Reduce Your Interest Rates with a Phone Call

Are you interested in the potential to save yourself thousands of dollars by making a simple phone call? It really can be that easy, unfortunately many people never realize this is possible or do not think it will work for them.

Take a few minutes to gather up the most recent statements from each credit card and grab your telephone. Select one of the statements and dial their customer service number. Once you are connected to a customer service representative, simply say:

Hello, I would like to talk to someone about reducing my interest rate.

In most instances, the customer service representative will tell you that they will need a minute to pull up your account for review. Assuming that your payment history has been clean in recent months, you will likely receive a pleasant surprise when they respond with a slightly lower interest rate. You just saved yourself a good deal of money in lower finance charges with one simple phone call.

All that is left now is to call each of your other credit card companies and repeat this procedure. In just a few short minutes with each credit card company, you have the potential to save yourself a considerable amount of money for very little effort.

Will it always work that easily? Unfortunately, the answer is no. There may be times where your interest rate is already competitive or maybe you had a late payment a few months back. If the customer service representative indicates that they cannot lower the rate, you can ask them to explain why they cannot offer a more competitive rate.

With that explanation, you can then ask to speak to a supervisor or even the retention department. Once connected to the next person, simply repeat your request to have your interest rate reduced. If this person denies your request, politely thank them for their time and ask when might be a good time to call again. The only thing that you have lost is a few minutes out of your day.

So what are you waiting for? Call your credit card companies right now and then come back here to share how much your interest rates have been reduced!

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1 Response

  1. February 23, 2007

    […] card charges you an annual fee. However, before closing the account, use the strategy similar to calling the credit card company to reduce your interest rates and call the credit card and request that the annual fee be waived or inquire if they can switch […]

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