Many people assume that their credit card terms are set. This is not entirely true. It is possible to request a credit limit increase, new payment date, and even a lower interest rate, all by making one simple phone call. Many credit card companies actually allow you to make these requests automatically. You can call the company to use an automated system or make your request online. However, when it comes to requesting a change to your credit card rates, it is best to call and speak with someone directly.
How to Get that Lower Interest Rate
When you call to ask for a lower interest rate on your credit card, it helps to be aware of your status. Have you been making payments on time? Do you stay within your credit limit? Is your account in good standing? If the answers to these questions is “yes,” then you have a good case for getting a lower interest rate on your credit card.
Here are some of the steps you can take to get a lower interest rate:
1. Call and ask credit card customer service if you can have a lower rate. In many cases, the customer service rep is authorized to offer 1-3 percentage points off your current rate.
2. If the first person you talk to can’t help, ask for a supervisor.
3. If a lower rate still is not offered, threaten (politely) to move to another card. Make sure you are in a position to do this. Often having an offer for another credit card in hand is effective.
4. If you do not get the lower interest rate for your credit card, cancel the card and transfer your balance to a balance transfer credit card.
It is important to be polite throughout this process. You are more likely to get what you want if you are calm, polite, a good customer and in a position to take your business elsewhere.
