Credit Card Interest Rate


A major consumer group conducted a study to find out how easy it is to get a lower credit card interest rate. Fifty-seven percent (57%) of those who simply telephoned their credit card company and asked for a lower interest rate got one instantly. This rate was anywhere from 7 to 10 points lower than their current rate.

Getting your interest rate lowered depends on various factors. They are more willing to say "yes" if you meet most or all of the following conditions (1) You have a good credit rating -- meaning no late pay notations on your credit report and a good credit score; (2) You do not have a high debt-to-income ratio and you do not carry a big balance on your card; (3) You do not send in just the minimum payment required each month; (4) You have an excellent payment record with that particular creditor; (5) The credit card is not one that is categorized as "sub-prime", meaning it is not a secured credit card or one marketed exclusively to those with bad credit.

Many people are surprised at how easy and quick it can be to get their credit card interest rates lowered. How easy is it? Just pick up the phone and call the appropriate number that appears on your credit card statement and ask for a lower rate. But before dialing, you need to make sure you are a good candidate for this strategy by doing some research. Visit the websites of the largest credit card issuers listed below to compare various credit card offers. Keep in mind that the interest rates they advertise prominently on their websites are reserved for those who earn a median income and have excellent credit

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