How Can I Lower the Interest Rates on My Credit Cards?

Many people are tired of having to pay hefty interest rates on their credit cards. However, there is one thing they don’t know: They could lower their interest rates simply by asking their credit card company. It sounds simple and unlikely right? However, if you know some techniques, you could easily lower your credit card interest rates just by picking up the phone to call your credit card company.

So, how can I lower the interest rates on my credit cards?

Persistence is the key here. Do not be afraid to pick up the phone and call them. You may be turned down the first time you call, but you just need to keep trying to make it work for you. Most credit card companies will give in when you keep calling them nagging for a drop in interest rate. If the representative you speak with is unfriendly and not helpful, ask to speak with the manager or supervisor. If he or she still refuses, keep calling every other day until he or she gives in.

You should keep all the credit card offers you receive in the mail and quote them when you are turned down by a representative. Tell them that you are thinking about switching to a new credit card company which offers a more competitive interest rate than the one you are getting from them. Since the credit card company needs your business and your money to make money, they will usually compromise with you in order to maintain a customer. You can also tell them that you want to close your account because the interest rate is too high. For fear of losing a customer, the credit card company will instantly offer to lower your rate.