When asking a credit card company to reduce high interest rates, it’s important to have realistic expectations. They’ll probably be happy to work with you, but they aren’t likely to cut the interest in half. Instead of asking for a huge reduction, find a lower rate being offered elsewhere and ask for it. Even a small decrease will save money on the credit card bill.
Do Your Research
Jason Hartman knows the importance of thorough research. A good way to get your credit card company to lower interest rates is by researching what competing companies are offering. Also, check if your company is offering any deals to new customers. If they are, it might be a good idea to ask for the same interest rate.
The best way to get a credit card company to lower high interest rates is simply to ask. Give them a call and tell them you’d like a reduced rate. Most credit card companies will go out of their way to keep a good customer. All you have to do is explain to them you’ve seen lower rates elsewhere. Let them know the other rates are preferable. Make it clear you’ll switch to another company if they can’t offer the same.
Try to negotiate by not throwing out a number immediately, but instead asking them what they can do for you. Sometimes, their number will be lower than what you expected.
If not, suggest the number you were initially hoping for.
Reference Other Companies
It’s a good idea to explain to the credit card representative there are better rates out there, and though it’s not preferable to switch, you will if they can’t lower your rate. At this point, have some reference out to give them accurate quotes. You may even say a competing company is quoting the rate you want, and you’re going to switch if they can’t work with you.
Don’t Give Up
Even if they say no the first time, it’s important to be persistent. Sometimes you can get the rate lowered simply by speaking to the right person. Not every customer service agent is as responsive as the next, but there’s no harm in trying until you find an agent who is responsive to your request. If all else fails, it’s always an option to switch to a company offering a lower rate.
If you have a good credit score, you’re entitled to some of the lowest interest rates out there. Don’t settle with a high interest rate. If the company won’t lower your interest rates, don’t be afraid to transfer to another who will.
The Young Wealth Team