How to ask for a lower rate on your account

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Credit card debt is a huge problem in our country, and it can be especially dangerous because of the high interest rest that the companies charge.The interest rate that some credit cards charge can be absolutely ridiculous. They are extremely high, and this can be a big blow to your account. The interest will accumulate so much that sometimes it might seem like every payment isn't really doing anything.

If the interest accumulation is almost as much as your payment per month because of the high interest rate, it will take you much longer than it probably should to pay that off.So it's important to try and get as low of an interest rate as you possibly can. So how can you do that? Sometimes all you have to do to get a lower interest rate is to ask. In the end, a lot of things such as credit card companies are just trying to make money, and if they can retain your business by giving you good customer service and a little better rate now, they might just do that.

This can be an especially effective method for credit cards. One thing you can possibly do is to threaten to stop using the card and take your business elsewhere. Of course you would still have to pay off whatever you owe now, but if the credit card company thinks that you will stop using their card, in all likelihood they will budge a little bit to keep your business.

If you give them an ultimatum of them lowering your interest rate a bit (nothing too outlandish) or you'll change to a new card, chances are they will give you a lower interest rate. They are simply trying to make as much money as they can, and they know that keeping you as a satisfying customer that uses their card frequently is the best way to do that.

Another thing that you can do to get them to lower your rate is to "threaten" them and say that you'll transfer everything to a 0% card. You could use a balance transfer to free up the cash, pay off the card, and then they would be getting none of the interest, so it could be in their best interest to reduce the rate some and have you keep paying. Again, they are simply trying to make the most money that they can, and the best way for them to do that is to have you slowly pay them back, little by little.

So sometimes, all you have to do is ask. Other, a little friendly threat might be in order for you to get what you want. Either way, if you don't ask, you won't be able to get a lower rate. And with the high interest rates that many credit card companies charge, if your way is not as low as you can get it, you could be throwing away money.