Credit Card Interest Rate Negotiation and Delayed Gratification

Two of our cash-strapped credit cards have arbitrarily jacked up our interest rates, regardless of the fact that we’ve been paying way more than the minimum, and on time. I called both companies and expressed (as calmly, politely and professionally as I could) that it is unfair to make the consumer pay for their money mismanagement while the CEOs make out like bandits. The CSR of one company offered me 0% balance transfer for one year with the understanding that there will be a 3%-soon-to-go-to-4% balance transfer fee. The other company dropped our interest rate to 3.99% fixed throughout the summer. I have marked my calendar to pay off the charges by the end of the summer. I must admit that I was surprised that they were even willing to negotiate with me given the current state of the economy and how financial institutions are begging Congress for money.

The interesting observation here is that both companies pushed hard to get me to cite a specific amount so that they could immediately deposit the money into our bank account. Of course, I know they want their 3% right now, but I am no stranger to delayed gratification; and since we don’t know the precise cost of the merchandise we’re shopping for (in this case, furniture), I repeatedly declined. . .what if there is a delivery fee? What if we throw in a couple of lamps? We don’t want to ‘borrow’ any more or less than we have to, so we’ll wait until we settle on the furniture. At least we’ll have decent rates when we make our purchases.