If you have credit cards, chances are you’re paying interest on the balances you carry. Unless your wallet is packed with cards that are still in the introductory period of no interest, odds are also good that you might be paying too much for interest. After all, if you stay on top of your payments consistently while also cheerfully paying any fees that you incur then that makes you a valuable customer. You may be surprised at how eagerly your credit card company will act in order to keep your business.
How to Get a Lower Interest Rate
Find out what your interest rates are right now. If you aren’t sure what interest rates you’re actually paying on the credit cards you have, don’t be embarrassed. You’re in a large majority. Not many people actually know what interest rates their credit cards carry. Check your statement or call your credit card company to find out what your interest rate actually is.
Find out if it’s a good interest rate. You can check to see what kind of interest rate people with similar credit scores to yours are paying by visiting a comparison website like BankRate. You’ll be able to get an idea for what the average credit card interest rate you can expect is, and armed with this knowledge you’ll know if you should insist on a lower interest rate. You may be pleasantly surprised to discover that your interest rate is actually pretty good and you don’t have to do anything further.
Call your credit card company and tell them the jig is up. Remind them that good customers should be rewarded with the best interest rates available, and if they won’t lower your interest rate then there are plenty of other credit card companies who would love to issue you a card with a better rate. Of course, say this as politely as possible.
Persist. If the customer service representative gives you the runaround, ask to speak to a manager. Even if they act like they can’t do it, most people who answer the phone at credit card companies do indeed have the power to lower your interest rate.
Enjoy your new interest rate. If you actually take the time to get your interest rates lowered then be sure to take a look at your next credit card statement and revel in the lower rate. Compare the amount of money you paid in interest charges last month as opposed to this month, and then give yourself a pat on the back for what a fabulous budget fashionista you truly are.