V-Flyer

Hi there,

Has anyone had any success in getting the interest rate reduced on their AmEx? Just wondered if its worth me even bothering to ask...?

G.

Originally posted by GrahamN
Hi there,

Has anyone had any success in getting the interest rate reduced on their AmEx? Just wondered if its worth me even bothering to ask...?

G.

Is that something that you can actually do? I thought that once you had the rate then that was it!!

If you cannot pay your balance in full, I would apply for a 0% APR card and balance transfer from your Amex to the free card before your payment due date.

You will miss the savage interest on your Amex and still get miles...

Just a thought....

If you can get someone who actually understands English (due to the o'seas call centers), the first thing you'll probably hear is silence, followed by not much help, if you are in your first year of having the card.

If you've had the card more than one year, you will probably get questioned rather sharply as to why you need the interest reduced. It's theoretically possible, but usually only offered under special circumstances, such as a pending default or other financial woes.

If they do choose to work with you on this (and I don't hold out much hope), you may see your current limit lowered at the same time, or get a phone call from Amex upon every transaction over a certain dollar amount.

TBH, if the interest isn't what you are willing to pay, you will probably be asked if you'd like to switch to another Amex card, or to another card altogether.

I know there are lots of websites which mention doing this to all your card companies to save on usurious fees and such, but with Amex you can usually forget it. Sorry to bear bad news. You can try anyway - I could be wrong and you might save some money!

I've had mine reduced twice, I'm now on 7.9, you need to speak to retentions department - they should shift on the rate if you say you can get better elsewhere but they won't budge on the annual fee.

Thanks all, that was the lines I was thinking Andy. I can pay the rate, but everyone is always keen to get a good deal!

G.

Originally posted by AndyK
but they won't budge on the annual fee.

Not necessarily so......

Thanks all, this has provided the posting I thought. In that everyone has a different perception of what MBNA will and will not do.

G.

Originally posted by sailor99

Originally posted by AndyK
but they won't budge on the annual fee.

Not necessarily so......

I'm not jealous

Just to be clear, I don't have a MBNA amex any more. However I do have Amex and do not pay annual fees. The OP was about amex as I understood it, rather than MBNA amex