[USER]

Is it true that credit card companies will sometimes waive monthly interest if you call and ask nicely?

I have a Capital one card I’m trying to get paid off, but those $200/month interest charges make it a lot more difficult.

I’m curious if anyone has had success with this:

I’m looking for personal experiences and any tips or strategies that worked for you.

Did you approach them through a phone call, email, or another method?

How did you frame your request, and what was the outcome?

Any advice on the best way to communicate with them and increase the chances of a positive response would be greatly appreciated.

Thanks in advance for sharing your insights!

[Christine]

They will sometimes waive late or other fees if it’s a one time thing but not interest.

They’re not in the business of helping people.

[Phillips]

Sometimes you can move the debt to an interest free loan or card.
Also check for state programs-

you can’t have a credit card anymore but they take your debt and you can pay it interest free.

[Bridgette]

I asked my cc for some help and they removed all interest on purchases for the next year.

I have discover

[Emily]

Usually the terms state that they can lower future interest rates but not from charges you’ve already incurred

[Megan]

Fees, on rare occasion. Interest, no. Sometimes they will lower your interest rate if your credit score has improved.

[Lisa]

Check nerdwallet and see if any 0% or low balance transfer cards? Or does that not exist anymore.

I’ve been out of the loop in credit cards recently.

[Meg]

Mine did but I was behind and on a repayment plan. All interest still due but they paused interest for the 9 months it took me to pay it off.

[Deborah]

Mine did. They closed the account and spread my balance over 60 months with equal payments.

I had to sign a contract stating that if I missed a payment, I would have to pay back all interest that would have accrued.

They would rather you pay the debt than declare bankruptcy.

[Susanlyn]

Transfer it to a six month zero interest card.. pay it off and be careful with uing that card again as normal interest rte after the 6 mo might be high.

[Tara]

Discover had a hardship program that was like half the interest rate if paid off in 6 months.

But you weren’t able to use the card and you had to call them and they can decide to reinstate you.

It helped me a lot!!!

[Heather]

I have had an interest fee waiver when it was applied in error. Like I made a payment for the full balance on the due date and then they charged me interest.

If you are nice about it and explain the error they will remove it, but I don’t know of anyone getting the interest removed other ways.

You can always call and ask if there is any way they can reduce the interest.

[Jill]

As long as you are paying, it’s my experience in the last 4-5 years, they won’t negotiate at all.

Years ago was different.

[Joanne]

Somebody told me a while ago that credit card creditors really hate it when card holders pay their cards regularly and on time.

They like it when card holders get behind or pay their bills sporadically.

[Debbie]

I have heard they are more likely to do it if you are behind in payments, which is kind of a bad spot to be in.

But hey, it never hurts to call and ask?

They may ask you to close the card (for more charges) if they do lower your interest rates.

[Sarah]

You may have to do the credit card shuffle by applying for a balance transfer to a other card that offers an introductory no interest rate for 6-12months

[Author]

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