A major consumer group conducted a study to find out how easy it is to get a lower interest rate credit card. Fifty-seven percent (57%) of those who simply telephoned their credit card company and asked for a lower interest rate got one instantly.
This rate was anywhere from 7 to 10 points lower than their current rate. Getting lower interest rate credit card depends on various factors.
They are more willing to say "yes" if you meet most or all of the following conditions:
(1) You have a good credit rating -- meaning no late pay notations on your credit report and a good credit score; (2) You do not have a high debt-to-income ratio and you do not carry a big balance on your card; (3) You do not send in just the minimum payment required each month; (4) You have an excellent payment record with that particular creditor; (5) The credit card is not one that is categorized as "sub-prime", meaning it is not a secured credit card or one marketed exclusively to those with bad credit.
Ask for a Low Interest Rate Credit Card Many people are surprised at how easy and quick it can be to get their credit card interest rates lowered. How easy is it? Just pick up the phone and call the appropriate number that appears on your credit card statement and ask for a lower rate.
But before dialing, you need to make sure you are a good candidate for this low interest rate credit card by doing some research. Visit the websites of the largest credit card issuers listed below to compare various credit card offers. Keep in mind that the interest rates they advertise prominently on their websites are reserved for those who earn a median income and have excellent credit. When you call and ask for a lower rate, your reasoning should be based on an argument such as you deserve it because you're an excellent customer or you're getting better offers from other banks.
Ask to Speak to a Supervisor Credit card companies are aware that being are people advised to call and ask for a low interest rate credit card so they have instructed their phone representatives to give callers a canned response claiming they can't lower the rate any further.
If this happens to you, ask to speak to a supervisor. There is no guarantee, but odds are higher you will get better results with a supervisor. And remember, just because they say no today, doesn't mean they will say no six months from now or a year from now. If they say no, then transfer the balance to another low interest rate credit card if you qualify to do so.
If you don't qualify for a low interest rate credit card transfer because your credit score isn't high enough, then spend the next six months paying down as much debt as you can and paying all of your bills on time so that you can raise your credit score and qualify for a low interest rate credit card.
Keep calling and asking for a lower rate every six months and work while you work on improving your credit score.
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