Many people suffer from credit card debts because of not having discipline and not knowing how to deal with interest rates. A study has been conducted to know how these people could actually lower their credit card interest rates. You might be surprised to find out that this study has shown that 57% of those who have called their credit card company (for the very first time) were able to get a lower interest rate instantly! This rate could be about 7-10 points lower than the present interest rate that they are paying for.
There are many factors that your credit card company considers for them to be able to assign a much lower rate for you. The yes only becomes possible when you meet the following criteria:
1. A good credit history-this means no late payments on your credit card, no negative notations on your credit bureau reports, and an impeccable credit score.
2. There isn't a big balance on your present credit card. Your credit card company also tends to review your debt against your household income. If you have more debt than what you actually earn, well, this would make them think twice.
3. Make sure that you pay at least the minimum amount due every month. If you could pay more than that, it is all the more pleasing for them. It also pleases them to see revolving credit on your account.
4. If you have an excellent payment history with all of your other credit cards and loans.
5. If you do not have any secured cards, which means that you never had bad credit.
Before actually calling your credit card company, make sure that you meet all these requirements and you are a sure candidate for interest rate reduction. Once you call, be confident that you deserve the interest rate reduction by telling them about the good business you have given their company. Here are also some great strategies that would make your credit card company think of giving you that elusive reduction:
1. Tell the custome r service representative (or the supervisor) that you have scouted ar ound for other credit cards and that they are offering lower interest rates than what you currently have with them. Then bluntly ask if they would be willing to give you the same interest rate.
2. It also pays to state that you have been pre-approved for a certain credit card and that they have a much lower interest rate. Again, ask if they can offer the same (or even lower) interest rate.
3. Tell them that you would transfer your balance to a different credit card company if they would not lower your present interest rate.
4. If calling your credit card companies wasn't fruitful, it is no longer advisable to start writing them letters. You would only appear desperate-the only time to send a letter is if you are not comfortable in doing business over the phone.
Remember these strategies and you might just be able to lower that interest rate. It is not so difficult-if you are financially responsible-just pick up the phone and go for it!
Stephen Lee is the author for aboutcreditcards.info [http://www.aboutcreditcards.info] that is geared toward helping people choose and compare credit card offerings [http://www.aboutcreditcards.info] You can view more articles about credit cards by visiting here [http://www.aboutcreditcards.info/credit-card-articles.php/]
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