Did you know that you can actually negotiate your credit card rates? Even though your card has a specified rate, it is still possible to negotiate a much lower rate, which can save you a lot of money on your credit card interest bill.

Both your credit card annual fee (if you have one) and interest rates are negotiable.  The first thing you need to do to be able to negotiate more favorable rates is to find a card that is a direct competitor to yours (or close), and has a lower annual fee/interest rate.  Once you have found a card, call your credit card company (the number is usually on the back of your card) and tell them that you are thinking of switching to another card company, and cite them the direct competitor that you researched.  Then, cite your good history as a customer with them and say that you would like to stay with them if they can reduce your rates.

Roughly 20% of consumers are able to renegotiate their rates.  Imagin if you could, how much would it save you?

This entry was posted on Monday, November 24th, 2008 at 12:51 am and is filed under credit cards, rates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.