In Most Credit Card UK Companies, That Will Be Customer Service

Category: Finance, Credit.

How would you like to pay 7 to 10 percentage points LESS in interest on your current credit cards?

Would you believe the answer to lowering the interest rates you re currently paying on your credit cards could be as simple as a single telephone call? What do you think it would take to lower the APR on your favorite credit card by as much as 50% ? It s true. It worked- with one telephone call- an amazing 57% of the time. In a survey done recently, a major consumer agency had customers ring up their credit card company and ask to have their interest rates reduced. Why should your credit card company reduce your interest rates by as many as ten percentage points- just because you asked? The interest rate that you pay is only one of the ways that your credit card company makes money.

There s one really good reason. In fact, even if you never pay a cent of interest because you pay your balance off in full every month, they still make money from the transaction fees charged to the merchants from whom you buy. That said, understand that there, though are things that will predispose your credit card issuer to saying yes when you ask for an interest reduction. That being the case, they ll drop the interest rate to keep you around to make money for them. You re more likely to get a positive answer if: - Your account is in good standing with no history of late payments. - You generally make more than the minimum payment every month. - You usually carry a low balance on your credit cards. - The particular card is not one of the sub- prime credit cards such as a secured credit card. - The interest rate you re asking for is one that other credit card UK companies are offering as a standard. And of course, you want to approach the company in a way that lets them know that you re a good customer that they want to keep.

In other words- the better your payment history with a particular creditor and overall, the higher the chance that the company will be willing to lower your interest rate. Since even the best of us can get tongue- tied when making an important call, here s some information and approaches that you can use to get lower interest rates on your credit cards. Check online comparison sites to find out the most competitive rates for the type of credit card that you hold. Research first. Be sure to check the current offers and the APRs on offer, but do keep in mind that the number listed online is generally the rate that s offered to the company s best customers with high income and spotless credit histories. In most credit card UK companies, that will be customer service.

Be sure you re speaking with the right department. Be prepared to make a persuasive case for the issuing company to lower your interest rate. I just received a pre- approved offer for XYZ credit card company with xx APR. You can approach it from one of the following directions: a. I ve been a customer of yours for xxx years, and really have no desire to switch my loyalties, but I really can t pass up that interest rate. I d really rather stay with this company. b. Can you match it?

I just noticed that you re offering xx APR for new customers. Are you willing to extend that advertised rate to a loyal customer like me? c. I ve been with the company for a number of years and never missed or was late with a credit card payment. I m calling to ask you to reduce my APR from xx% to XX% . I ve been an excellent customer for years and hate to jump ship, but with the balance transfer offers and the lower APR I just can t justify staying without a lower interest rate. I ve done some research and noticed that that s the rate offered by xyz credit cards and abc credit cards to new customers.

That s all there is to it. The worst they can say is no- and you ve got a better than even chance of getting a yes. If you think you d qualify for a lower interest rate, it doesn t hurt to call and ask. Those are odds that can t be beat at any track.

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