When was the last time you checked on your credit card rates and charges? More importantly, when was the last time you checked on your credit? Do you have an excellent credit score? If yes, compare it with the fees that your credit card is charging you and take the appropriate action. If you know that you’ve been a good customer to your credit card company, then you have the right to demand better treatment!
How to Lower Your Credit Card Interest Rate
Is it really possible to lower your credit card’s interest rate? The answer is yes, it is! In fact, if you’ve been a good credit card holder, you should really be given lower rates and fees. However, if you’re not going to ask for it, chances are your credit card company won’t volunteer to give it to you. Thus, it is up to you to request the interest rate that you think you deserve.
First, study your previous billing statements so you can have a clear idea on how much interest rate you’re really paying for. Have you noticed any changes on the rates – perhaps a slight increase than what were paying when you first signed up? Take note of these important details.
Next, explore the credit card market and know how much interest rate other companies are asking. Pay special attention to credit cards with outstanding customer reviews and that offer low interest rates. Compare their rates with what your credit card demands from you.
After doing your research, you’re now ready to call your credit card company and talk about your concerns. Remember, if you want your issue to be addressed accordingly, you should ask to speak with the manager or the supervisor or the person in charge with the company’s customer credit management department.
Be clear about what you want but always speak in a polite and professional manner. Tell your credit card company that you’re one of their long time and reliable card holders. There’s no need to hesitate as they would be able to see this fact when they pull up your account. Don’t hesitate to ask if it’s possible for them to reduce your current interest rate by at least a few points.
You may also point out what other potential credit card companies are offering. You can express your desire to open a new account with another credit card that offers a much better deal. However, tell your credit card company that you called them to see if it’s possible for them to match that offer.
Can You Really Ask for a Lower Rate?
At first, it may seem intimidating to request for a lower interest rate. However, you’ll be surprised at how credit card companies are actually willing to make the adjustment on behalf of their trusted clients. They surely don’t want to lose customers who handle their accounts responsible and who pay their charges on time.
If you know that you are that kind of customer, you should be confident about voicing out your request. Don’t let credit card companies continue to charge more from you when you can pay much less. If you think you deserve a lower rate, ask for it.
Allison May is a credit consultant and a writer for
Credit Creators. The resource provides consumers with valuable advice and information on credit cards for bad credit,credit cards for good credit and other credit-related issues. Its main objective is to help people
build good credit.
