Tips For Getting Your Credit Card Interest Rate Reduced
As credit card issuers continue to raise the interest rates (APR) on their account holders to combat lost revenue brought about through the poor economy, many cardholders find themselves negotiating in an attempt to get their interest rates lowered.
When seeking more favorable terms with your credit card company above all else persistence has proven to be the key to success. Far too many people give up at the first sign of rejection, which invariably comes from the customer service rep that randomly gets assigned your inquiry.
Here are some tips that can lead you to a successful outcome:
- Always be respectful and polite at all costs.
- Call 3 days before the month ends. The reason being is that customer service staffs are expected to meet certain goals before the end of each month.
- If you do not have success with the first rep, call back. Customer service staffs for credit card companies are huge so you will no doubt get someone different.
- If you still have not found success then politely ask to speak to their supervisor. Make sure you wait on the line for the supervisor. They want you to hang up… don’t do it.
- Your patience should be rewarded – 3 out of 4 times the supervisor will approve a rate cut.
The one word in the English language credit companies do not want to hear is ‘bankruptcy’. A client that cannot pay their bill has no value to the credit card issuer. Now I’m not advising anyone to claim they are on the precipice of bankruptcy in order to get a lower APR on their credit card, we’re just here to help by informing on how things work, so we’ll leave that to you.
And remember, in order to keep your interest rates from being raised to begin with be sure to keep your outstanding balance low in relation to the credit limit you are allotted, be sure to pay more than just the minimum and above all else ALWAYS be sure to pay on time.
Related Information:
- What You Can Do If Your Credit Card Company Raises Your Interest Rate Find out how to approach your credit card company if you suddenly find your interest rates have been raised....
- What You Can Do If Your Credit Card Company Raised Your Interest Rate We offer some solid advice on what you can do if your credit card issuer raised your interest rates....
- Will Interest Rate Hikes Backfire on the Credit Card Companies See how credit card companies may be digging themselves into a deeper hole than they're already in....
- Credit Card Interest Rate Secrets Exposed We expose several credit card interest rate secrets that the issuers simply do not want you to know....