Breaking Out of High Interest Rates When You Have a Credit Card for Bad Credit
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by: barrywaters
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If you are saddled with a credit card for bad credit, you are probably paying sky high interest rates. You probably expect to have those high interest rates for quite a while to come, because the only way to get a lower rate is for your credit card issuer to decide on their own to drop your rate... but is that really true? People across America have discovered that there is a 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. The customer service representative might send you to someone who specializes in convincing reluctant customers like yourself to stay, or you might stay with them throughout the call. Either way, be polite, lay out your case calmly and methodically, and be willing to negotiate. If you and the customer service representative cannot come to an agreement, thank them, end the call, and try again another day, when your call might be answered by a representative who is more inclined or able to help. (Representatives are required to follow guidelines, but they have some wiggle room in deciding how far they are willing to help a given customer.)
Credit card customers who tried calling up their issuers and using this method were able to lower their interest rates more than half the time, for an average drop of 5 to 6 percent. A few people saw their interest rates cut in half. That is a considerable reduction, especially if you have the kind of interest rates associated with a credit card for bad credit.
When the credit card company considers your request for a lower interest rate, your credit rating and the length of time you have been with that particular company will be two of the top factors they will look at. 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 call to ask your issuer to lower your interest rate, and be friendly but persistent. You have an excellent chance of convincing them to lower your interest rate significantly. The method is effective even if you have a credit card for bad credit, and the best part is that even if the answer is "No," there will be no repercussions. Whats stopping you from trying today? Your credit card terms can only get better.
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