Do you think the interest rates on your credit card are non- negotiable even if they do not seem fair? Well, maybe you are wrong. You can simply ask your credit card company for a lower interest rate and chances are you will get it easily,: if not the desired rate, definitely a reasonable one. Here are some steps you should follow while requesting for a lower interest rate.
Contact the Customer Service of the Respective Organization
The first step is to contact the customer service department of the bank or organization which has issued you the credit card. You will find their contact number at the back of the credit card.
Put Forward Your Request
Once the representative picks your call, give your identification. If you have always been on time about making payments, have a high credit card score or have been a long time card holder in their bank, then make sure you share these details with the representative. If you have received any other offers of low interest rates from other banks through mails, mention them specifically.
If the Customer Representative Agrees to Negotiate:
If the rep agrees to lower the interest rate then thank him. After that, get all the required details about your new interest rate. Ask them if it is a promotional offer on your new annual percentage rate, and whether it will be effective immediately or not.
If the Representative Denies Your Request
In case the rep does not agree to lower the rate of interest, then stress on the fact that you will be forced to annul the business with them if they are unable to compete with the alluring offers given by other banks.
If the rep still does not pay heed to your words, then ask him to connect you to the supervisor. In case, you do not receive any positive reply from him too, better hang up and try the next. However, usually getting the right rep on call does the work.
Transfer Your Balance
If your numerous attempts to convince them have all become futile, then maybe it’s time you materialized your threat. Go through all the offers you have received from other banks or organizations and pick the one which seems suitable. Proof read all the documents, terms and conditions and even after going through all the nuances it seems to be a sensible financial decision then transfer all the balance to your new credit card by following the necessary procedures.