With the economy as bad as it is, now is the time to consider lowering your credit card rate. The old saying holds true, “Nothing ventured, nothing gained.”
Many individuals don’t want to deal with service reps or managers. They figure it is a no win situation, so why try. This is a step by step tutorial on how to go about it.
- The back of your credit card will have a service phone number on it. Write this number down on an index card. Also write down the name of the company.
- After you call, you might have to listen closely so that you can dial the right representative that you need to talk to. You may have to hit 0 several times before your call goes through. You want to talk to a human being. That is why you have be persistent. On your index card, write down the representatives name. If you don’t understand it , ask them to spell it for you. This is an important step to do for future reference. It will also leave an impression with the representative as well.
- Once you make contact, tell the representative, that you would like to lower your rate. Explain that you have been a good customer and that the present state of the economy isn’t what it was twelve months ago. You don’t want to get into a long discussion with them. If the representative says no, then ask to speak to the manager. If these efforts fail, call again twenty minutes later. In most cases you will talk to someone else.
- Always mention that you might have to payoff the account or look elsewhere. These companies thrive on interest rates. If you have been good about paying your bills on time, remind them of this as well.
- Never be afraid to talk to another representative. If you have lost your job, be sure to bring that up as well.
- Now repeat this with your other credit cards, too. It may take some time to complete this process. However, it could save you big bucks in the long run. Once you do it a couple of times, you will find it easier to do.
- When you get your next statement (bill), double check to see if the rate has changed. If not, call them again. You have to be persistent and stick to your goals.
Note; Many times, the first representative that you talk to may have the authority to the lower the rate themselves. Each credit card company is different.