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Ect., Financial Sense/ Money Matters, Helpful Tips/Advice/Recipes, Mommy Musings: Thoughts and Opinions

Save money on your credit card

I have to thank the advice of budgeting guru Gail Vaz Oxlade. On her show Til Debt Do Us Part she advised couples to call their credit card company and ask for a lower interest rate.
“You can do that?!” I thought. “No way!” I mean why would they do that? But, I spoke to a couple of people who convinced me so I decided to do it. I mean, what’s the worst that could happen? They say no?
So I called and asked. Guess what? They did it! Not only did they lower my interest rate from 21% to 16%, they set me up with a 1% cash back card. This doesn’t sound like much, especially since I am not a heavy credit card user, but every year it saves me about $100 bucks off my bill.

So, go for it. Pick up the phone now and call. What have you got to lose?


About Shannon

I am a university educated full-time working mother of four children. Proudly Canadian, I freeze my butt off along with my loving partner, two dogs and a cat. I hope you enjoy reading my posts as much as I love writing them, but if you have nothing nice to say, don't say anything at all.


8 thoughts on “Save money on your credit card

  1. Isn’t it crazy?! I actually found this out when I closed a credit card account (it was paid off) and they begged me to keep it open and offered me a lower interest rate! You’ve got to be kidding! Now that I’m LEAVING?! haha I still closed the account but it taught me a great lesson. ASK. πŸ˜‰

    Posted by Valerie | April 20, 2013, 1:47 am
  2. What???? Why was your credit card 21% to begin with??? What kind of card is that? Yikes!

    Posted by Sarah | July 5, 2013, 9:08 am
    • I think that’s fairly average for most non fee credit cards (obviously some lower some higher). I think it was 18% when I got it but it went up over the years.
      Since I didnt usually have a balance the interest rate didn’t matter.

      Posted by Shannon | July 5, 2013, 11:23 am
  3. I’m so glad you pointed out the interest rates you had/have now. I got hundreds and hundreds of these phone calls working in banking and yes, I helped many people like you… But I also got people who wanted their rate lowered when they already had 7-12%! Then I’d get cussed out and here all kinds of “I’ve had my car for x years and I have A+ credit and I’ve been with your bank since 19xx and I have umpteen thousand dollars…” SO frustrating.

    Posted by Heather C | July 5, 2013, 10:06 am
    • Yikes, sorry to hear that. I would never do something like that. I have worked in hospitality and retail and I love how people think by being mean to you you are going to want to help them more!
      This is actually an old post that got republished for some reason (my phone is acting up). At least people are reading it! πŸ™‚

      Posted by Shannon | July 5, 2013, 11:25 am


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