Things You'll Need:
- Telephone
- Credit card company phone number
-
Step 1
The first thing you need to do is determine what your interest rate currently is.Is it a card you carry a large balance on? Do you use it currently or have you stopped charging on it?
-
Step 2
Next,You will call the credit company and ask to speak to a customer service rep.Once you have them on the phone tell them you are looking to cancel your account with them.
-
Step 3
After you initiate this,They will ask you why.Tell them that you have decided that since your balance is so high you just want to get it paid off and out of debt and that the interest rate is just to much to keep using the card.
-
Step 4
At this point the CSR will ask you to hold while they speak to their supervisor.If they do not offer you anything,Then you will need to ask to speak to the Supervisor yourself.
-
Step 5
Usually they will gladly do so.Now is where you can negotiate.Tell them that you would love to keep the account open but they need to give you a lower rate of interest for you to do it.Depending on what your rate is and how your credit is,They will usually lower it by at least 5%.They do not want to loose customers so they will try to accomodate you.
Good Luck and be firm with them!
Comments
Rockney said
on 11/1/2009 Great advice! 5*!
samsons said
on 9/24/2009 Keep it up.You are a great writer.Thanks for joining www.ehowblog.com your article is live in our blog.Spread this good news to everyone about this free blog.Thanks Sam
RENorton said
on 9/15/2009 Excellent article. Very well-written with some great info. Great tips for negotiating a lower interest rate on your credit card. Thanks for sharing! 5 stars and a recommendation!