Get a lower rate even during tough economic times…
In tight economic situations, finding ways to cut expenses is a top priority. But if you’re dealing with credit card debt, you may think there’s no way to cut your payment. Well, think again! Lowering your credit card rate is not only possible, but it’s a vital part of cutting expenses and often in the banks best interest. Here’s why:
Even during economic down-turns and times of credit card defaults and delinquencies, credit card customers are a commodity that banks can’t afford to lose. And in today’s market, banks are extremely competitive to not only start new accounts but to maintain the ones they have already. Existing customers, especially those who pay on time, have a job and continue to use their credit cards responsibly, are often able to negotiate a lower rate with their bank to ensure a continuing partnership.
Requesting a decrease in your interest rate is as easy as picking up the phone and calling your existing credit card issuers. Before you call, be sure you know the APR you’re currently paying and do some research on the credit card offers available online or being sent in the mail. As you talk with the issuer, you can mention that you’re getting offers for lower rates. Be prepared to explain your circumstances and desire to stay on top of your debt – appealing to a rate cut to help you maintain your good standing. If you run into a brick wall at first, don’t be discouraged but remain cool and persistant and expect to talk to more than one person; ask to speak with a supervisor and find out what you need to do to get a lower rate.
If you’re wondering if it’s worth the time and effort, consider this: If you have $10,000 in credit card debt at 18% APR and make monthly payments of $250, it will take more than 5 years to pay off. By renegotiating down to 12%, you could shave 10 months off and save a approximately $1,500. See how much you could save with our low interest savings calculator…
* Or, see our complete list of low interest rate credit cards >