Get Those Credit Card Rate increases Canceled

A Kiplinger reader shares his strategy for getting ridiculous rate increases on his three credit cards rolled back to their original rates. It’s a technique that’s probably familiar to a lot of Consumerist readers when negotiating for lower rates in general: be polite but unyielding, know where you stand as far as leverage (it helps to have a perfect history with the company), start with basic customer service, and then escalate as needed.

The plan, as always, is to give customer service one chance to provide they help they’re supposed to provide, and then to manage the situation so that you end up in the hands of executive-level customer service—usually by calling a corporate number and trying to speak directly to an executive.

At that point, he’s usually transferred to Escalated Customer Service. “Here you tone down your act and say you can’t believe that the company treats consumers this way and that there are other companies that want my business,” says Sweet. “Always remember to be nice here.”

The next step is the same every time. “They will say they need to look into it and will get back to you,” he says. “They always do. I figure it’s during this time that they look at your account and see how much money they will lose if you go elsewhere. That is why I assume that having perfect credit with them is important.”

“Lower Your Credit-Card Rates” [Kiplinger]
(Photo: Getty)

Want more consumer news? Visit our parent organization, Consumer Reports, for the latest on scams, recalls, and other consumer issues.