How to Appropriately Lower the Interest Rates on Your Credit Cards
If there’s one thing that credit card owners have to deal with above everything else, it’s definitely the interest rates on their credit cards. Sometimes when you see a brand new credit card in the mail, it can really make it hard to think logically. Our first impulse is usually to hit the big store and spend our money on everything and anything that’s eluded our grasp up to that moment. You may have spent like that in the past, but remember: there’s always time for a new beginning. You don’t have to spend that way and there are a few reasons why you shouldn’t get too comfortable doing that.
First and foremost, your spending does affect your interest rate. The more risky you become with credit, the more likely your credit card company is to charge you a higher interest rate. Remember that you are basically borrowing money from the credit card company to pay your expenses on the spot, with a certain interest being charged for that privilege. People that are very responsible with credit that have good credit scores tend to get the best rates. It’s very possible to pick up zero interest credit cards as long as you are able to show that you are a responsible credit card user.
However, this point brings up a completely new one — just how to do you lower the interest rates on the credit cards that you already own? You might think that this is impossible, but that’s really not the case at all.
You see, it’s just a matter of not only knowing who to talk to, but also presenting yourself in the best light possible. If you know that you are paying all of your bills on time, you can definitely feel comfortable with asking for a lower interest rate, as well as a higher credit card limit.
The reason why you will want to make sure that all of your bills are current is because credit card companies do look for this. If you’re late on one bill, the company will assume that it’s only a matter of time before you will be late on their payments as well. When you contact customer service, you will need to make sure that you are as polite and courteous as possible. The last thing that you will want to do is just rush in and make demands. The final power rests with the company itself and its representatives. However, if you are calm and politely point out not only your payment history but also the other offers on the table for you, the credit card company you’re working with currently is highly likely to offer you a better interest rate.
Guessing about your credit history isn’t good enough, especially when you really need to do some hard negotiations. You will need to make sure that you pull up a copy of your credit report — this is the best way to really make sure that you will qualify for the best interest rates possible on your credit cards — why not start today and see what you can get?