ways to reduce credit card interest rates?
I have a credit card with a $6500 balance, 18.99% apr.. which is pretty high.. too high for me. Anyway is there any way to negotiatte with credit card companies to reduce interest rates? Have any of you done this and how? I’m willing to pay about 85% of it now but I want to be able to negotiate some terms with them… I want to keep the card but not with a 18.99% interest rate.. Are credit card companies wiling to work with you knowing that they can loose a costumer or do they not care what you say or do..?
Yes typically they are willing to work with you, but it really helps if you have another credit card you can transfer the balance to.
For example, I had a high interest rate on one card so I called and told them I want to them to close the card once its paid off. They didn’t want to lose me so they lowered it way down. They also gave me a super low interest rate so I could transfer the balance from my other card to this one.
If you don’t have another card, just call and tell them you will be transferring all the money off this card soon and want to close it, they almost always will offer you a low rate to keep it open! good luck!
Related posts:
Yes, some will. You should look around and find a card with a lesser interest rate, then call your company and tell them that you have been approached by XYZ card and have been offered a lower rate. Tell them you would prefer to stay with them but need a lower rate. Good Luck.
References :
Pay the 85% now and then negotiate on the balance.
If you have the cash, every minute you are letting them claim interest is costing you $$$$.
Quit feeding the beast by making a huge payment first.
Then call and negotiate for the balance.
Good luck.
References :
Yes typically they are willing to work with you, but it really helps if you have another credit card you can transfer the balance to.
For example, I had a high interest rate on one card so I called and told them I want to them to close the card once its paid off. They didn’t want to lose me so they lowered it way down. They also gave me a super low interest rate so I could transfer the balance from my other card to this one.
If you don’t have another card, just call and tell them you will be transferring all the money off this card soon and want to close it, they almost always will offer you a low rate to keep it open! good luck!
References :