How You Can Lower Your Credit Card Interest Rates
Lower your interest rate
Are you drowning in credit card debt with high credit card interest rates? Are credit card fees pulling you under? Your life preserver is as close as your phone in many cases.
In an attempt to keep your business, many credit card companies will lower your credit card interest rate and possibly waive some fees. All you have to do is call them and ask.
Your chances of getting a lower credit card interest rate is dependent on good standing with your credit card company. If you are behind in payments, chances are you will have no bargaining power or leverage with them.
Shop for a better interest rate
Start collecting any new credit card offers you have received in the mail. If you do not have any credit card offers, start collecting the information online. A good place online to find or compare credit cards and credit card interest rate and offers is a site called Bankrate.
Finding a better deal on another credit card or credit card interest will be a bargaining tool. Find the best deal on a credit card as you can and learn about any other offers, beside just the lower interest rate.
You will need to get your credit card bill and find a contact number. Figure out exactly what your credit card interest rate is and if there are any fees that could possibly be waived. Contact your credit card company. Remember, the first person you might speak with might not have authority to lower your rates.
Explain to the credit card employee that you have found a better credit card deal than what they are giving you and ask them if you should "take that deal". Some people will try to "complain about their high interest rate by comparison". Depending upon your personality, it might be better to act like you are impressed with "this better deal you have found" but not make your own credit card company out to be a bad guy. Honey catches more flies than vinegar.
They want to keep your business
There is a good chance they will make you a better offer or match that offer. If not, be adamant, that it's just too good a deal to pass up and allude to the fact that you will probably take the deal. Explain to them that you don't want too many credit cards and bills to keep track of and will at the very least stop using theirs for purchases, because of that lower rate. If the first person can't or won't lower your rates, you are looking to be passed on to a person that will attempt to "keep your business".
In the past it has been shown that about half of the people that try this are effective. So increase your odds by doing a little practicing, before you call. Find a "real deal " on a credit card that you might actually switch to.
Ask them to sweeten the deal
Lastly, if you can get your interest rate reduced, don't stop there. Look for fees that can be waived or ask if it your lower interest rate can be retroactive. In other words, inquire if they can make you lowered interest rate apply to the current month and not the first of the next month. Ask for any specials or offers they are giving to the new customers of your credit card company.
Good luck! I have also included some excellent videos of different ways to approach your credit card companies over the phone.