Getting a Better Interest Rate on Your Credit Card for Bad Credit
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by: barrywaters
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Word Count: 479
If you have a credit card for bad credit, your credit rates are probably extremely high. 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? Across the United States, people have found that there is a faster, better way to improve their credit card terms: 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, when you are speaking with someone who can change your interest rate, lay out your case politely and calmly and be prepared to negotiate. If you cannot come to an agreement on your first call, thank the representative, end the call, and call back another day, when you may get someone who is more willing to help you. (Although customer service representatives are required to follow regulations, they have some leeway in how far they are willing to go for a given customer.)
Credit card customers who tried calling up their issuers and using this method were able to lower their interest rates more than half the time, for an average drop of 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.
When the credit card company considers your request for a lower interest rate, your credit rating and the length of time you have been with that particular company will be two of the top factors they will look at. If your credit rating is poor, emphasize how long you have been the companys customer, how you have regularly paid your bills by the due date, and the small percentage of your credit line you are currently using, since these are other important factors that the credit card company will take into account.
So phone to ask your credit card company for a better interest rate, and be polite but persistent. It is likely that you will see your interest rate drop significantly. The method is effective even if you have a credit card for bad credit, and the best part is that even if the answer is "No," there will be no repercussions. Why not pick up the phone and place your first call today? Your credit card terms can only get better.
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More information regarding credit card applications, link to www.getsmart.com/credit-cards.
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