Are you tired of paying high finance charges on your credit card? If so, it may be possible for you to get your interest rate lowered. While the state of the economy has resulted in credit card companies that are a little less likely to bargain with their customers, you still may be able to get the credit card company to lower your interest rates with a few simple steps to lower your interest rate.
Step #1: Look at Your Current Interest Rate
The first step toward getting your interest rate reduced is to look at the interest rate you are currently paying. How long have you been paying this interest rate? Does it seem to be high for someone with your credit standing? If you aren’t certain about your credit standing, you might want to first order a copy of your credit report from AnnualCreditReport.com. You should do this each year, anyway, so there is no better time than now to look into your report.
Step #2: Compare Your Rate to Other Credit Cards
If you have other credit cards in your wallet, find out what your interest rates are for those cards. How do the rates compare to one another? Are you paying a significantly higher interest rate on the card in question?
Step #3: Determine the Rate You Think is Fair
Before you start bargaining with your card issuer, you should have an idea of how much you think is fair for you to pay. Consider the rate you are paying on other credit cards, your credit history and your history with that particular card issuer. If you’ve only held the card for 6 months, for example, you aren’t likely to get a lower rate. If you have been a customer in good standing for a year or more, on the other hand, the company will be more likely to work with you. The longer that you’ve been a customer in good standing, the more likely it is that you can get your rate lowered.
Step #4: Call the Credit Card Company
Now that you are armed with the information you need, you can give the card issuer a call and open up discussions. In some cases, you will only need to call the company and request a reduction and they will be more than happy to oblige. In other cases, you may have to present your argument to the company. If you have been a customer in good standing, remind the company about your on time payment history and having stayed within your credit limit. If you have other cards with lower interest rates, share this information with the customer service representative as well. This may be enough to get you a lower rate.
Step #5: Take it to the Next Level
If the customer service representative says that he or she cannot reduce your interest rate, ask to speak to a supervisor. You may be able to get the supervisor to agree to a lower rate or to tell you what you need to do in order to get your rate lowered.
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