Interesting, I've only tried the competitor trick with credit cards and it worked like a charm, but haven't tackled mortgages yet. Maybe banks are more sensitive when bigger loans are at stake... anyone had luck negotiating rates on car loans this way?
"Maybe banks are more sensitive when bigger loans are at stake..."
You're onto something there. Mortgages are a different beast entirely—banks know you're less likely to walk away once you're deep into the process, so their incentive to budge is limited. I've tried negotiating car loans a couple times, and honestly, results were mixed. Smaller lenders or credit unions seemed a bit more flexible, while bigger banks mostly stuck to their guns. Doesn't hurt to ask, but I'd keep expectations realistic...
Yeah, mortgages definitely have their own rules. But has anyone had luck negotiating credit card rates? I've seen mixed results there—sometimes banks budge if you've been with them forever and threaten to jump ship, other times they just shrug it off. Seems like loyalty counts...until it doesn't, haha. Curious if smaller banks or credit unions are more open to negotiation on cards, too.
I've had some success negotiating credit card rates, but honestly, it's pretty hit-or-miss. Big banks seem to have strict internal policies, so even if you've been loyal for years, sometimes they just won't budge. Smaller banks and credit unions, though, tend to be a bit more flexible—probably because they're more relationship-driven and less bound by rigid corporate guidelines.
One thing I've noticed is timing matters a lot. If your credit score recently improved or you've just paid down a big chunk of debt, that's usually the best moment to ask. Banks are more willing to negotiate when they see you're actively managing your finances better. Also, mentioning a competitor's offer can help, but only if it's realistic. Bluffing rarely works—they've heard it all before.
Overall, loyalty does count...but only up to a point. Banks know switching cards is a hassle, so sometimes they'll call your bluff. It's always worth asking, though—worst they can say is no.
Totally agree on timing being key—I've seen clients get much better results right after they've boosted their credit scores or cleared a big chunk of debt. A few extra points I'd add from experience:
- If you're stuck with a big bank that won't budge, sometimes asking to speak with a supervisor or retention specialist can help. Front-line reps often have limited authority, but supervisors might have more flexibility.
- Another trick is to ask about promotional offers or balance transfer deals they might have. Even if they can't permanently lower your rate, you might snag a temporary 0% or low-interest promo.
- Also, don't underestimate the power of persistence. I've had clients get turned down once, then call back a month later and suddenly get approved. Policies and internal guidelines shift all the time.
But yeah, bluffing rarely works—they've heard every line in the book. Being straightforward about your situation usually gets you further.
