Many people dont know that they actually have a lot of power when it comes to their credit cards. They just think that they have to deal with what the credit card company offers them. That is not true! There is a lot that you as a consumer to protect your money and your financial interests.

Call Your Credit Card Company

A March 2002 study by the US Public Interest Research Group found that roughly 56% of people who said they had called their credit companies and asked for lower rates, received them. In fact, many of these people had their rates lowered by 6% or even more. So call your credit card company, it doesnt have to be a long phone call, you just need to be persistent.

What To say

Every one thinks that figuring out what you are going to say to the credit company is the hardest part, but in fact it is very simple. You just need to tell them three things: 1. you are a good customer, 2. you are unhappy with your current interest rate, and 3. you will be looking for a new credit card if they cant fulfill this wish. These things are easy, but you have to be persistent, you may have to ask to speak to a supervisor, or even call back again another day. Often times, there are people at the credit companies that specialize in customer retention; maybe you need to talk to them.

If They Say No

There is a chance that they will say no, and at that point, you need to hold up to your end of the bargain and shop around for a better rate. This isnt hard, and you can often find a credit card company that will offer you a zero percent interest rate on balance transfers for at least the first 6 months. Just make sure that the rate you get after those six months is significantly lower than what your old rate was.