How to ask for a discount
On a recent call with my friend Angie, she shared that the interest rate on her credit card is 19,99%. And that she was having a hard time to pay this off even though she puts down more than the minimum each month.
Angie and I set up a conference call and called the credit card company to ask for a discount. During this call, I realized that there are a few ways that a call like this can go, so I documented the flow of the call and wanted to share the step by step instructions with you.
Here’s the step-by-step script of how you ask for a discount
YOU: Good afternoon, my name is (say your name here), and I’ve been a (name of card issuer) customer for (number) years. Here is my credit card number (relay the number to the customer service rep)
I feel that I have been a good customer, and I’d like to keep doing business with you, but the interest rate on my card seems high and I’d like to talk with someone about that. Is that something you can help me with?
CUSTOMER SERVICE REPRESENTATIVE (CSR): Let me take a look at your account.(we hear the CSR is clicking her computer mouse) Unfortunately I am not able to provide you with a discount as you have quite a bit of debt with us.
YOU: Yes I know that I do hold debt but I am looking for some help. Can you please transfer me to supervisor of loyalty dept? I need someone from your company to work with me to help me.
CSR: Just a moment. .
MANAGER: Hello Angie, my name is Pascale I understand that you are looking for a reduction in the interest rate, am I correct?
YOU: Yes Hi Pascale, I’m interested in talking with someone about lowering my interest rate on this credit card.
MANAGER: Ok can you please tell me what you are looking for?
YOU: Pascale. I’ve been a loyal (enter card name here) member and feel my APR should be lowered. (Lay out your case for why you’re a good customer and how your situation may have changed since you first got the card.) I’d like a rate closer to 10 percent.
From here, the conversation could go several ways. If they agree to what you want, say thank you, ask for written confirmation of the change and ensure that the change is immediate, hang up and give yourself a high-5.
If they do not agree, here are a few other things that you can say
YOU: So, what can you do to help me today?
MANAGER: Well, let me see what we can do. Yes, I could give you an interest rate of 11.5% for the next 12 months. And you need to have a monthly payment of at least $165.
YOU: Perfect this is very helpful, thank you. When will this new interest rate start?
MANAGER: Immediately, I am changing this for you now.
YOU: Thank you and I appreciate your help Pascale.
MANAGER: It’s really a pleasure we understand the current situation with Covid-19 has put pressure on our customers and are looking to work with our clients.
what to say if they refuse to lower the interest rate
YOU: I’d hoped we’d be able to reach an agreement on this, but if you really can’t give me a better rate, then I’d like to close the account and finish paying off my balance.
MANAGER: OK, I’ll make that notation on your account.
YOU: I’d also like to receive written confirmation that I have indeed closed this card. Can you email me at (share your email address)
The bottom line
Carrying a credit card debt is not ideal, especially if you are only able to pay the minimum balance. The best way to avoid interest charges, is by paying your full balance by the due date.
If you do find yourself in swimming in credit card debt, getting on the phone with the company to see if you can get a reduction in interest rate can be a good start in paying down your credit card debt.