How Persistence Paid Off In Lower Credit Card Rates

Sam Sweet has become a master at getting credit card issuers to cut the rates on his cards. Over the past several months he has persuaded Capital One to roll back his interest rate from 12.9 percent to 7.9 percent and gotten Chase to reduce its rate from 17.9 percent to 11.9 percent, and he got Washington Mutual card to cut his rate from 23.9 percent to 11.9 percent.

What's his secret? He has a stellar credit record, has owned each of his cards for more than two years and has never had late payments. It also helps that he's very persistent.

First, he calls the customer service department and asks for a lower rate. "Naturally, they say there's nothing they can do," says Sweet. So he asks for a manager -- who says there's nothing he or she can do, either.

Next he calls the company's corporate office. "Ask for the president," advises Sweet. "If you know his name, that's even better. Be stern and firm." When asked why you're calling, "explain that you can't believe the company has such horrible customer service."

That tactic usually gets Sweet transferred to escalated customer service. Remind the customer-service representative that other card issuers want your business, and "remember to be nice here."

The response is always the same, says Sweet. "They say they need to look into it and will get back to me." He figures the card issuer checks his credit score and account history. The company always calls back to offer a lower rate.