Ask For A Lower Rate

Do you suffer from chronic shyness? Do you often feel invisible or inconsequential? Do you feel a need to be more assertive at work or at home? With a boss, an employee, a spouse, a friend, or a child? Try a new path to bravado by starting with your credit card company. Call them up and ask them for a lower interest rate on your card. You might be surprised to find that they hold you in high esteem. Quite a few credit card issuers will lower the rate when a client calls. Don’t expect this to happen 100% of the time, but if a card issuer lowers the rate on as many as one in four phone requests that can be significant savings. What accounts for this kind of miracle? For one thing, you may have good credit, or better credit than you had when you applied for the card. When we apply for cards we sometimes do not shop carefully, and you may have received a card with a far higher rate than you deserved. It may be unnecessary to point out that the credit card company isn’t going to call you to offer a lower rate. No matter how competitive and cutthroat the credit card industry is, they won’t make the first move. You have to call them. It might seem obvious, but don’t do this if you’ve been late with a recent payment. The best time to ask is when your balance is low and your payments have been on time. These are the cardinal rules of having a credit card and they will reward you if you follow them. If you are a good customer, they’ll want to hold onto you. Especially long term customers who are in good standing. The cost of acquiring new customers in the competitive field of credit cards can put a great deal of pressure on these companies to keep those customers they have already get hold of. If you want to do this but are anxious about the call, have your account information in front of you and know what you want to say. Write is out as a script. When you make the call they will ask you for your name and account information, and then it’s time for you to make your request. “I’ve had your card and enjoyed using it but I have been receiving offers from other credit cards offering lower rates. I’d like a lower rate from you or I may cancel my card and switch to another company.” You may feel more comfortable with “Can you do any better?” or “What can you do to help?” Be direct and be polite. If they are of a mind to help you, they won’t argue with you or ask you for information about the other offers. Don’t be discouraged if they say no. It’s always a possibility and the card issuer’s customer service will be reluctant to give a detailed explanation as to the rationale for declining your request. Some companies and even some of the people who answer your call will be more difficult to deal with than others. If you are denied a lower rate, one option is to actually change your card. Shop for lower rates, and if you are accepted you can stop using the other card or close the account entirely. But before you shop for a new card, try for a better deal with the card you use now. Be assertive, of you do not succeed the first time, wait a couple of months and make the appeal again. It never hurts to ask, and it may be helpful in getting you to be more assertive with that boss or spouse, or bossy spouse.