Lower credit card interest rates for the asking
Credit Card Customer Service Lowers Interest
“It doesn’t hurt to ask” goes the old saying. Many consumers see their credit card issuer as the enemy. It certainly seems that way some times. I mean isn’t the arbitrary power they have over your life unfair? One miserable day late and you get smacked with a $35.00 penalty no matter how many times you have been on time. They decide how much you can be trusted for in the form of your credit limit. And most galling of all is the fact that your calls are answered by machines. At times it seems difficult or impossible to talk to a live human being.
Your credit card company may surprise you if you are a good customer.
Late with a payment? Many credit card companies will forgive 1 late payment per year for a good customer. Call and ask for forgiveness. Credit card customer service waives late fees in many cases. You don’t need an elaborate story. They probably won’t believe you had a heart transplant or just flew in from helping orphans in Bangladesh anyway. Try “I forgot.” If you have been a good customer the chances are very good they will give you a 1 time waiver of the penalty. Even better there won’t be a late payment kicking up your interest rate as is provided in the fine print of so many credit cards.
If you have been in a high interest category because of a low credit score…
that doesn’t mean you have to pay that high interest rate forever. If you want credit card customer service lowers interest for you take action. You can try calling and asking to have the rate lowered after 6 months of steady on time payments. That might be a little early. If credit card customer service says no try again after a year of good payments. If your position has improved threaten to move your balance to another card. I don’t recommend threatening this as a bluff.
According to the U.S. Public Interest Research Group 56% of credit card users were able to get their rates lowered from 16% to 10.47% simply by calling and asking. A simple phone call can lead to savings of hundreds, even thousands of dollars. You have nothing to lose by trying.
Annual fees can be lowered too. Those high annual fees charged by low limit cards keep you from making any real progress on your balance. Many card companies take these annual fees out of your monthly payments. You may not always notice or think about that being the reason that making minimum payments doesn’t seem to be getting you anywhere. Credit card customer service has retention specialists. A credible threat to pay off and cancel the card may result in lowering your annual fee as well as your interest rate.