Have you come to the conclusion that your credit card interest rate is entirely too high? If so, you have a few options.
First and foremost, you can close the credit card and move on. If this doesn’t work for you, think about paying off your balance and not using the card.
Of course, there is one last idea to consider: negotiate a lower credit card rate. This is easier said than done, but it’s definitely a possibility if you take the right approach.
There are several tips to follow if you find yourself in this position. Here are three of the most important:
1. Have a reason for negotiating a lower interest rate. In other words, your credit card company is not likely to agree to this if you have no reason to backup your argument.
Have you been offered a lower rate by a competing company? Do you need a lower rate because you’ve run into a financial hardship?
Regardless of your situation, be sure to clearly communicate it to your credit card provider.
2. Get in touch with a supervisor. While your discussion will start with a customer service agent, you’ll need to discuss your situation with a supervisor at some point. This is the person who has the power to actually lower your rate, so you need to get in touch with the appropriate party.
3. Be patient. As frustrated as you may be, it’s important to remain patient. This isn’t something that will always come right away, so make sure you’re ready for anything you may have to deal with. Adding to this, you should have some level of flexibility. You may not get exactly what you want, but any reduction in rate is better than none at all.
What do you think about these tips for negotiating a lower credit card rate? Would you add any other advice? Share your thoughts in the comment section.