Getting a Better Interest Rate on Your Credit Card for Bad Credit
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by: barrywaters
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Word Count: 480
Date: Wed, 17 Dec 2008 Time: 5:39 AM
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The most effective method is to call up your credit card company and tell the customer service representative that you have a more attractive offer from another company and are considering switching credit cards. The customer service representative might send you to someone who specializes in convincing reluctant customers like yourself to stay, or you might stay with them throughout the call. Either way, when you are speaking with someone who can change your interest rate, lay out your case politely and calmly and be prepared to negotiate. If the first representative cannot make you an offer you like during your first call, thank him or her, hang up, and call back later, when you might get a representative who is more willing or more able to help you. (Although customer service representatives are required to follow regulations, they have some leeway in how far they are willing to go for a given customer.)
Credit card customers who tried calling up their issuers and using this method were able to lower their interest rates more than half the time, for an average drop of 5 to 6 percent. Some were able to get their interest rates halved. That is a significant reduction and remarkable savings, especially when you have an interest rate as high as the rates typical for a credit card for bad credit.
Your credit rating and the length of time you have been with your credit card issuer will be two of the most important factors in determining whether you will be able to get a rate reduction. If your credit rating is poor, emphasize how long you have been the companys customer, how you have regularly paid your bills by the due date, and the small percentage of your credit line you are currently using, since these are other important factors that the credit card company will take into account.
So phone to ask your credit card company for a better interest rate, and be polite but persistent. The likelihood that you will get a significant reduction in your interest rate is high. This method works whether you have a regular credit card or a credit card for bad credit, and the best part is that if your credit card company turns you down, there are no negative repercussions. Why not try today? Your interest rate can only get better.
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Similar sites about credit cards for bad credit, visit www.LendingTree.com/credit-cards.
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