Just Ask: Negotiating Better Terms When You Have a Credit Card for Bad Credit
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by: barrywaters
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Word Count: 440
The most annoying thing about credit cards for bad credit is their high interest rates. However, the high interest rate is not necessarily permanent. It is possible to negotiate better credit card terms regardless of how high your interest rate is, even if you are stuck with credit cards for bad credit.
The first and best trick to try is merely to call your credit card issuer and ask them for a better interest rate. A national survey found that 56 percent of the time, credit card companies offered lower rates to customers as an incentive to not switch credit card companies if the customers telephoned to say that they had gotten a better offer and were planning to leave. They dropped an average of five or six percentage points off their annual interest rate, and some of them got perks like zero percent interest for six months. One customer with an exorbitant interest rate managed to reduce it by more than half, encouraging news if you have a credit card for bad credit. Customers suffered no penalties if their credit card issuer refused to lower their interest rates. As long as you are polite to the credit card representatives, asking for a reduction in your interest rate is risk free and has an exceptionally high success rate.
If you pay an annual fee, the same method can convince your credit card issuer to waive it. If you want to change your due date or move to a better rewards program, you do not even need to threaten to leave. Just ask politely.
You can improve your credit card terms remarkably even if you originally got your card under terms designed for credit cards for bad credit. You may even be able to get a deal equal to those enjoyed by premium credit cards. You are most likely to get drastic improvements if you have had your card for at least two or three years (four or more years is ideal), have paid on time for the last year or two, and are using a small percentage of your available credit. Even if you have had a credit card with your issuer for under a year, though, or have made late payments or used much of your line of credit, you may be able to convince your credit card company to improve your terms. A little civil persistence can do wonders for your credit card terms. It will not hurt you to ask. Similar Entries Best credit cards -- Best credit cards -- Student credit cards --
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