Ways to Lower Credit Card Interest Rates

3 Quick Phrases Can Save You a Bundle

By Stephen Mazeika

Due to the present state of the economy, many consumers are finding themselves facing mounting interest rates. This can be an extra burden for many people that are already facing falling home values, tough job markets and diminishing portfolios. There is one way to help combat these mounting rates, and it’s as easy as picking up your phone and calling your credit card company.

Successful Phrases to Use While on the Phone

• “I’m a good customer”

• “I’ve spoken with several other companies that have offered me lower interest rates, can you match or beat their quote?”
  

• “I’m looking to speak with someone about lowering the rate on my card, can you help me?”

This method is not always effective in lowering your rates, but it has helped many customers significantly improve them. The key is to not give up after initially being denied a rate drop.

Asking for a supervisor is another way to get the right person on the phone to plead your case, which many times yields favorable results for customers. One Discover Card customer managed to initially get their rate down from 28.9-23.9%, and then after a second call and request for a supervisor, secured a rate of 20.99%. Another CitiRate MasterCard customer secured a 2% discount, from 9.99-7.99%. A third Capital One customer managed to negotiate a whopping 25.9-14.9% decrease. Needless to say, it’s worth a try.

Better Score, Better Chance

There’s always one thing to remember, and that is with a better credit score, your chances are much higher for a successful renegotiation of your rate. With consistent on time payments and the occasional payment beyond just the minimum, improving your credit score is within your reach.