Want to Lower Your Credit Card Interest?
Since credit companies have been making all kinds of changes to your terms and conditions, often without you even realizing it, there is no time like the present to get caught up on the changes and contact your credit company.
You can actually be pretty progressive about reducing your interest rates with a simple phone call.
The main reason many card holders do not get lower raises is because they neglect to ask for them outright.
But you can make that call and save yourself some cash.
Here are some suggestions for making those calls: See Where You Stand If you don't have a list or spreadsheet that outlines your various credit card accounts with balances and interest rates, start one now.
List them in order of highest to lowest balance so you know what the cards are costing you and which cards are costing you the most.
Check Out the Competition Start saving and reviewing the other offers for credit cards you see online or get in the mail.
See which ones are the best fits for you and discard the rest of the offers.
Any of the 0% interest rate cards might be your best choice, provided the terms and conditions are decent.
Keep notes on what each offer entails so you can reference it during the call.
Contact the Card Company Have your lists prepared and a notebook and pen close by when you dial.
Contact the company whose card is costing you the most in interest and fees.
Speak with the customer service representative about the purpose of your call and ask to be transferred to a supervisor, someone who has the authority to make changes to your account immediately.
Place The Ultimatum If the supervisor is unwilling to lower your rates, mention that you are going to take your business elsewhere, by transferring your balance to a new company.
Only do this if you are indeed willing to make the move.
This negotiation tactic will often work but if it doesn't, stand by your word and move your balance.
Canceling Your Card Don't cancel a card out of spite because it can wreak havoc on your credit score.
When you call to close out your account, you will likely be switched over to an account specialist who will try and renegotiate terms to keep you from leaving.
Listen to what they have to offer but if you are not satisfied, close the account.
You can actually be pretty progressive about reducing your interest rates with a simple phone call.
The main reason many card holders do not get lower raises is because they neglect to ask for them outright.
But you can make that call and save yourself some cash.
Here are some suggestions for making those calls: See Where You Stand If you don't have a list or spreadsheet that outlines your various credit card accounts with balances and interest rates, start one now.
List them in order of highest to lowest balance so you know what the cards are costing you and which cards are costing you the most.
Check Out the Competition Start saving and reviewing the other offers for credit cards you see online or get in the mail.
See which ones are the best fits for you and discard the rest of the offers.
Any of the 0% interest rate cards might be your best choice, provided the terms and conditions are decent.
Keep notes on what each offer entails so you can reference it during the call.
Contact the Card Company Have your lists prepared and a notebook and pen close by when you dial.
Contact the company whose card is costing you the most in interest and fees.
Speak with the customer service representative about the purpose of your call and ask to be transferred to a supervisor, someone who has the authority to make changes to your account immediately.
Place The Ultimatum If the supervisor is unwilling to lower your rates, mention that you are going to take your business elsewhere, by transferring your balance to a new company.
Only do this if you are indeed willing to make the move.
This negotiation tactic will often work but if it doesn't, stand by your word and move your balance.
Canceling Your Card Don't cancel a card out of spite because it can wreak havoc on your credit score.
When you call to close out your account, you will likely be switched over to an account specialist who will try and renegotiate terms to keep you from leaving.
Listen to what they have to offer but if you are not satisfied, close the account.
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