How to Negotiate Better Credit Card Terms When You Have a Credit Card for Bad Credit
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by: barrywaters
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Word Count: 473
If you are stuck with a credit card for bad credit, you are probably stuck with sky high interest rates, too. You are probably resigned to carrying high interest rates for a long time, too, because waiting for your credit card issuer to lower your rates is the only way to get a lower rate... or is it? Across the United States, people have found that there is a faster, better way to improve their credit card terms: Just ask.
The most effective method is to call up your credit card company and tell the customer service representative that you have a more attractive offer from another company and are considering switching credit cards. You may be sent to another customer service representative who specializes in convincing customers to stay, or you may remain with the representative who took your call. Either way, be polite, lay out your case calmly and methodically, and be willing to negotiate. If you cannot come to an agreement on your first call, thank the representative, end the call, and call back another day, when you may get someone who is more willing to help you. (Although customer service representatives are required to follow regulations, they have some leeway in how far they are willing to go for a given customer.)
People who tried this method discovered that over half the time, their credit card company was willing to reduce their interest rates. On average, their rates dropped 5 to 6 percent. Some customers got their interest rates lowered by half. That is a considerable reduction, especially if you have the kind of interest rates associated with a credit card for bad credit.
Two of the most important determinants of whether a customer got a rate reduction were their credit rating and the length of time they had had their credit card. If you have bad credit, focus on how long you have been a customer, how regularly you have paid your bills on time, and the comparatively small percentage of your credit line you are using, since all of these are also factors in whether your credit card issuer is willing to give you a break in your interest rate.
So phone to ask your credit card company for a better interest rate, and be polite but persistent. You have an excellent chance of convincing them to lower your interest rate significantly. This method works whether you have a regular credit card or a credit card for bad credit, and the best part is that if your credit card company turns you down, there are no negative repercussions. Why not try today? It can only make your credit card terms better. Related content Credit card application | Credit card applications |
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Find more information on student credit cards, link to getsmart.com/credit-cards.
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