With the cost of living sky rocketing, the recovering economy has very less to offer to those struggling with high interest rates. The best way to find reprieve from shelling out high interest rates in to negotiate for a lower rate from your credit card company.
Credit card companies most often consider requests for revision in rate of interest, but just a handful of customers go ahead to negotiate the rates. A survey done by Lending Club reveals that 93% of the population that was surveyed was aware about cardholder’s option talk to their credit card companies about lower interest rates. Just 29% of the population went ahead to contact the credit card companies of which a majority of them got their interest rates modified.
A customer who has been wise with the credit card usage and earned a good credit score is more likely to enjoy lower interest rates from the companies. This credit card company will show resistance to those who have faltered in their credit card usage.
Since customers with good credit score have an edge over the others, begin by taking stalk of your credit score so it can work to your benefit. Sandy Shore, a senior counselor with Novadebt says, “Your credit card issuer won’t be interested in lowering your rate unless you have good credit”. People suffering from a bad credit history must get working on it at the earliest.
It is also good to find the best rates you can ask for when talking to the credit card company. A search on the internet will reveal the best rates offered to any person having the same credit score as yours. This can be used to start negotiating with the company.