High Interest Rates: Not a Lifetime Sentence, Even If You Have a Credit Card for Bad Credit
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by: barrywaters
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If you are stuck with a credit card for bad credit, you are probably stuck with sky high interest rates, too. You probably expect to have those high interest rates for quite a while to come, because the only way to get a lower rate is for your credit card issuer to decide on their own to drop your rate... but is that really true? Credit card users across the United States have found that there is a way to get better credit card terms: All you have to do is ask.
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 you cannot come to an agreement on your first call, thank the representative, end the call, and call back another day, when you may get someone who is more willing to help you. (Representatives are required to follow guidelines, but they have some wiggle room in deciding how far they are willing to help a given customer.)
Credit card customers who used this method found that more than half the time they were able to get a reduction in their credit card interest rates, and the average reduction was 5 to 6 percent. A few people saw their interest rates cut in half. That is a considerable reduction, especially if you have the kind of interest rates associated with a credit card for bad credit.
When the credit card company considers your request for a lower interest rate, your credit rating and the length of time you have been with that particular company will be two of the top factors they will look at. 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 call to ask your issuer to lower your interest rate, and be friendly but persistent. It is likely that you will see your interest rate drop significantly. The method is effective even if you have a credit card for bad credit, and the best part is that even if the answer is "No," there will be no repercussions. Why not try today? Your credit card terms can only get better. Similar Articles Bad credit credit cards ... Secured credit cards ... Credit card application ... Bad credit credit cards ... Best credit cards ...
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