How to slash your credit card rate - Adrian Raftery on ACA
You may have thought the big banks were impossible to haggle with, but as one financial advisor soon found out, it's completely possible.
See how he did it and how you too can save some more money.
Adrian Raftery has been coaching people to negotiate with the banks on a variety of products ranging from credit card interest rates to mortgages.
"It's such an easy thing to do anyone can do it," Mr Raftery said.
Emma-Jane Toscan and her husband Scott used Mr Raftery to help coach them on pulling off a better deal and the results surprised even them.
Emma-Jane first negotiated on her credit card interest rate and managed to go from a rate of 18.6 per cent to a low rate of 11.75 per cent in only 20 seconds.
Plus, she haggled her way into never having to pay an annual fee on the card either.
Next, Emma-Jane called her mortgage provider and with Mr Raftery's tips, managed to negotiate a $366 a month interest rate drop scheduled for April, three months early.
We conducted our 'experiment' again and again and found that every single time we contacted the banks, they were willing to lower their credit card interest rate and negotiate on the minimum monthly repayment on a mortgage.
If you want to challenge your bank on a better deal, here are a few of Adrian's tips:
- Be polite and don't threaten the bank
- If you don't ask, you don't get
- Do your research and be aware of some of the other deals out there
- It's important to be a good customer because the banks will respond to that
- The more money you have with the banks, the more power you'll have
- If you are persistent and you wait, it is well worth it
