After reading our posts about getting your credit card APR lowered by threatening to do a balance transfer to a lower rate credit card, Brandon got his Citibank Mastercard APR lowered from 15.74% to 1.99%. It’s an introductory rate that goes up to prime plus 4.99% after a year, but it’s definitely worth it for the time being. A factor that probably helped him was the $10,000 balance he was carrying, making his business more valuable to Citibank.

Writes Brandon, “They probably saw the ten thousand dollar balance and figured it was worth it not knowing that 3/4 is tuition that the company pays back next month.”

Shop around first for a lower rate card first so you can throw out names and numbers of better offers. If they call your “bluff” and don’t budge, then it will probably make sense to do the switch anyway.

(Photo: What Rhymes With Nicole)

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