Lower your credit card interest rate just by asking
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There is a well-kept secret in the credit card industry. And that secret is you can sometimes get a lower credit card interest rate just by asking.
When we were paying off our credit card debt we did this TWICE and it worked both times to lower our rate by at least two whole percentage points.
Why would I want a lower rate?
Because a lower rate means if for some reason you can’t pay your entire balance each month, you will at least pay LESS.
First a few tips.
This works best if you're a customer in good standing who pays their bills on time.
Call during the daytime hours. I know if you have a traditional 9-5 job that can be tricky, but it will be easier to get a manager that can help you.
ALWAYS, ALWAYS, ALWAYS be polite. No matter what.
Remember they might say no, and if they do try again in a few months.
So how do you get a lower rate?
By asking. That’s it. Call your card issuer, tell them you’re looking to pay down your debts and ask “can I get a lower interest rate?”
Remind them you have a track record of paying your bill on time and would like them to see what they can do to assist you.
If you are struggling financially because of a job loss or big life change, tell them.
Take advantage of a competitive rate.
Look for a credit card offer from a competitor. When you call tell them you found a similar card with a lower rate and ask them to match the offer, or better yet, beat it.
Try again
The worst they can do is say no. If they’re rude, that’s their problem, not yours. Take notes of the conversation and try again in a few months.
