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Many banks lower credit card interest rates when asked.

The deposit that handles your credit card accounts might be willing to lower your attention rate, according to Lucy Lazarony regarding Bankrate, but it most likely won't require the initiative. You should request the rate reduction. They could turn you down, although you might be pleasantly surprised from a drop of several points. A lower rate means you can send the same expense period each and every month, plus more will be used to your stability rather than running to attention.

Difficulty: Average


1 Gather information on current interest rates offered by other deposits, advises BCS Coalition. Save low-rate credit card offers. Check the Credit Cards site and others that allow you form offers through interest rate. This tells you whether it is realistic to inquire for a lower rate for your accounts, and it gives you information to use within your conversation with the bank.

2 Check your credit reports by way of Yearly Credit Report (observe Means), the federally mandated site that lets you order free of charge annual copies about your credit reports. You contain a lot more leverage asking for a lower attention rate if your credit is good or exceptional, according to the BCS Alliance. You can switch to a diverse bank through a better offer if your present financial school refuses. Ask the credit bureaus to investigate errors that could injure your position. They have online forms for disputes, plus the Fair Credit Reporting Play compels them to investigate and accurate your records within 30 days.

4 Question if there is a boss or someone else through more strength to grant reductions if the buyer service agent refuses to decrease your interest rate. Agents sometimes say no simply because they are unable to handle the request. Repeat your event to the next person if the agent refers you to someone otherwise.

5 Wait a week or double, then call your credit card issuer and question with an interest rate reduction once again, Lazarony suggests. She explains that is a different agent can sometimes help even if you were previously turned down.

Tips & Warnings


BCS Alliance: Inquire for a Lower Credit Card Rate Deposit Rate: Want any Lower Credit Card Rate? Merely Ask Fed Trade Commission: Credit Card Interest Rate Reduction Swindles (PDF)

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