馃攳
How To Get The Bank To Reduce The Interest Rate On Your Credit Card | How To Get Lower Interest Rate - YouTube
Channel: unknown
[0]
so I have a credit card but it has an
[2]
incredibly high interest rate Mike what
[5]
should I do
[6]
great question we're gonna talk about
[8]
that in today's training hey everyone
[18]
it's Mike Adams and on this channel we
[20]
empower individuals to achieve freedom
[21]
to improve financial literacy and
[23]
business ownership if you're new to the
[25]
channel make sure to click the bell Oh
[27]
click subscribe click the bell it's that
[29]
way you get notified on any and all of
[31]
our future trainings and our future
[33]
content so in today's training guys and
[36]
this one is really a response to an
[38]
inquiry that I've received here on the
[39]
channel again guys I love your feedback
[41]
love your comments and I do my best to
[43]
get to those comments as fast as
[45]
possible you know and answer those
[47]
questions for you guys and as well where
[49]
I can create a video just like this to
[53]
answer your particular questions so this
[56]
question here was about I have a credit
[60]
card and I'd like to use it to do
[62]
velocity banking but this credit card
[65]
has an incredibly high interest rate
[68]
should I still use it what should I do
[71]
so in this video guys I just want to
[72]
give you guys a couple of tips and
[73]
things that you can do if you have a
[75]
credit card that has really high
[76]
interest and how you can make sure ok if
[79]
it's right to use that line of credit
[81]
for velocity banking or not because
[85]
again guys I've talked to a lot of
[86]
people about the strategy we got several
[88]
clients that I've been utilizing these
[90]
kind of strategies for years now and so
[92]
I've talked to people with all kinds of
[94]
different lines of credit and I spoke to
[97]
people with insanely high interest rate
[100]
lines of credit you know 29.99 percent
[104]
interest and on different types of lines
[106]
of credit you know even higher whenever
[109]
everything's factor when fees are
[110]
factored things like that so bottom line
[113]
is this you know you have to do the math
[115]
okay and in one of our flagship webinars
[119]
on this channel where we talk about the
[121]
velocity banking strategy we use an
[123]
example where we're using a credit card
[125]
with a 21% interest rate we use that one
[128]
on purpose because it is a general
[130]
that's
[131]
pretty high interest rate you know um
[133]
when you're getting above that number
[135]
even that's that's high enough right
[138]
when you're getting above and beyond
[139]
that you're talking to twenty nine point
[141]
nine nine percent interest does it still
[143]
make sense to use that kind of a line of
[145]
credit to do velocity banking and so a
[149]
great question and so your first things
[151]
first okay first things first okay if
[154]
you are sitting with a credit card okay
[156]
and you have a good repayment history
[159]
with that particular credit card you
[161]
have a high interest on that line the
[164]
first thing you need to do is pick up
[166]
that phone and call your credit card
[169]
company and negotiate with them for
[172]
lower interest and I know I just used a
[174]
big word negotiate it's like no I know
[177]
Mike I don't want to call the bacon
[178]
negotiate they're so tough you know over
[181]
the phone and then you know I don't want
[183]
have to negotiate with the bank you know
[184]
it's also scary Mike okay you know we're
[189]
gonna we're gonna we're gonna take it
[190]
down a peg okay cuz here's the deal guys
[193]
you know credit card companies are
[195]
typically very very willing to work with
[197]
folks especially there are long-term
[199]
customers that have been very very good
[201]
meaning you've been making your payments
[203]
on time so if you're if you're someone
[205]
who has not been making their payments
[207]
on time okay you're you got you know 30
[209]
days late here 60 days late here over
[212]
the last couple of years and things are
[213]
really really rough you know you're not
[215]
in as good of a negotiating position so
[218]
yes you know that could reduce the
[220]
likelihood but the bank may want to work
[223]
with you it could you know some banks
[226]
some credit card companies you do have
[228]
different types of programs that offer
[230]
leniency in certain situations but again
[233]
