Many consumers don’t realize that the rates that they are charged on their credit card are not fixed for life. There are certain circumstances that when present, could help you to negotiate a lower rate on your best credit cards.
- Pay your Bills – If you are always on time with your payments, companies are going to be more willing to work with you on lowering your payment.
- Longevity – The longer you are a customer of the same credit card company, the more likely they are to reward you with a lower rate. Don’t call for a lower rate a few short months after owning the card – wait until you have been with the same company and are able to show a solid track record.
- Use your Card – The more you use your card in combination with timely payments, the more likely they will be to change the original terms of the credit card offer that you signed up for.
Regardless of the reasons or factors that you are presenting to the credit card company, you might have to be persistent. If the first representative doesn’t allow you to lower your rate, try again at another time and think about what factors might not have been as appealing as you thought they would sound the first time you called.