How to Negotiate Better Credit Card Terms When You Have a Credit Card for Bad Credit
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by: barrywaters
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If you are saddled with a credit card for bad credit, you are probably paying sky high interest rates. You are probably resigned to those high interest rates, too, because the only way to lower your rates is to wait for your credit card issuer to decide to lower them... or is it? Credit card users across the United States have found that there is a way to get better credit card terms: Just ask.
The most effective method is to call up your credit card company and tell the customer service representative that you have a more attractive offer from another company and are considering switching credit cards. You may be sent to another customer service representative who specializes in convincing customers to stay, or you may remain with the representative who took your call. Either way, when you are speaking with someone who can change your interest rate, lay out your case politely and calmly and be prepared to negotiate. If you and the customer service representative cannot come to an agreement, thank them, end the call, and try again another day, when your call might be answered by a representative who is more inclined or able to help. (Although customer service representatives are required to follow regulations, they have some leeway in how far they are willing to go for a given customer.)
Credit card customers who used this method found that more than half the time they were able to get a reduction in their credit card interest rates, and the average reduction was 5 to 6 percent. A few people saw their interest rates cut in half. That is no small reduction, especially if your rates are as high as those of a credit card for bad credit.
Your credit rating and the length of time you have been with your credit card issuer will be two of the most important factors in determining whether you will be able to get a rate reduction. If you have bad credit, focus on how long you have been a customer, how regularly you have paid your bills on time, and the comparatively small percentage of your credit line you are using, since all of these are also factors in whether your credit card issuer is willing to give you a break in your interest rate.
So call to ask your issuer to lower your interest rate, and be friendly but persistent. It is likely that you will see your interest rate drop significantly. This method works whether you have a regular credit card or a credit card for bad credit, and the best part is that if your credit card company turns you down, there are no negative repercussions. Why not pick up the phone and place your first call today? It can only make your credit card terms better. Related information Credit card applications ... Low interest credit cards ... Credit cards for bad credit ...
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