Many people believe that calling their credit card company and trying to get their interest rate lowered is a complete waste of time. However, nothing could be further from the truth. Who cares what the representative on the other end of the line thinks of you? This is your life and your money. Do not be afraid. Pick up the phone, dial the number, and try. That phone call could save you hundreds, maybe thousands of dollars in interest fees.
Get Your Interest Rate Lowered Instantly
On the back of your credit card, you will find the number to your credit card company. Call them and ask what your current rate of interest is, and then politely ask them to lower it. If the representative declines your request, or does not wish to help you, ask to speak to their manager or supervisor. If they also decline your request, continue to call back every so often. Persistence is the key here, so do not give up. It may take eight phone calls, but eventually they will tire of you and lower your rate. Most of the time, they will lower the rate on the first try, just because you asked.
Another good tactic to get your interest rates lowered is to keep all the credit card offers you receive in the mail so if the representative should turn you down; tell them you wish to transfer your entire balance over to one of your new credit card offers if they will not give you a better interest rate. More than likely, you will get results immediately. On the other hand, you could call their bluff and simply tell them to close your account since the interest rate is too high. Keep in mind, they need your business and your credit card balance to make money, so the chances of them compromising with you and lowering your rate are high. Continue to do this with every card you have.
Credit Card Companies can Discreetly Increase Your Interest Rates
There is a chance that your credit card company could discreetly raise your interest rates without you ever knowing it. Therefore, it is crucial that you closely monitor your balance and thoroughly go over your bill each month. Call the company periodically to check your rate. Make a spreadsheet or list to track your progress. A credit card company will not hesitate to increase your interest rate, but the only way you will get it lowered is to call and ask them. You may have to invest a little bit of your time right now, but it will be well worth it when you save thousands of dollars in the end.
If you are nervous or unsure how to go about making the call, write a simple script to guide you through it. Do not be afraid. After they disclose your rate of interest, kindly ask them if they can match the rates of the other offers you received in the mail. Basically, that is it. It is just that simple. You have to get a little gutsy here and show some confidence. You want to save money right? If you still do not feel brave enough to make the call, at the very least get a friend or relative to do it for you.
Just remember you will get farther with your request the more polite and respectful you are to the person on the phone. Kill them kindness. Persistence and determination will prevail.