5 Steps to Getting a Lower Credit Card Interest Rate
Wednesday, May 20th, 2009We have all been hit by higher fees, charges and interest rates on our credit cards in the past few weeks. Balance chasing 
has been the most maddening because of the over limit fees that have been forced by this practice. Yet, we are not without an option. We can and should call the credit card issuers and ask for better rates. However, most will not, but instead will just go on without any action at all.
If you do decide to pursue this, here are five steps that you can get a lower interest rate.
Find offers from other cards. You will need some ammunition to prove that you can obtain better offers from other card issuers and be willing to back it up with action if it comes down to it. Begin by searching at websites such as www.bankrate.com for the best interest rates available. Make a listing of the best offers out there for which you can apply.
Gather your information. Get your statements together from your existing cards to determine how what the interest rate is that you are paying and what your interest charges are on a monthly basis. All this last part will do is make you angry and more determined to get a better deal. The gathering of data on the rates, however, will allow you to speak with knowledge about your account to customer service representatives.
Begin making calls. Start the process of calling your credit card companies one by one. Use your list and call the ones with the highest rates first. These are the ones that you are paying the most in interest, so it is a good idea to tackle them first. Make sure that you are talking to someone who has the authority to make interest changes on your account. Do not back down, once you have obtained the information that you need in order to press your case.
Be willing to move on. If you cannot get the card issuer to budge, then be willing to close your account and pay it off completely. There is no reason to remain in the position of having to pay high interest rates to a card issuer that is unwilling to help you with your account. Look for a good balance transfer card with a 0% interest introductory offer and then move your balance if you cannot pay it off. Then, make sure that you pay off the transferred balance before the interest charges kick in on the new card.
Do not be talked out of closing. If you have made up your mind about closing your account, do not let yourself be talked out of it, or bribed by small, meaningless offers to help your card account. Instead, be firm and clear about why you are leaving and the fact that you have better offers awaiting you.
Credit card companies do not want to lose good paying clients, so if that is the case with your account, then you might find that this whole process was easy and that you were able to get what you wanted with little to no resistance. If that is the case, you can consider yourself fortunate, because most of the rest of credit card holders are not in that position.
Keep in mind that you are in control of your financial destiny and it is your money that is being affected. Make your choices and do not look back. You can always make future adjustments that will benefit you more and help you keep more of your money. And that is a task that we all share.
