Escape High Interest Rates on Credit Cards for Bad Credit
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by: barrywaters
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Word Count: 500
If you are stuck with a credit card for bad credit, you are probably stuck with sky high interest rates, too. You probably expect to have those high interest rates for quite a while to come, because the only way to get a lower rate is for your credit card issuer to decide on their own to drop your rate... but is that really true? People across America have discovered that there is a better way to improve their credit card terms: All you have to do is ask.
The most effective method is to call up your credit card company and tell the customer service representative that you have a more attractive offer from another company and are considering switching credit cards. The customer service representative might send you to someone who specializes in convincing reluctant customers like yourself to stay, or you might stay with them throughout the call. Either way, be polite, lay out your case calmly and methodically, and be willing to negotiate. If you and the customer service representative cannot come to an agreement, thank them, end the call, and try again another day, when your call might be answered by a representative who is more inclined or able to help. (Representatives are required to follow guidelines, but they have some wiggle room in deciding how far they are willing to help a given customer.)
Credit card customers who used this method found that more than half the time they were able to get a reduction in their credit card interest rates, and the average reduction was 5 to 6 percent. Some were able to get their interest rates halved. That is a considerable reduction, especially if you have the kind of interest rates associated with a credit card for bad credit.
Two of the most important determinants of whether a customer got a rate reduction were their credit rating and the length of time they had had their credit card. If you have bad credit, focus on how long you have been a customer, how regularly you have paid your bills on time, and the comparatively small percentage of your credit line you are using, since all of these are also factors in whether your credit card issuer is willing to give you a break in your interest rate.
So call to ask your issuer to lower your interest rate, and be friendly but persistent. It is likely that you will see your interest rate drop significantly. This method works whether you have a regular credit card or a credit card for bad credit, and the best part is that if your credit card company turns you down, there are no negative repercussions. Why not try today? Your interest rate can only get better. Related Content Low interest credit cards | Best credit cards | Bad credit credit cards | Best credit cards | Best credit cards |
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