It is an excellent and easy way to lower your interest rates with your credit card issuer. How do I Lower my Credit card interest rate? One may ask. A lower interest rate is any balance one carries and accumulate less debt each month and one can pay the balance down faster. Since the greater part of your payment go to the principal, not interest. Follow these steps to lower your interest rate.
How Do I Lower My Credit Card Interest Rate? Check Your Credit Card Statements
Firstly, the thing to do is to put your credit card statements together. It is very vital to know your credit card account history, payment schedule, and other payment details before contacting the customer service agent of the Credit card to ask for a reduction. Note that, it is necessary to know your current card interest rate before you can negotiate
Speak With The Customer Service Representative
On the back of your credit card, the customer service number is written. Call the number and key in the option to speak with a representative of the card issuers. You will be linked to the appropriate person that you can do the negotiations of your rate.
However, most times it seems discouraging to pick up the phone and call the Credit card issuer. It looks like a time-consuming venture. Think about it this way, the hours you put on making a call on the phone to your card issuers could save you hundreds, maybe even thousands of dollars on your credit card payments.
Ask For Your Credit Card Interest Rate Reduction
As soon as you are connected to the appropriate person begin your negotiation. Mention your good standing with payment history, your loyalty to the company, or a high credit Score, that’s if you have one
Be polite when asking for an interest rate reduction. If you’re rough and become belligerent, then the consumer service representative or any person attending to you will not be willing to assist you. Politeness is the key in this situation, though it’s important to be persistent.
Why You Won’t Get Interest Rate Reduction
Undoubtedly, Late payments may be a disadvantage to you getting a reduction in your Interest rates negotiations. Low credit score or any outstanding debts.
Additionally all Credit Card company desires to make money off your account, generally, they will not totally bring down your interest rates to zero. However, they do not want you to transfer all your debt to a lower interest rate credit card, so they Will definitely reduce your card interest rate if you ask.
Make Necessary Enquiries on Qualifying for a Lower Interest Rate
Before applying for a reduction in your Interest rates, your need to make necessary enquiries. If you’re unsuccessful in getting a lower interest rate, then you need more information. If it’s because of late payments, ask the representative what you can do to qualify for a Lower interest rate in the he future. If not approved you may have to wait for a few more months and clear off your payments in order to become eligible.
How Do I Lower My Credit Card Interest Rate? Be Persistent
If you are not successful in your negotiations, don’t stop there, keep calling in a few months later. You don’t have to call everyday but ensure you scattered call within the month. Persistence is the key. By so doing you will be on their Rader, but not on their blacklist. Ask if you can speak with the manager if the customer service representative does not want to attend to you.
In summary, always make your payment in full and promptly. Credit cards can raise your rates if you do not fail on your payment and on time. If you are consider a credit risk, you will not be qualify for a Lower interest rate.
Simply, the steps for lowering your credit card interest rate ate very similarly to that of raising your credit score.