How to Lower Your Credit Card Interest Rate
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You have a credit card and it has out of this world interest rates. You want to lower you interest rate but you don’t know what to do. Are you stuck with that interest rate for the rest of your life? Of course not!
Step 1
Organize yourself! Get all the papers that you have that are related to your credit card. Get your credit card statements. You may need them when you call the customer service.
Step 2
Try to look at your credit card history. Do you have a good credit card history? Do you pay bills on time? Have you ever gone over your credit limit? Do you pay your bills in full? Or do you make partial payments? If you pay your bills on time and have never gone over your credit limit, then it is easier for you to bargain with the credit card company and ask for a decrease in the interest rate.
Step 3
Make sure that all your personal data are correct. Check you credit report and look over the report. Try to see if there are any mistakes or errors that can damage your leverage in asking for a decrease in the interest rate. If your credit report contains a wrong spelling of your name, or address or other mistakes, you should file a dispute immediately before you ask for a decrease in your interest rate.
Step 4
Look for the credit card’s customer service number. Dial the number. When a customer service representative answers your call, you direct to the point. Tell them about your request. Tell them that you want your interest rate to be decrease and then state all your reasons why your interest rate should be decreased. You can tell the customer service representative that you have been using the credit card for a number of years and you have very good credit history. You can also add in your argument that other credit card companies are offering lower rates.
Step 5
The customer service agent might call his/her manager about your call. Don’t be afraid to talk to the manager. Politely tell the manager the reason for your call and the reasons why you want and deserve to have your interest rate lowered. Try to convince the manager as much as you can.
Step 6
If the manager refuses to grant your request you can ask him/her their reasons for the denial. Listen to their reasons. If their reasons are very valid, like you don’t pay your bills in full and on time, then you should reconsider about asking for a lower interest rate. Ask him/her if there is ever a chance that you can lower your interest rate. If s/he will tell you that there is no chance of doing so but you feel that you are entitled to have your interest rate lowered, you can tell politely tell them that you are now seriously considering about canceling your credit card and going to another company.
Step 7
If the bank still won’t consider your position then you should immediately pay off your balance with your previous credit card company. After that you can sign up for other companies offering lower interest rates and you will finally get that low interest rate that you have always wanted.
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