Get a Lower Credit Card Interest Rate
Did you know that a lower interest rate for your credit card is only a phone call a way? A simple phone call to a credit card company can mean the difference of up to ten percent on the APR of your credit card.
How does a credit card company ensure that you qualify for these lower rates? It is important to know that there are often two to three tiers of interest rate brackets that customers fall in. Depending on your credit score, you will be grouped into a specific category. One way to get a better interest rate is to increase your credit score.
Play the higher up game, when on the phone with the credit card company – ask for a person higher up in the company. Keep asking until you get the answer that you are looking for. Eventually, someone that you speak to will be able to give you the answer that you are looking for and the results that you want, a lower interest rate.
Many times, threatening to take your business elsewhere can yield positive results. There are so many competing credit card companies, which simply opening another account can get you a lower interest rate. New account holders are eligible for special rates on balance transfers, introductory 0% APR on purchases made within the first year, and often lower introductory interest rates. Taking advantage of these new accounts could save hundreds of dollars in interest payments.
Are you trying to negotiate a lower interest rate because you are unable to afford the minimum monthly payment on your credit card? Be honest with the credit card company, explain tot the representative that you are unable to afford the high interest rates, which result in higher monthly payments. Lenders are empathetic and defaulted payments cost more than lowering the interest rates – so many lenders are flexible in these types of situations.
See, there are ways that you can be on your way to a lower interest rate. Simply communicating with the credit card company, taking measures to increase your credit score and staying on top of your finances can yield positive results.