Reducing Credit Card Interest

Reducing Credit Card Interest

Finding your head under water financially?

Is your credit card interest rate 18% or higher?

One of the best things that you can do for yourself is trying lowering the interest rate you are paying on your card(s). Reducing credit card interest is quite easy to do all you have to do is follow the instructions in this article.

A five-minute phone call to your credit card issuer could save you hundreds, even thousands, of dollars in interest charges.If you have been paying your minimum payment on time and they consider you a good customer, they will likely be willing to work with you to negotiate a lower rate. If you are told that there is nothing they can do, politely ask to speak to a supervisor as they may be able to make the change.

Check out the results of a national survey conducted by the U.S. Public Interest Research Group in March 2002. Fifty consumers of all credit backgrounds called credit card issuers and asked for lower rates on their credit cards. More than half, 56 percent, scored lower rates. How low did the rates go?

The 28 consumers who landed lower rates saw the APRs on their cards drop from an average of 16 percent to 10.47 percent.

To further strengthen your argument for a lower interest rate, you might consider using the number of years you've been a customer, the most recent number of consecutive on-time payments, your credit score (if it's good), and actual lower interest rates of other credit cards and offers.

Steps to success:

1. You should gather your credit card statements together. Then figure out a target rate to shoot for on the phone. I recommend shooting for 9.9%, but you’ll likely not get a rate that low.

2. Start off by calling the number on the back of your card and key in the option to speak to an operator. As soon as you can, ask the big question: “Do you have the authority to change my interest rate?”If the answer is no, simply ask, “May I speak to someone who can? Your supervisor, perhaps? Thank you!”

3. Be polite and then ask, “Hi, my name is [Your Name]. I am a good customer, but I have received several offers in the mail from other credit card companies with lower APRs. What can you do to help me out?”

Or

"I think I've been a good customer. I'd like to stay with you, but I really want you to lower the rate on my card. Can you help me?"

Once they lower your rate try to get the credit card company's agreement in writing. Plenty of people get a promise of some kind from a customer service rep only to discover that the rates have not been changed.

If they will not lower your rate you may ask them why. If it is because of late payments, ask the representative what you can do to qualify for a lower interest rate in the future. Don’t give up; keep calling every three weeks, persistence pays off.

4. Always make your payments in full and on time. Credit card companies can raise your rates if you fail to pay another bill on time.

5. Make sure the money you save on interest goes toward reducing your credit card or other debt. Debt-FREE & Prosperous Living

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