Could asking your credit card company to lower interest rates really work?

If you are always being hit with high interest rates on your credit card then you may want to consider asking your credit card company to lower it. Why would they do that? You might ask yourself. Well, it seems that by asking your credit card company to lower their interest rates, you actually do have a chance of having them lowered, especially if you are a loyal customer of theirs!

Generally all you have to do is ring the company up using the phone number which is usually on the back of the card. Tell the operator that you are a loyal customer, that you make frequent purchases and that you have been offered lower rates by other companies. Then go on to ask them if there is any chance they could lower their interest rate so that you can stay with them. Be forceful and stand your ground but do not be too cocky. Usually the company will still want your business and so they may consider reducing your interest rates for you.

As long as you have a good credit history and a good record with the company there is a good chance that the company will reduce rates for you. Obviously if you have been struggling to pay your monthly balances and if you have got behind in payments then there is a less likely chance that the company will agree to a decrease in interest. However, it is always worth a try. The worst thing they can say is ‘no’ and if they say that you could always find a cheaper deal elsewhere.

It is always better to ask than to just stay quiet and put up with ridiculously high bills. Some people are charged up to 30% interest and that is simply unacceptable if you have been a good customer of theirs for some time. So, don’t be afraid to ask if your interest rates seem a little high. Really you have nothing to lose!