Why Pay More For Credit?

Most everyone these days has more than one credit card in their wallet, most of us more than 5.  The interest we pay on these cards vary in percentage, usually greatly. We have those we prefer, usually with an APR of 8% or less, and those we use when we need to, like the ones with 15% or even higher interest.  The thing is credit card companies, especially in times of economic slumps, are looking hard for our business.

 

The credit card industry is competitive; you need only check your mail to see how hard these companies are looking to get your business.  The great thing about competition is the consumer, us, benefit. 

Most people are unaware that the interest rate you are paying is not equal to other customers of similar account and credit history.  The fact is your credit card interest rate is highly negotiable.  Paying less for your credit card interest is easy you just have to follow these steps to get your interest rate lowered quickly and easily.

Contacting Your Credit Card Company

The first thing you should always remember and keep in mind when contacting your credit card company is this:  you are the customer.  They need you, and not vice versa.  True they are “lending” you money, but you are paying for it, through the interest.  This means they are not the big bank that makes all the decisions, you are the customer, with other options on where to take your business. 

Video: Negotiating with Your Credit Card Company is Easy

Don’t Ever Be Intimidated

When you buy groceries from the local store, are you intimidated to let them let you make purchases?  Probably not.  You should feel the same when speaking to your credit card lenders.  You are the customer, and as such, buying their product.  There are several thousand companies in the U.S. alone issuing credit cards every day.  The credit companies are aware of this fact, and you should be, too. 

Contacting your credit card lender should be a comfortable experience.  You are keeping them in business and you should never forget it.

Video: How to Negotiate a Better Credit Card Deal

The Secrets to Contacting Your Credit Card Company- And Getting Results!

Just calling up your credit card company and complaining will probably not get you too far with them.  There are certain key words you should use that will let your credit card company know that you are serious about lowering your interest rate and willing to move on to another company should they not oblige.  Follow these insider tips from a former employee of the 2nd largest credit issuer in the country:

• Always be polite.  Being rude or otherwise unpleasant will not get you far when speaking to the customer service representative on the other end of the line.
• Remind them of how long you have been a faithful and consistent customer.  Let them know your payment history and why they should value your business.
• Explain, in simple terms, that you have multiple credit cards and would like them to match the interest rate of a lower one. 
• Let them know you are willing today, to close this account and relocate the amount owed (also called a balance transfer) to another credit card lender.

Shop Around and Save

With so many companies out there lending credit, you need to keep your eyes open and shop around.  Inside all that junk mail are some real deals with great offers on balance transfers and low rates.  Explore other companies with good deals on low interest.  Don’t get stuck in the habit of just using your credit cards, paying off the monthly bills, and continuing to overpay on your credit.  Look around, shop around on the internet, and keep your options open to get the best interest rates possible on your credit cards.