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How To Reduce Your Credit Card Interest Rate
By JLP | January 9, 2007
Today’s Wall Street Journal offers up some advice on lowering your credit card interest rate ($). Here’s the general idea:
1. Competition is driving credit card companies to lower their rates or risk losing customers.
2. Customers who have good credit records and are considered good customers are in the best bargaining position.
3. All they (customers) have to do is call up their credit card company and ask for a lower rate. The worst they can say is “no.”
The article does suggest you look at your credit report BEFORE you call your credit card company because you don’t want to find out about any surprises while your on the phone with the company. They also suggest that you BE NICE!
Finally, the article even offers the following script to help you in making the call:
“Hi, my name is ______________. I am a good customer, but I have received several offers in the mail from other credit-card companies with lower APRs. I want a lower rate on my card, or I will cancel my card and switch companies.”
How’s that for blunt and to the point? I can just imagine credit cards getting a barrage of calls from people all saying the same thing.
Topics: Credit Cards |