if you've been really really good and
[234]
pristine I have a great track record
[237]
over the years with that line of credit
[238]
you got good history there okay if
[240]
they're charging you twenty you know
[242]
twenty nine point nine nine percent
[243]
first thing is call them and say hey
[246]
look I love this line of credit I would
[248]
love to you continue to use this line of
[250]
credit but this interest rate is insane
[253]
[Laughter]
[255]
the old saying it's not what you say
[258]
it's how you say it
[259]
you're I ran call centers for a long
[262]
time out there in corporate America and
[263]
leave me where you're taking calls all
[265]
day long and you get someone on the line
[267]
that actually has a little personality
[269]
or says something even a little bit
[271]
funny and isn't just calling you angry
[273]
or took a plane it definitely encourages
[277]
that person on the line it puts a little
[278]
life into them to want to help you out
[281]
but regardless you know hey I love your
[283]
guys's line of credit I would like to
[285]
use it with this this interest rate is
[286]
way too high is there anything that we
[288]
can do here on the line today to reduce
[291]
the interest rate on this card so that
[294]
way I could be more encouraged to use it
[296]
more often is there anything that we can
[298]
do okay
[300]
and all you're doing is asking okay it's
[303]
a simple ask and you got to think the
[306]
worst case scenario okay if you called
[308]
up the evil banker you flipped over the
[310]
800 number on your credit card there and
[312]
you called the evil Bank okay that
[314]
extended get this line of credit and you
[317]
ask them can we just simply reduce the
[319]
interest that I'm paying the worst they
[322]
can say to you is no right no that's the
[326]
worst thing to do you know best-case
[329]
scenario is they say yes you know you've
[332]
had a stellar payment history with us
[333]
let's go ahead and knock you down here
[335]
you know you were at 29.99
[337]
for some reason we had you there but no
[340]
we're gonna knock you down you know -
[342]
let's say 19.99
[344]
or if you were at 19.99 maybe they're
[346]
able to knock you down - twelve point
[348]
nine nine and you're able to get that
[350]
immediate savings there in the interest
[353]
rate and then with that reduce rate the
[357]
numbers can then make more sense to use
[361]
that line of credit for velocity banking
[363]
because again the big thing there is if
[365]
people were using a line of credit that
[366]
has interest we want to pay as little
[369]
interest as humanly possible you know it
[372]
still may make sense to do the chunk and
[374]
bring a big chunk over to that line
[377]
since we're gonna use the velocity
[379]
banking strategy to knock down that line
[381]
of credit as fast as possible so it
[383]
still may make sense but we want to have
[385]
that finance charge here on any lines of
[388]
credit that we're using to do the
[389]
strategy to be as close to zero as
[392]
humanly possible okay so number one is
[395]
if you
[395]
have high interest on that credit card
[397]
negotiate with that card see if they
[400]
will go ahead and just reduce the
[402]
interest and it again if you have a
[403]
really good relationship with that
[407]
particular line of credit option number
[410]
two will be to go kind of all-in and ask
[414]
them if they if they will give you zero
[415]
percent interest okay for a limited time
[418]
ask them for a promo in a promote
[421]
interest rate okay and you could let
[424]
them know say hey look I'm looking to
[425]
make a couple of large purchases here
[427]
and I would love to use this line of
[429]
credit however the interest rate on this
[431]
is way too high I'll tell you what you
[434]
know do you have any promotions
[436]
available or would you be able to give
[438]
me you know 0% interest for the next you
[442]
know 24 months if I was to put a you
[445]
know X you know let's say a $12,000
[447]
charge on this line of credit could you
[451]
give me 0% for 24 months okay and simply
[456]
just ask the question okay and again the
[459]
worst they can say is no we can't do
[461]
anything for you
[462]
best-case scenarios they say yes okay
[466]
and not only did you you know we went
[468]
beyond just a reduced interest rate do
[470]
we got you 0% interest for X amount of
[473]
time upwards of twenty four months
[476]
potentially on that line of credit then
