Are you sitting on credit card debt? Do you have a decent credit history? If so, chances are good that you can negotiate a better interest rate simply by making a phone call and asking. Credit card companies know their competitors’ offers and if you play your cards right, you could find yourself on the receiving end of a lower interest rate.
Simply put, today is a very good day for negotiating a lower rate because banks and credit card issuers are very hungry for new business and even hungrier to retain their existing customers. The costs associated with customer retention are lower than those associated with customer acquisition so that can put YOU in the driver’s seat.
Don’t sell yourself short: banks have multiple interest rate programs they’re willing to offer if they think they’re going to lose your business IF you have a good credit history, payment history and credit score. But beware: a debtor with a maxed-out credit limit or a poor payment history is unlikely to get a better interest rate.
The person who typically succeeds in negotiating a lower-interest rate is one who maintains a credit card balance under their limit but who consistently makes an on-time payment every month. Credit card companies can’t afford to lose these money-generating customers.