Lower Credit Card Interest Rates – Just Ask!
Lowering the interest rates on credit cards is a big first step to reducing your debt. The problem is – most people don’t do it or don’t know that they can do lower the credit card rate with a simple phone call.
Scared! – Don’t be that phone call could you save you a lot of money.
Carrying a high interest rate on the balance of your credit card is extremely expensive. You hold a lot of buying power with that little piece of plastic. The credit card companies know that, so take the power you hold to lower your interest rate.
All you need to do is pick up the phone and ask to have your rate reduced. If the company refuses to give you a lower rate, don’t be afraid to take your money and business elsewhere.
Oprah had a great little series called the "Debt Diet" on the show Jean Chatzky gave a sample script
Here is Jean Chatzky’s sample script:
"I have [name of card] with you and my interest rate is [X] percent. I received another offer in the mail from [other bank's name] for [X] percent, but before I take it, I want to see if you can lower my interest rate instead."
If the representative says they’re not authorized to do that, you say:
"Look, you and I both know that if I transfer my balance today, next week your bank is going to send me an offer to come back at an even lower rate. Why don’t you just save the bank the cost of that effort by giving me several points today?"
If the rep says it’s not possible because your credit card is at a fixed interest rate, you say:
"Actually, that doesn’t have anything to do with whether or not you have the ability to lower my interest rate. A fixed interest rate only means that my rate doesn’t vary with fluctuations in the prime rate. In fact, the bank can raise it on my account at any time by just giving me 15 days written notice. And the bank can, if it chooses, lower the rate today."
If the rep still says they’re not authorized to do that, you say:
"I’d like to speak to your supervisor."
Then repeat the script
One quick call may be all that is keeping you from reducing your debt with a lower interest rate! Do it today!
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