Do Your Research Before Asking For a Lower Credit Card Rate

The thing about credit card rates is that it is not always easy to keep ahead of them. However by looking for ways to lower your rates you can save yourself money in the long run (even if you only make minimum monthly payments).

If you are a shrewd negotiator you can speak with a representative from your credit card company about lowering your rate but first you need to get the facts. You need to start with the basics- what are you paying presently in terms of an interest rate? You also need to know what your current balance is.

You then need to have a source of comparison for the interest rates you are paying. You have to know what the average rates are at other companies. There a numerous websites that can help you to zero in on the lowest rates around. If you have received any credit card offers in the mail then you might want to check out the rates on the card in question through these sites too.

What kind of customer are you? Are you a good one, a fair one or could you do with some improvement in terms of paying your bills? Have you been with the company for a long time or not? The better a customer you have been and continue to be, the simpler it will be for you to negotiate with your company and convince them to see your side of things. As well, if your credit score is higher than 750 you should qualify for a rate of 10 percent or less.

Next comes the hard part- calling your company and asking them for what you want. It never hurts to write yourself a script ahead of time so you have a loose guideline of what you wish to say. Never let anyone tell you that credit card rates are non- negotiable because that is not the case by any means!

When you get through to your credit card company be polite with the person(s) you speak to but also be firm. Have the relevant information you have researched on hand when you call. This includes the rate you are presently paying and the lower rates you have discovered from other companies. Find out if your company is willing to match the lowest offer you have found or if they are willing to offer you an even better one. You will not know until you try!