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How to Reduce Your Credit Card Payments

In addition to calling your automobile insurance company to make sure you are getting the lowest possible rate, you should also place a call into your credit card company and ask that they reduce your APR. If you are a long-time customer and have been in good standing with them for some time, they should be able to lower your rate without a problem. If you do run into some difficutly, remember these helpful hints:

1. Be Courteous and Nice Keep in mind that the customer service representative who is handling your call may be haivng a bad day. Don’t be curt with them and don’t be nasty. That is a surefire way to keep your high interest rates exactly where they are.

2. Explain Your Story Tell them a little bit about yourself, but only what they would be interested in. Explain that you have been a long-time and loyal customer. Also, make it a point to convey how pleased you have been with the services you’ve received throughout the years.

3. Get To The Point Within a minute, you should tell them that you are interested in lowering your APR. The customer service rep will pretend to see what he or she can do on the other end before responding with a resounding “no.”

4. Don’t Take No For An Answer Don’t take “no” for an answer. Ask to talk to their supervisor. Repeat steps one through three. Make it a point to let the surpervisor know that the customer service representative who was handling your call did so with an amazing level of professionalism. If this supervisor denies your request, keep explaining your situation. Tell them how you are getting your financial life in order. Ask if there is anything they can do to help you out.

5. PAY YOUR BILLS ON TIME If you are successful in lowering your credit card rates, this becomes the most important action: PAY YOUR BILLS ON TIME. Because if you don’t you will see your rate skyrocket yet again. Even one late payment can kick the card upwards of 30% interest rate. (Yeesh.)

Keep these steps in mind and repeat the process every six months or so. In no time, not only will you be paying less interest on your cards, but you’ll also free up extra money to apply towards the principle.