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How To Lower Credit Card Interest Rates - Don't Let Them Bully You

By Edited Nov 13, 2013 1 1

Ok, so you are looking at your credit card, and it doesn't seem to be going down very much. You have been trying to make bigger payments, but with the high interest rate, it feels like you are giving them, (credit card company) more of your money than your balance. So, just how do you lower credit card interest rates?

To Get Lower Credit Card Interest Rates - One of the easiest things to do is ASK, but before you go down that road, arm yourself. Do a bit of homework. Get a copy of your credit report. Many credit card companies will charge different rates of interest depending on how big a risk you are.

If you have a history of not paying bills on time, then they will jack up your interest rates. So get a copy of your latest credit report. This will be your first piece of homework. If you don't think you have time or it is worth the bother, then just remember the amount of interest they just took from your last payment to line their company pockets. So get that report.

Look at your report closely. Find out if you have any stragglers. These are companies that say you owe them money or didn't pay. It could be something as simple as that book club you belonged to in another state or before you moved. Bills can cross in the mail, and instead of chasing you down, they may just report it to your credit rating as a non payer. It could be just for a few dollars. The computer doesn't care it is still a non paid bill. So find these stragglers, that can affect your report and phone them and deal with them.

How to Lower Credit Card Interest Rates - Armed with your clean credit report, or at least a cleaned up report (It does not have to be perfect to still try and get better rates) you are now going to pick a day when you don't have to be anywhere. Even if you have to take a day of your vacation. The money you could save will amaze you.

Now start with the phone number on the back of the credit card statement and phone them. Tell them you need to speak to someone about how to get lower credit card interest rates. Don't be scared, people do this all the time. You may get transferred around a few times, or put on hold, so this is why you need the patience and a day off. Finally when you get a real person, explain to them, you would like to remain their customer, but there have been offers coming in the mail for ZERO percent cards. That you have a copy of your credit report and you have been paying your bills.

They don't want to lose you or your balance, so they are likely to play with you, and lower the interest rate. Sometimes they will only do a small percentage, so try and get as good a deal as you can.

How to Lower Credit Card Interest Rates - If they won't play the game. Even when they check your credit report, then you tried. So, tell them you will be looking into alternative solutions. They may call you back pretty quick, but don't stop there. So, look for a zero interest rate card or low interest rate card, apply for it, and get this other balance transferred to them.

Once your original card is paid off now, because you transferred it to one of these special offer cards, you can phone them up and they will see the zero balance, and they will have just lost their gravy train, and you will tell them what you did, now they know you mean business. They don't want you to now cancel the card, so they will now totally lower the interest rate just to keep you in the system. You are probably wondering why you would keep this card that has no balance on it, with a newly lowered rate, that is because your new zero percent card will only be for a short period of time.

If you can pay the balance off in that short period of time, then great. But if not, you will now need to transfer the remaining back to your freshly lowered card.

How to lower credit card interest rates - This may seem like a lot of bother, but you could save hundreds if not thousands in interest that lines the pockets of the credit card companies. So take a day off, try and work with it. Play the game, and you will come out ahead. You can now pay off credit card debt faster, since almost all the money you pay goes to paying off the balance, and you will get out of debt faster.

So, play the game right. Think of it as a business, and set up calendars with the dates for when these special offers end, and make sure you transfer amounts before higher interest rates set in. Don't use this card for day to day purchases, rather, try and get rid of this balance with these tips.

How to lower Credit Card Rates - The reason many card companies offer these zero percent rates, is to get you in the door. Once there they are hoping you will be too busy to notice that after 6 months or a year, or whatever their promotion was, that the credit card interest rate will suddenly hike up, sometimes double digits. So, work this like a business, watch the dates, phone the card companies and play the game. You will come out ahead.

So, if you want to know how to lower credit card interest rates, then just remember, that quite often these rates are computer generated, sometimes just talking to a real person will knock off hundreds of dollars, so always ASK, it can't hurt, and take control of your finances. No one else will.

Also see:

Best Ways to Pay Off Credit Cards - Without Depriving Yourself

How to Pay Off My Debt - Don't Work For Free

How to Pay Off Bills and Avoid Late Payment Charges - Don't Let Them Suck You Dry

Saving Money for Your Wish List

Credit Card Fraud and How they Got Me

I just Lost My Job Now What

Bill Payments Are you Faced with a Second Job


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Comments

Jan 1, 2011 4:12pm
cricketlady
Thanks for writing a Great Article! I'm going to try this!
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