So you say you’re tired of trying to find debt relief when your credit card interest rate is too high. I mean seriously, how are you supposed to make any headway on all those bills when your ridiculously high rates are barely allowing you to tread water as it is?
Many of the banks who issue these credit cards certainly don’t make it easy for you; many are actually quite apt at changing your interest rates right under your nose. And while the Credit CARD Act of 2009 has gone a long way towards working in your favor over arbitrary interest rate hikes, don’t think your finances will be all sugar and rainbows from here on out.
Generally speaking, it’s always best to keep your balance on your credit card no higher than 20% of the available balance. If you live by that rule, and already have good credit going for you, there is absolutely no reason you should keep paying inflated interest rates that the rest of the lowly plebs who can’t keep their finances in check are shackled with.
But how do you get the banks to agree with you? Give ‘em a call. It’s sometimes as simple as that. You see, your bank knows that you have other options – if you’re unhappy with their policies and rates, you can just as easily pack up and jump ship to another firm that will be more willing to work with you.
Before you pick up the phone though, make sure you really do hold all the cards by following these quick tips:
• Get all your duckets in a row. When suiting up for battle, make sure you have your financial records (you do keep some on your own, right?) on hand, as well as any other important account information as well. Even though banks are generally willing to work with you, assuming you’re proving yourself financially worthy by keeping up on your payments, they’ll often be pretty reluctant to lower your rates, and may fire off any number of reasons they won’t. Having your records on hand to show you’ve actually been up-to-date on all accounts will help tip the scales in your favor.
• If at first you don’t succeed: Chances are you might not get the reduced rate you want on your first try (like I said, banks aren’t willing to part with such a good source of revenue so easily), so if you don’t get the results you want on the first go-around, try again. They’ll have probably kept records of your requests, but persistence pays off, and when the outcome is more money in your pocket, you have every reason to keep calling.
• Pull out the big guns: Earlier I mentioned that getting your interest rates can be as easy as calling your bank and asking for a reduced rate. After all, they ultimately know that if they’re not working out for you, you can just as easily take your money and business elsewhere. If you’re going to play that card in your negotiation though, be prepared to play the hand if it comes to it. After all, if your credit is good enough to warrant a lower APR, but your current bank won’t admit to it, there’s a good chance another one will. If you’re not satisfied with your current rate, don’t be afraid to take your business to someone who deserves it.
