Want a Lower Credit Card Interest Rate? Just Ask For it
I never cease to be amazed at the way credit card companies work. They send out those 30-page documents with all the fine print--yeah, that one you never read. The fine print essentially covers their butts against any possible complaints or problems that might arise. Oh, and there's the tiny details like the fact that they can raise your interest rates or change the terms of your account at any time for any reason. Gotta love that.
Anyway, the reason for this post is actually on a more positive note. I want to share an experience I had and offer some advice for getting a lower interest rate on your credit cards. What happened was that I was calling one of my credit cards to ask what kind of APR was available for balance transfers. In passing, I asked what my current interest rate is (since it seems like it's always changing). She told me what it was and then proceeded to say that she could lower it 3% if I wanted. What? Of course I want it lower. Is that the lowest you can go? Yes. Darn. Well, better than nothing. I then asked if my interest rate would have been lowered if I hadn't been talking to her on the phone and she said no, it was only lowered because I asked for it. Wow! Glad I asked. Well, I didn't really ask, but glad it came up in the conversation. The lower interest rate is supposedly available because of my good payment history with that card.
After getting off the phone with her, I called up another credit card that I have a balance on. "I'm calling to see if I can get a lower interest rate," I say. They have to transfer me to another department, AKA the next cubicle over, then sure enough, the nice lady is able to shave 5% off my annual percentage rate! Incredible. I could have saved a lot of money in interest if I had known about this sooner. If only I had known.
Well, at least now I know. And consider yourself warned. Call up your credit card company today and ask for a lower interest rate. The worst that can happen is they'll say no. Well, I guess they could laugh at you for asking, but that's not much worse than them saying no. So go give it at try. If you're carrying a balance on any of your credit cards, pick up the phone right now and call. If you've been good about making your payments on time they might have mercy on you and lower your interest rate to something slightly more reasonable.
The best alternative is to pay off your credit cards in full each month so you don't have to pay any interest at all, but if you're paying interest on a credit card, you might as well get the lowest possible rate.
Anyway, the reason for this post is actually on a more positive note. I want to share an experience I had and offer some advice for getting a lower interest rate on your credit cards. What happened was that I was calling one of my credit cards to ask what kind of APR was available for balance transfers. In passing, I asked what my current interest rate is (since it seems like it's always changing). She told me what it was and then proceeded to say that she could lower it 3% if I wanted. What? Of course I want it lower. Is that the lowest you can go? Yes. Darn. Well, better than nothing. I then asked if my interest rate would have been lowered if I hadn't been talking to her on the phone and she said no, it was only lowered because I asked for it. Wow! Glad I asked. Well, I didn't really ask, but glad it came up in the conversation. The lower interest rate is supposedly available because of my good payment history with that card.
After getting off the phone with her, I called up another credit card that I have a balance on. "I'm calling to see if I can get a lower interest rate," I say. They have to transfer me to another department, AKA the next cubicle over, then sure enough, the nice lady is able to shave 5% off my annual percentage rate! Incredible. I could have saved a lot of money in interest if I had known about this sooner. If only I had known.
Well, at least now I know. And consider yourself warned. Call up your credit card company today and ask for a lower interest rate. The worst that can happen is they'll say no. Well, I guess they could laugh at you for asking, but that's not much worse than them saying no. So go give it at try. If you're carrying a balance on any of your credit cards, pick up the phone right now and call. If you've been good about making your payments on time they might have mercy on you and lower your interest rate to something slightly more reasonable.
The best alternative is to pay off your credit cards in full each month so you don't have to pay any interest at all, but if you're paying interest on a credit card, you might as well get the lowest possible rate.
posted by Dave at 12:44 PM
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