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Credit's Magic Words

By Kristen Miranda

CHARLOTTE, NC (WBTV) - The magic words are simple ones.

"Hi.  My name is ____.  I am a good customer, but I have received several offers in the mail from other credit card companies with lower APR's.  I want a lower rate on my card or I will cancel my card and switch companies."

In one study, more than half of the people who gave it a try, had success.

We put the script to the test at a local mall.  Two shoppers used our cell phone to call their credit card companies and recite the "magic words".

For Lindsay Cain it didn't work, but there was good reason.

"I already had the lowest rate they offer, it was 9.9%," Cain told us after she got off the phone with her card company.

Slightly better luck for Suzanne Huffman who saw her rate reduced slightly after her call.

"It went down a little bit.  From 15.6% to 14.9%, so that's better than nothing," Huffman told us.

In other experiments all across the country people have had their rates lowered as many as 10 points.

"It can't hurt to ask," says credit counselor Charisma Jones Alexander.  "It won't do anything negative to your credit and if they'll lower it just one point it could make a huge difference."

To see how much of a difference, click "play" on Credit's Magic Words.

If you give this script a try with your credit card company, email us at consumerfeedback@wbtv.com to let us know how it went.

And for advice on putting yourself in a better position with your credit card company, to make it more likely they'll give you a break on that interest rate, check out our exclusive web extra content also on this page.