Credit Card Interest Rates: Up for Negotiation

Credit Card Interest Rates: Up for Negotiation

Don’t like the interest rate on your current credit card? There are a few ways to change the amount you are paying on the money you borrow through a credit card company.

Low Interest Credit Cards

A lot of people just get used to the credit cards they have and stick with them year after year. While loyalty is great, if it’s costing you in the long run it may be time to make a change.

If you have a pretty good credit record, you may well be able to ask the credit card company to offer you credit cards with lower overall interest. There are plenty of these cards out there and if you are a good credit risk you should not have a problem getting a lower permanent interest rate.

0% Interest Credit Cards

If you have a lot of debt on your Credit Cards, or want to make a large purchase, you may want to do more than just find a low rate credit card, you may want a 0% interest credit card or a 0% balance transfer credit card.  With either of these cards, you will be given a set time period where there is no interest either on your entire balance or just the balance you transfer from another credit card.

Some of the 0% interest offers can last a year or more. If you are using the card to transfer other debt that is a lot of time you have to pay off the principal before the interest kicks in. In the same respect, if you were thinking of making a large purchase, you can use this card for that purchase and have more time to pay it off without any interest accruing.

Negotiate Your Rate

You may not have known this, but if you don’t like the interest rate on your car, you can call your credit card company and talk to them about it.

All credit card companies have customer service numbers that are a way for customers to voice their problems or concerns. Use this number to talk about your interest rate.

Since credit card companies don’t have to tell you interest rates are being increased, it is very possible your rate has been sneaking up for a while and you are not surprised to see what you are paying in interest. This is when you should call the company and let them know you are not happy. You can go as far as to threaten to leave if they don’t change your rate. Just make sure you are ready to go elsewhere instead of making a hollow threat.