6 Responses to “How Would You Go About Lowering Interest Rates On Credit Cards?”
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How Would You Go About Lowering Interest Rates On Credit Cards?
at Loans : Mortgage : Finance
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Just call them, ask them to lower it, if they say no, just keeping asking why.
http://www.bestcreditrates.net
Yes, go to http://www.oprah.com/ and look up “Debt Diet”. She has a script you can use that will help you through the conversation. It can be done rather easily, just be persistent. Also, you can do balance transfers onto 0% introductory cc’s you see in the mail. This will eliminate you from having to pay interest all together for at least 6-12 months. However, there usually is a 3% fee, usually up to $75, to transfer the funds.
They should lower it, as long as you don’t have too high of a balance and have never been late on a payment, my credit card two years ago was at 26% and now its gone down nearly 20%. I just called them and asked them over and over again. Good Luck!
Just a simple phone call to the company can solve the problem. Provided you have done your homework well.
Have details about your account history, credit report, credit averages, and tell them all this genuinely requires a low interest rate. The others are offering it to you. In majority of the cases you will get a low rate.
But, if the company sees that your credit situation is pretty bad or the you can’t get a lower rate anywhere they could refuse you. But mostly it is a bargaining thing and the more information you have will help you get things in your favour.
Step 1: Contact each card issuer and ask for their best rate for balance transfers.
Step 2: Call again and give each the best rate offered by the other issuers. Ask them why you should not transfer to the other card.
Unless they want you to quit paying them interest, they will probably match or beat the competing rate.
You should periodically call your credit card company and simply ask them to look at your account and make sure you are paying the lowest interest rate that you are eligible for. I know I’ve had them lowered before although there is no guarantee the current economy is such that they are willing to move for you.