Credit Loan > Credit Cards > Getting Lower Interest On My Credit Cards Just Took A Phone Call

Negotiating with Creditors Reduced My Credit Card Interest Rate

I got some bad news from the providers of my credit cards. Three of them sent me a letter in the same month to inform me that they were going to hike my interest rates. As it is I am having a hard time making ends meet.

Apparently I am not alone when it comes to rising interest rates on credit cards. I read in the news the other day that one of the major providers of credit cards is planning to raise interest rates on over four million of their customers.

When I started to research about what I could do to lower my interest rates on my credit cards, I found out that the federal government passed legislation that will limit a bank’s ability to raise interest rates. The only problem with this legislation is that it does not go into effect until July 2010, but by that time most financial institutions will have already raised interest rates on most of their customers.

Until this legislation goes into affect many people like me are going to have to try to keep our interest rates low by other means. I found out that the easiest way to lower interest rates on credit cards is to call them and ask them to lower my rates.

Those of you reading this that do not believe that you can simply call the banks that have your credit cards and ask them to lower your rates should at least give it a try. I did and all three of my credit cards have lower rates than I had before. With one of them it actually took several phone calls to get them to do it, but with my persistence they finally gave me what I wanted. Heck, one of my credit cards was lowered to zero percent interest for six months.

There are several factors that will determine your success when dealing with your credit card’s customer service representatives. The most important thing to remember is to be polite.

If you have had one of the bank’s credit cards for a few years and have not been late on your payments they are more likely to lower your interest. Also, you could be more successful if you have a lower balance than if you are maxed out.

If you have good credit and are unsuccessful in getting the interest on your credit cards lowered then you might want to get a different card with zero percent interest and transfer your balance.