NEW YORK - Your credit card company won't tell you this, but it's easier to get a lower interest rate on your card than you might think. You just have to ask for it. Here's how:
Know the rate you pay on your credit-card balance.
Research which cards offer better rates. Look for zero percent balance transfers and no annual fees. CardWeb.com, an independent credit-card databank, is a good place to start. The site analyzes and ranks credit cards by the terms they offer.
relica rolexCall your credit-card company and ask for a lower rate. Request a specific number: "I'd like to change my interest rate from 17 percent to 10 percent." Money magazine suggests that you let the company know you're receiving offers for lower rates from other companies. Suggest that you're considering canceling your card.
If the company doesn't budge, stay firm. Emphasize your loyalty (how many years you've been with the card) and your credit rating (if it's in good shape).
Replica Jaeger LecoutreIf you still have no luck, ask to speak with a supervisor. You might have to go through the same routine again with a higher-up, but don't give up. If the supervisor doesn't acquiesce, tell her you want to cancel the card and ask to be transferred to that department.
Once you're transferred, mention that you want to cancel your card because the company won't lower your interest rate. The cancellation department might offer you a better deal.
If the company still doesn't budge, let them know you're going to stop using the card. Don't cancel it, however. Canceling a credit card can hurt your credit score.
If you pay the balance off every month, a lower interest rate might not be as useful as other perks. You can always negotiate getting airline miles, cash rebates or a reduction in annual fees.
