How to Lower your credit card interest rate

Looking to lower your credit card interest rates and get out of debt more quickly? Here's something that might help...

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• The number or address of the credit card companies you want to discuss lowering your rates with, the interest rates of competetitor companies.

1. 
   Lowering you credit card interest rates may be quite simple

   Research and prioritize!
   Decide which cards you want to lower your interest rates on. If you aim for the highest interest rates, you have more room to get your rate lowered.
   Research: Look online for competitive offers, or look at the credit card offers you get in the mail instead of throwing them out. Hopefully, you're getting some offers for low interest rates. That is going to help you make your case to the creditor you want to speak to.

2. 
   Make your call.

   Prepare to make your case:
   When you call to ask for your credit card interest rates to be lowered, have your argument( I mean that in a persuasive way)ready. Start off with your good, very good or excellent credit rating, then your payment history. If you constantly make more than the minimum payment, you're never late, or you've never missed a payment, point that out. These things make you look like a desirable customer that they want to keep happy.

3. Make your case against them (in a polite, professional way). This is where your research comes in. Point out that you are receiving offers that have lower rates, or that their competitors are offering lower rates. Mention that you'd prefer to stay with your current company because of your history, but if they can't lower your interest rate to something more competitive, you'll have to take your business elsewhere.

4. What if they refuse to lower your rate?
   Don't give up quickly. Ask what the reason for their refusal is. If it is that you've had a history of late payments, or something of that nature, ask about your chances of having your rate lowered in 6 months after dedicated early or on time payments. Ask what needs to happen for customers to get lower rates.
   Ask to speak to a supervisor or manager, they have more power, and may be able to offer you a small drop in rate if not the large one you would like.
   If you do have the option to transfer your balance to a lower interest card, take it, but don't close your card. After having a zero balance on the card for a while, your credit card company may realize how valuable you were and offer you that lower rate.

Tips & Warnings

• Don't give up! Try again in 6 months, after you learn what your credit card company looks for to drop interest rates.
• This is just friendly advice. Please research and carefully consider all your options before you make any changes to your financial picture.