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Lower Credit Card Interest Rates

As any card holder will tell you, the interest rates on your credit cards makes a huge difference. This rate determines whether you're getting a good deal or a bad one. If you're the type of card holder who carries a balance from one month to the next, interest rates are especially important. You could save thousands of dollars each year by negotiating a lower rate.

Card companies have tightened their terms recently, and some have raised interest rates to try and offset their bad debt losses. If you're a good card holder with a bad interest rate, it's time to do some negotiating. Here are four pointers to help you get what you want from your card company.

Know your terms. Before you can ask for a better deal, you need to know what you're paying now. Gather up your credit card statements and get a copy of your credit score. When you can provide proof that you really don't deserve a high interest rate or an exorbitant amount of fees, you'll have more bargaining power.

Keep a civil tone. Nobody will want to work with you if you're being abusive. It can be frustrating to call customer service, especially if you've been on hold for a long time and haven't been able to get a satisfactory resolution. But keep things civil and thank the agent for their time. They'll be more accommodating, and it can make the difference between getting a better deal or being stuck with your current one.

Be prepared to walk away. But you're never truly stuck. The credit card industry is competitive, and your card issuer won't want to lose a good customer. Have a plan in place for what you'll do if you can't negotiate a lower rate. One example would be transferring your balances to another credit card with 0% interest. When your card company realizes that you really will take your business elsewhere, they'll be more likely to give you the deal you want.

Never stop trying. The secret to getting a good interest rate is persistence. Call your card company regularly to see what they can do for you. If your agent won't help, ask to speak with their supervisor. Even if the agent discourages you from doing so, stick to your guns. Supervisors do have decision-making power, and they can change your terms if you're a good customer.

Sometimes it can be intimidating to call up your credit card company, especially if you've been struggling to make payments. But major banks have admitted that they will work with customers who are having trouble making ends meet. It never hurts to ask for better terms. Just remember the tips above, and remember that your business is valuable. If your bank won't come to terms with you, there are plenty of others who will.

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