Ask for a lower interest rate
April 11, 2008
If you love your credit cards, you probably have a standby card you’ve had for years. The card you pull out first when you go shopping, your number one go-to credit card.
How long have you had your favorite credit card? A year? Five years? Ten years?
Have you ever called your credit card company and asked them to lower your interest rate? There are many people with credit cards out there, but there are even more kinds of cards trying to get all these credit card customers to their card, to their good deal. You can take advantage of this knowledge without ever having to switch to a new company.
It helps if you make your payments on time, and at least make the minimum payment when you pay your bill. Find the customer service number and call. Ask the customer service representative right out of the gate, “Do you have the authority to lower the interest rate on my credit card?” If they say no, then ask to speak to someone that can. You should not have to spend a lot of time on the phone with multiple people – your goal is to get to the person that can help you as fast as possible so you only have to ask once, not a bunch of times while you’re being transferred.
Also, when you’re being transferred, ask the representative if there is a direct dial number or extension, if you get disconnected this can save you a lot of time. If there is not a direct dial number or extension, ask for the name of the department so if you have to call back you can ask the customer service representative that answers to transfer you directly to that department.
Once you’re on the line with the right person, tell them you’ve made on time payments and you are getting all these other offers in the mail…but you’d rather have your company match the offer instead of switching. They’ll see you’re a valued customer and lower the rate.
You can do this about once every six months. It never hurts to ask!
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