Credit cards are becoming more and more popular amongst the American people. They are known to be a good money management tool. However, credit cards also have a dark side. More and more Americans are being targeted by high interest rates that are not earned. I firmly believe that you earn low interest rates and you earn high interest rates as well but lately credit card companies have been taking advantage of the fact that most people havn’t got a clue. Because of this I have decided to give away one of the secrets that keeps me in business in hopes that it will help out a good amount of people and that is how to negotiate credit card interest rates.
Step 1. Figure out information you are going to need to know – all of the information that you are going to need is going to be found on your charge card bill. Take out a pen and paper and make a list of these things:
*Your interest rate.
*Your credit limit.
*Your balance.
*The banks customer service phone number (this can also be found on the back of the credit card.
Step 2. Call the charge card company – It is very important that you are polite. Like a mom and pop store, charge card companies need their clients to survive however they will not work with you if you are rude to them so make sure you remember to be polite. When you first call you are going to need to answer a good amount of automated questions in most cases. Go ahead and use your phone to answer these questions. The automated system will start to give you information about your acount. Simply press the number 0 to speak to a customer service specialist. When you reach a person say this “Hi I was going over my charge card accounts and I realize that this one has the highest interest rate. I like using your card however I am not fond of paying this high interest. Is there anything you can do to make the interest rate more competative on this card?”. This customer service rep is going to place you on hold for about 5 minutes. When they gets back on the phone they are most likely going to come back with this “after reviewing your account I am sorry but there is nothing that I can do”. This is the normal response and it is perfectly fine, just move on to step 3.
Step 3. Ask for the retention department – the retention department in charge card companies is a department that is specifically designed to reduce interest rates in an attempt to keep happy clients once you get to this department use the same line we used with the customer service department “Hi I was going over my charge card accounts and I realize that this one has the highest interest rate. I like using your card however I am not fond of paying this high interest. Is there anything you can do to make the interest rate more competative on this card?”. This representative is most is going to place you back on hold, but when they come back in most cases they will have a better answer for you. If they are not willing to reduce your interest rate move on to step 4.
Step 4. Go to JemCreditCards.com – They have great balance transfer offers and if you are not sure what to do next, they can help with a personal financial consultant service that is pretty cheap. If you do decide to get a balance transfer credit card, I advise Discover they are by far the best charge card company in my opinion.
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Tags: Credit Card