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Lowering credit card interest rates: ask and you might just receive!

Looking for a low rate credit card?

Just phone and ask. It might work. Recent studies suggest that customers with good credit ratings who contact their credit card companies stand more than a 50 percent chance of getting lower rates—just by asking for them.

Prepare your defense

You need to review your credit card spending for at least one year to see what kind of money you're making for your bank. It might surprise you. What kind of interest rates have you been paying? And do you pay on time, every time? No company wants to lose a profitable, responsible customer. Do you borrow below your limit and pay that off each month, or nearly so? Another plus for you, especially if you have a high credit limit. So when you call you need to be able to tell the representative how much business you bring to them, from when and where, and how much potential profit they have to lose should you choose to go elsewhere.

Not getting results?

They said no. Then maybe it is time to start looking around for a credit card that will give you a lower rate. And these days, that's not so hard to find. Credit card companies are scrambling to entice new customers to borrow, and many will offer you a 0% credit card balance transfer. And if you're a strong credit risk, they'll be even happier to help you move. Get the rate and then phone your original credit company back. If you threaten to cancel your card, they may just lower your rate.

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