Gerri: OK, so if your issuer says no, you talk to a supervisor then, at that point, do you give up on that issuer?

Scott: Well, that might be. You know, and if you go through the whole thing, "I'm going to close my account," and you're persistent. What I like to do, too, is run the numbers. I'll just tell them how much I spent. I'll say, well I spent $10,000 over the last five years, and this much of it was interest -- of course in my case it's zero so all they're getting is the merchant fees. But they're getting merchant fees on that, and interest, and I'm like, "You really want to let that go?" And again, they're not too bright, so sometimes they'll be like "sure."

But if that happens, you have many options. At, there are a whole bunch of credit cards you can turn to to get lower rates, and I would start there and start looking for a new bank if you don't have one. But if you do, the best place to turn to transfer your balance when banks don't do what you want are to the other credit cards that you have, that you've had for a while. Like I've said, I have 50 cards. People think it's ridiculous, you know. If I used them all, Gerri, today's show would be about bankruptcy and how to get out of it, because I cannot use all those cards and pay them all.

So what happens is I have so many cards with a zero balance that if any one of the few cards that I'm using gives me trouble and then they don't do what I want when I try to negotiate better rates and better deals, then I'll just call all the other ones --and it's the same kind of negotiation. . . . So I'll call one bank, "Hey I want to transfer my balance to you, I'll transfer $10,000 right now but you got to give me zero or 1% or whatever's better than what I'm getting now." And I'll just go through all of them until someone does that, but I have a lot of options. That's why I like to have a lot of open lines of credit.

Scott goes on to explain how he takes advantage of credit card rewards programs. For example, in addition to not paying interest for years, he hasn't paid for a movie ticket in years -- and he has three kids. As he says, "That's a lot of popcorn and movie tickets."

Listen to the entire interview with Scott here. (The link will download an audio file you can open in your audio player, or download to an mp3 player.)

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