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Credit Card Rates - How to Lower Them
Compare and save on credit card rates
You were promised 0% APR credit card rates just 6 months ago and now your credit card rates have skyrocketed to a whooping 21%. What happened? Yes, millions of Americans -- who pay careful attention to their credit card statements and track credit card rates -- are finding it increasingly cumbersome to manage the increase in credit card rates. Yet, most just accept the situation and pay whatever they are asked to pay. Wait! What if there was a way out? Would it hurt to try?
One phone call is all it may take. Yes, just one phone call to your credit card company may land up reducing those sky-high credit card rates back to where they should be. Depending on the balance owed, your savings may add up to hundreds or even thousands of dollars.
Let's face it. They need you as much -- or even more -- as you need them. Some credit card companies will go out of their way to help. A simple request is all it would take for them to lower your credit card rates and give you that much needed break. The credit card industry has become increasingly competitive and the cost of acquiring a new customer often numbers in the hundreds range. Retaining a customer, on the other hand, is much cheaper. Get the logic now? They are not benevolent, they are just plain "business smart."
Compare and save on credit card rates
What to say? Most of
us not born negotiators. Much of our negotiation skills have been
developed over the years, bargaining with used car salesmen,
businesses, and brokers. What if you are still not confident though?
Well, just sit down and write what you would say to the credit card
companies. Let them know you have multiple options -- and better credit
card rates from other issuers.
What if you are denied? Well, on most
occasions it should work. But let's face it, we are not always lucky.
Say you were denied on your first call. The rep simply hung-up the
phone saying: "that's not our company's policy." Should you give up?
No! Ask for the supervisor. Try calling a few days later. Be
persistent. Remember, they need you as well. What if things still don't
work? Well, then it may be the right time to switch. Look for another
credit card provider -- some offer very attractive balance transfer
rates (for a limited period of time). Our article on
balance transfers
may be a good read.
You may not always succeed in lowering credit card rates, but giving it a try would be worth it. After all, it's just one phone call (that too to a toll free number).
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