- Make a list of the reasons you think the credit card company should lower your rate such as:
- You’veconsistently paid your bills on time
- You’ve been a customer for years
- You have a good credit score
- Do a search for credit cards on the internet:
- What is the lowest rate credit cards are charging right now?
- Note the best interest rates (don't include the 0% interest introductory rate cards)
- Call the credit card company:
- Take notes
- Write down the date of your call and the person you’re speaking to
- Tell them why you’re calling:
- You want to request that your interest rate be reduced
- Mention the interest rates that credit cards are now charging - these are less than what you’re paying
- Tell them you’d like to continue to be a customer of theirs
- Tell them the reasons you’ve listed
- They will most likely tell you they don’t have the authority do do that
- Ask for their supervisor:
- Note the name of the supervisor
- Re-state your request
- If you’re turned down by the supervisor, call again
- You can call back 2-3 times until you get a positive response
- If you have a good credit score and track record with the company they should eventually lower the rate
- You can also use this approach with other negotiations with the credit card company:
- Annual fees
- Late charges
- Etc.
Take Action:
This week, write down the reasons why your credit card company should consider lowering the interest rate on your credit card
Good luck with it and please comment here on how it goes or if any questions pop up!
Copyright 2012 Connie Livingston All rights reserved
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