By
eHow Personal Finance Editor
Difficulty: Moderately Easy
Things You’ll Need:
Step1
Call institutions at which you have existing credit card accounts. Ask them to convert your account to the lowest available rate. Ask them to consider your payment history and longtime customer relationship.
Step2
Search for a company with better rates if your existing credit card company cannot satisfy your request. Look for solicitations in the mail or contact local banks. You can even contact either Visa or MasterCard and ask for a list of preferred issuers.
Step3
Contact companies in which you are interested and ask for an application. Inquire whether you can send an application by phone, fax or Internet.
Step4
Once you complete and return the application, you should have an answer within 10 business days. Call if you haven't heard anything.
Step5
If your request is denied, the company is required to give you an explanation in writing. You are also entitled to a free copy of your credit report. Your denial letter should explain how you can obtain this. If it does not, contact the credit card company directly and ask for assistance.
Comments
dawnb1469 said
on 11/8/2007 my credit card company has raised my interest rate so high that it will be impossilble to ever pay it down .i have lots of credit because of my spotless payment history.and i use my credit for business purposses.but im scared that they will force me into ruining my credit .with their outrages interest rates. i have called them told them ask them why they would do such a thing to a good customer. they say your debt is to high your a risk my score 693 average risk . is there anything i can do
Anonymous said
on 6/30/2006 I had a decent sized balance on one of my credit cards. I paid it off in one big payment. The next statement sent to me for the card informed me that I was being given a lower interest rate. I suppose they thought I was trying to get rid of the card and wanted to talk me out of it.
Anonymous said
on 11/22/2005 When requesting card cancelation, I have been offered much lower rates and very low transfer rates with no fees to keep me as a cardholder.