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Your Monthly Credit Card Question

Friday, March 21st, 2008

If you pay your credit card at least monthly as most credit card agreements require, there’s one more thing you should do each month if the interest rate on the account seems too high: Ask for it to be lowered.

Make this your monthly credit card question: “Would you please lower my account’s interest rate?”

It won’t hurt to ask each month until your rate is reduced to something that you think is correct for your credit history. And even if you have a poor credit history, it won’t hurt to ask.

On the back of your credit card you will probably find a toll free phone number. If it’s not there, it will be in the monthly statement you receive. Call this number and be prepared to provide your credit card number, name and identifying information. When the customer service person asks how he or she can help you, ask politely, “Would you please lower my account’s interest rate?”

It’s that simple.

Don’t be disappointed when the answer is, “I’m sorry. You have the best rate we can offer,” or something similar. The chances are good you’ll need to call several months in a row (all the while making payments as you should) before you receive a positive response.

But when you do get your rate lowered, it will be a good thing.

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