How to Dispute the Interest Rate on a Credit Card
Being responsible with credit and having a good rating typically qualifies you for a low interest rate on your credit card. But oftentimes, credit card companies increase the rate on credit cards, which can increase your minimum payment. As a cardholder, you can accept the increase and pay a higher interest, or you can contact your creditor to dispute the hike and request a lower rate.
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Instructions
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Keep accurate payment records. Online and paper statements reveal your payment dates. If your credit card company increases your rate, and you've never missed a payment, contact your company and remind them of your good payment record. Ask to receive a lower rate on your credit card.
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Contact your company to explain late payments. Some credit card companies will increase the rate on a credit card after one late or skipped payment. Call your company and explain the reason for lateness. They may excuse a one-time error and re-issue the old rate.
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Speak with a supervisor to acquire a reduced rate. Customer service reps may be unable to lower your interest rate. Don't give up without a fight. Be respectful and ask to speak with an account supervisor.
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Negotiate with the supervisor. Again, mention how long you've been a cardholder to demonstrate your loyalty to the company, and if you've never missed a payment, mention your excellent payment record. If you can't negotiate a permanent rate reduction, ask for a temporary decrease.
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Prepare to transfer your balance to a low-rate interest card. A good credit rating puts you in a position to apply for a new credit card and transfer the balance to acquire a lower rate. Tell the accounts supervisor that you're prepared to move your balance to another card if you can't negotiate a better rate.
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References
- Photo Credit credit card and hand image by Warren Millar from Fotolia.com
