Have Good Credit? Then You Deserve a Better Interest Rate!
If you own a credit card, it is your duty to check the rates and fees that your credit card issuer charges you. In this article, we’ll talk about how you can take advantage of your good credit score to enjoy better rates on your credit cards.
Good Credit = Lower Interest Rates
Can you really ask a credit card company to lower your interest rate? If you haven’t tried asking for a lower rate, you might be surprised with the result.
If you had that credit card for quite some time and you’ve been a good customer, then you really deserve to get lower rates and fees. Nevertheless, no credit card company would offer to give it unless you make the request.
Examine your billing statements for the past few months and see if there has been any change in your interest rate or fees. Credit card companies often increase their charges after giving their customers an advanced 15-day notice. This is why credit cardholders must check billing statements regularly.
Arm yourself with the facts
Surf the internet and compare the interest rates that other credit cards offer. Check out online reviews and see which credit cards have the best reviews from consumers. These credit cards are most likely to give the best service as well as the best interest rates to customers.
Compare rates: Next, explore the credit card market and know how much interest rate other companies are asking. Pay special attention to credit cards with outstanding customer reviews and that offer low interest rates. Compare their rates with what you credit card demands from you. Compare these credit cards with your current card so you know exactly where you stand.
Write down the best cards and rates you find: You will want to back up your request for a better rate by being able to quote rates given by other credit card companies. This will make your negotiations a lot easier.
Remember always ask to speak with the manager or the supervisor or someone who is in charge in the credit management department. If you don’t, you may not get the action you want since customer representatives do not have the power to make changes on the rules.
Watch your tone. Yes you have good credit and you deserve a low interest rate but remember to be polite. Don’t act entitled. You might annoy your rep so much that they don’t give the very vest rates. Explain to your credit card company why you think you deserve lower interest rates and better deals from them. Many companies would willingly adjust their charges to keep well-paying and loyal customers on their side.
Can You Really Ask for a Lower Rate?
Yes, you can ask for a lower rate. Although not all credit card companies may give in to your request, asking for a lower rate is still worth the try. If your credit card issuer refuses to make adjustments for you, don’t give up easily. You can call up again after a month or two and make a request. If you’re really not satisfied with the services you get from your credit card company, you can always open a new account with a credit card that has better deals.