at negotiating their interest rate lower:

1. You’ve been a good customer and have at least 6 months of on-time payments.
2. You’re going through a hardship and may not be able to make your payments.
3. You have an offer for a card at a lower rate, but don’t want to pay balance transfer fees.

If you fit one of these, you’ll probably be successful at getting the credit card company to lower you rate.

How to Use NegotiateMyRate.com

First, find the bank that holds your credit card and type your current balance into the box. As you enter your figure the potential savings box automatically fills with the amount you can potentially save.  This is not to say it is a done deal. If you have poorly managed your account, for example missed payments regularly, then you may not be offered as much, but these handy calculators certainly clear up that doubt that you will not actually be saving that much surely.

For example, currently the top bank is Bank of America, who potentially can lower their rate by 11.1%. Below this other banks file in, sitting position wise of highest to lowest rate reductions.

A balance of $4000 could at 11.1% (if you are a Bank of America customer) lead to savings of $2460. Now that is not to be sneezed at, and even with American Express where the best rate reduction is 2.5% you are still looking at $554.

How NegotiateMyRate.com Can Help You

Once you have read all their useful guides, such as remaining calm and polite when dealing with staff (and remember that this is not a right, so you may not get it), and you have used the calculator to find your saving, click the negotiate button. The only downfall of this next page is that you will have to reenter the amount you owe.

The page has three categories of information: what to say, what to know and what to ask.

On the What to say tab, it gives you scripts to use so you can have a little confidence when you speak the bank rep. After you make the call and ask for a lower rate, you can leave your experience on the site.

Reading comments left by others will also give you a good idea on how successful you will be.

Basically it has a whole cheat sheet, so you can simply call the credit card company with your laptop in front of you and hopefully be successful. Helpfully each bank has a success rating too, so you have some idea before you begin how likely you are to achieve anything.

Be sure to check out: How to Negotiate With Credit Card Companies