How To Lower Your Credit Card Interest Rates

Credit cards have proved to be a boon for people who find it hard to carry money with them while going out. But the hike in interest rates from 10-29% is adding to worries of the customers and is totally unfair as well. The customers must talk to authorities for negotiating low interest rates because even small reductions in interest rate may help one to become debt free in shorter duration.

lower credit card interest rates

All you need to spend is just 15 to 20 minutes time on phone. Before calling, make sure that you are well prepared in context of gathering sufficient information needed to convince the creditors. This information should include:

•The account number of the user and current rate of interest mentioned on the statement issued by the company.
•The zero or low interest offers for balance transfer available to the card holder by other companies.
•The interest rates being offered to the new users by the same creditors.
•Knowledge about the national average rates. You can get this information on websites like, etc.

With this information you may come up with a rate you are willing to pay, ideally 9.99%. Now make a call to the card issuing Company. The number is available on the back side of your credit card. Make sure that you have conversation with the person having authority to abate the interest rates.

While calling, don’t forget to mention that your payments are always on-time, you have been using this card for so long, and most importantly your credit score as a valued customer is an asset of the company.

The decision is entirely in their hands but your duty is to convince them with your knowledge and your good will. The company will ignore the customers with lower balance and the ones who use the card very rarely. Politeness is another helping factor. If you don’t get the desired results, think about switching to the companies which are offering a comparatively lesser interest rates. Everyone must give it a try as there is nothing to lose while making a call. A recent survey reveals that out of 93% people who know about this method, only 29% made an attempt and two third of the people out of this 29% made successful attempts.

Image Credit:
Naypong -Free Digital Photos.Net

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By Rossel

Graduate of B.S. Medical Technology but landed in the field of business and writing. She has gone from being a white-collared job employee to an entrepreneur because of the world's changes and demanding needs. She is currently maintaining 4 blogs with different niches such as business and finance, parenting and family, health and beauty, and home improvement.

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