Are you paying too much interest on your credit card?

If you have high interest rates, you may want to consider calling your credit card company. A quick phone call to your credit card issuer can end up saving you hundreds of dollars in interest charges. And although it may seem too good to be true, simply calling your issuer and asking for a lower interest rate can work. In many cases, your credit card issuer will be more than happy to please you to keep your business.

Many consumers end up dealing with high interest rates for years, just because a card may seem fixed. And it can be quite nerve wracking to complain to your issuers. But as long as you have a good payment history and your balance is low, asking nicely will almost always guarantee you a lower interest rate. Your credit card issuer wants to keep your business, so they will do a lot to insure that you stay loyal to the company. And you’ll be much happier saving significant amounts of money on interest charges.

So what’s the right way to do this?

Keep your request simple. You’ll want to let the customer service representative know that you are a loyal customer. Emphasize how long you’ve been with the company, your excellent payment history, your good credit score, or anything else you think may be helpful. Your specific circumstances can also help. You should then ask them respectfully about your interest rate. Some good ways to do this are: “I am concerned about my high interest rate. Can you do any better?” or “ What can you do to help me out?” Also, mention any low interest credit card offers you may have received. Whether it be from offers mailed to you or ads online, these credit card deals can serve as effective negotiating techniques. Politely speak to them, and let them know that you would like them to match the offers.

If the customer service representative says no, ask to speak to a supervisor. State your case again for them. If this doesn’t work, try hanging up and calling back 15 minutes later. Emphasize that you may have to take your business to another bank if they are unable to meet your demands. Normally, even if it takes a couple tries, someone will be more than happy to help you. However, if your bank is being unreasonable and strict about lowering your credit card rates, think about taking your business to another bank. Many credit card issuers offer great low interest credit cards with 0% intro APRs for specified periods of time. If your bank is not flexible, you might want to think about moving.

You don’t have to be stuck with a credit card that charges high interest rates. Call your credit card issuer if you are concerned, and your problem could be fixed in no time!

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