[478]
you can then easily use and easily
[479]
justify using that line of credit to now
[481]
grab a chunk and do velocity banking but
[485]
let's say you know worst comes to worst
[488]
here you call your line of credit and
[490]
they say no we won't reduce the interest
[492]
no we're not gonna give you a 0%
[495]
interest for any amount of time we just
[498]
don't do that or it's just you know this
[500]
is just our bank's policy you limper
[502]
take sometimes you know with lines of
[504]
credit okay depending on when you got
[506]
that line of credit that particular line
[508]
okay might have different terms okay an
[512]
example be like with Citi okay with
[514]
Citibank you know there's you know the
[517]
city's simplicity there's City and thank
[518]
your rewards or city you know there's
[521]
all these different variations of the
[523]
Citi card that you can get each of them
[525]
has their own different sets
[527]
terms conditions rules some of them may
[530]
not allow for an interest rate change
[533]
okay so you'll either way so there might
[536]
be all kinds of scenarios and reasons
[537]
why they won't work with you on that and
[539]
if that's the case okay you're your
[542]
final option is well final option is to
[546]
really just run the numbers and see if
[548]
it still makes sense to use that line of
[550]
credit even with the high interest here
[552]
to pull over the chunk to do velocity
[554]
banking earlier in the mortgage it may
[557]
still make sense because you're gonna
[559]
get that big time savings on the front
[561]
end on the mortgage but as you get later
[563]
in the mortgage you know with a higher
[565]
interest on that line it makes a little
[568]
less sense later in the mortgage okay
[571]
but for me personally guys you know
[573]
again if you got a good standing with
[574]
this line of credit and again they just
[576]
don't want to work with you they don't
[578]
want to give you lower interest I don't
[579]
want to give you a promo they just don't
[581]
want to do anything for you and you got
[582]
decent credit my next you know I guess
[587]
the final final option would be to go
[590]
out there and get a new line of credit
[592]
okay go out there and find a new line of
[594]
credit that has more favorable terms up
[598]
for you and for you to be able to
[600]
utilize this strategy and on this
[603]
channel we've talked about different
[605]
lines of credit that I prefer and that
[607]
I've used inside of my personal finance
[609]
inside of our business you know I'll put
[611]
a link below to that particular video
[614]
but again if the bank isn't going to
[616]
show you any loyalty you have no reason
[619]
to show that Bank any Boyle T and if
[621]
they're not gonna work with you and
[622]
you've been in good standing with them
[623]
hey you know I you know look you know if
[626]
they're not gonna work with you there
[628]
are plenty of other banks that just
[630]
might and so depending on your credit
[632]
profile again if you're in really good
[633]
standing you could go out there and get
[636]
a different line of credit that you can
[638]
then use for velocity banking so those
[642]
be my tips and some of my advice on what
[645]
to do if you do have a line of credit
[647]
that does have high interest again
[648]
always start with picking up that phone
[650]
to negotiate with them see if you can
[652]
get them to just lower the rate see if
[653]
you can get them to give you a 0% for X
[656]
amount of time or if anything still run
[660]
the
[660]
see if it makes sense okay earlier in
[662]
the mortgage it may still make sense to
[664]
use a high-interest line to pull over a
[667]
big chunk early in the mortgage it may
[669]
make more sense than later okay but
[672]
again and and probably you know my
[675]
option that I'd point at is again if the
[678]
bank is just not willing to work with
[679]
you and you have good credit standing
[682]
you're in a good credit position go out
[684]
there and apply for a better line of
[685]
credit that will give you that 0%
[688]
promotional rate or a much better rate
[692]
than when you're currently getting with
[693]
that high interest line of credit so if
[695]
you found value in those training guys
[697]
make sure to give it a like give it a
[698]
comment below I will see you guys in the
[700]
next training
[712]
[Music]
Most Recent Videos:
You can go back to the homepage right here: Homepage