I called two of my credit card companies, followed the advice from The Simple Dollar, and in fifteen minutes reduced one credit card’s interest rate from 18.99% to 11.24%, and the other from 20.24% to 18.24% (not as big of a bang, but I received advice from the rep to call back every two months to continue to reduce the rate, as they base rate reductions off of payment history at a specific rate – basically, they’ll reduce it by 2% every time I call, every two months). There was no fuss, no argument, and the reps from both companies were exceedingly polite and happy to help. I do believe, in this day and age, they’re pleased to assist folks into a better financial position, if those folks are just willing to continue to pay their bills.
Head’s up, those interest rates can change at any time for pretty much any reason (late payments are the most typical reason, but my rates changed based on an adjustable calculation of prime plus x%), so you really need to keep close tabs on it to make sure you’re not getting burned.
There you go, my Public Service Announcement for the day!