Contacting Your Credit Card Provider to Lower Your Interest Rate
Contacting your credit card provider to lower your interest rate should only be done after you know some particular requirements have been met. Then, you can do so with confidence and know that you actually have a chance of being approved. If they can look at your record and see that you are more of a liability customer, then this is not likely to be a positive answer. However, if you have taken the precaution of building up a good history with them, then the chances are much higher.
You can also ask them what qualifications they look for when these requests are submitted. If you do this a few months before you submit your own request, then you can focus on these items specifically. Usually, following their professional recommendations will help you build up a higher credit score in general and you can use this to your benefit with other purchases.
Reading through Account Details
In order to learn what they are looking for, you can always read through the information online. If you register your card with their site, you'll have access to your account information, its status, its limit and their account details. Reading through this will give you the answers you're looking for regarding credit limits and what might cause them to be decreased. Doing the opposite of these items will readily let those amounts be increased, and potentially your interest rates lowered at the same time. Being able to save like this is one of the best things about using credit. You want to have access to these funds but you don't want to pay exorbitant amounts of interest to do so.
Those customers who have built up a good credit history may still not get a positive response from their credit provider. However, there are options for them to use. If the credit establishment refuses to even consider your request, then you may want to contact a different credit card company. Let your current company know this is your plan and they might work a little harder to accommodate your request. Of course, this won't work with everyone, but you are always free to shop around and get the best deal possible. That includes not only the amount of credit you are extended but also the interest rate that is attached to each purpose.
New Credit Customer Deals
Another great method of shopping is to look at deals a credit card company will run such as a no-interest period or one that is capped to a particular amount. If you can transfer a balance to this company and then pay off the bill before the deadline, you might end up saving hundreds of dollars. It is important to keep track of your dates when you do this though, or the interest rate can spike at the end of that period and you will not have gotten any further ahead financially. This is where a lot of clients get stuck in these deals because they don't think about what happens afterward.
If this is your state of affairs and you are going to be contacting your credit card provider to lower your interest rate, then be sure to arm yourself with information first. Find out what competing providers are offering, know what your credit score is, and be able to name a number of items and features that make you a great client. In the face of enough convincing information, they will be unable to refuse this request and help you save on your purchases with them.
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State Guides to Credit Card Laws
- North Carolina
- West Virginia