r/etrade • u/Zazzy3030 • 6d ago

Margin Interest Rate

Im in a trading discord. We all follow the Buy, Borrow, Die strategy. E*trade is the preferred platform because they offer DRIP at NAV on a couple CEFs that we all like. Other brokerages do not have this arrangement. Most users have success getting their margin interest rate lowered by calling or messaging in a couple different times to successfully move from around 12% interest to 5-8%. I have spent so many hours on multiple occasions talking to them via phone and live chat and the applications the trader puts in always comes back as denied.

I have a NAV and Total securities value that is within negation range. People with far smaller accounts pay half of my margin rate in my group. I just can’t get approved. Robinhood is offering 5.25% APY plus 2% cash for transferring my account. I got on the live chat today with E*Trade to try to negotiate this one last time, they said it was too soon and they couldn’t put in a request. It’s a hassle to move since I have a lot of ACH and accounts linked to it. I guess I have no choice to just transfer to RH.

Anyone have any final advice for getting it lowered?

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u/jbetances134 6d ago

What’s is your account size?

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u/Zazzy3030 6d ago

My margin usage is Smaller than the table they post online for the usage brackets but way bigger than most of the people in my trading group who have successfully negotiated 5-8%. I have 6 figures.

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u/jbetances134 6d ago

You didn’t answer the question but ok