Time for Chicks Chat. Today we answer a question that Lisa asked us on our Facebook Page. we love receiving questions, so make sure w
e are friends on Facebook, K?
I really need to keep my credit card for emergencies. However, I hate that my interest rate is so high, around 22.99%. I have read in magazines and see on TV that people can ask their credit card companies to lower the interest rate. Is this true? If so, how do I get this to happen?
Yes Lisa you can ask them to lower your rate.
Here’s how:
If you know your credit score, research online to determine the interest rate that someone with your credit score should be paying. Next, call the company and work to get that particular rate.
Another approach is to actually read that junk mail you receive offering you a “great” rate on a new credit card. See what the lowest rate is after looking at 3 or 4 of these credit card applications, then call your own credit card company and request the lowest rate advertised on the junk mail applications.
When you call the credit card company, be polite, respectful and to the point. Consider the following example:
- Say why you’re calling and state you’re looking to lower your interest rate from, let’s say, 23% to 15%.
- Most likely, the representative on the other end of the phone will offer you something like 19%.
- Simply state you appreciate the flexibility but that you would like to discuss your request with a supervisor.
- At this point, the rep might actually grant you the rate you’re requesting or transfer you to a supervisor.
- Hold firm with your request, but be friendly and calm.
- Keep in mind that the credit card company won’t likely want to lose your business.
- You should be able to get the interest rate down just by making this simple call!
- Finally, vow to yourself that in the future, you’ll pay off the credit card and seek to only charge what you can afford to pay off each month.
Have you had luck getting your interest rate lowered? We would love to hear how you had it lowered.
photo credit: 401k
Andrea is the Chief Chick of Smart Money Chicks. After filing BK twice (once because she panicked, second time because the pro messed the first time up), she realized that it all could have been avoided if she understood more about how her Finances worked and the options available. At that point, she wanted to help as many as she could never make the same mistakes again. Our Promise is that all the content you read on here is created or edited by Andrea