About credit card interest rates reduction
One of the basic things about debt repayment using credit cards is the fact of the more finance charges that your credit card carries, the lesser the money that goes to repayment of your principal debt. Consequently, if less money goes towards payment of principal, the more the time it takes to settle your debt. This is where a reduction in a credit-card interest rate becomes very helpful.
Step 1
A low interest rate in credit card means a quick debt settlement as more money is channeled towards debt payment rather than finance charges. Fortunately, having a reduction in credit-card rates is not difficult. In fact, you do not necessarily have to pay any incredible company that deals with debt reduction to do it for you.
Step 2
Who qualifies to have a reduction in their credit card interest rates?
A reduction in credit-card interest rates is more applicable to credit users with big credit card debts and already experiencing debt payment troubles. Lowering of rates in credit card for the consumers becomes rather important for the credit card company as the credit card user represents a great risk in terms of defaulting in payment of the debt amount. Therefore, it becomes a counter-intuitive situation where the company is forced to sacrifice some of its profits rather than see the consumer erode all the revenue from him.
Step 3
Card users with a current low interest in credit card as per the industry standards are certainly not eligible to have their credit-card rates reduced. Actually, a reduction in credit-card rates is in no way a charity action, and not everyone qualifies despite sending a reduction request to the company. In fact, a reduction is only made where you pose potential and realistic risks to the company for loss in its revenue.
Step 4
How to have a credit card rates reduction
Having a reduction in credit card rates reduction can be done by just calling the credit card company and explaining your situation. Before you call your credit company, it’s essential that you gather all your recent statements about your credit card. You should pay close attention to your current interest rate payment and the finance fees being charged.
Step 5
Then, explain to the company your minimum debt payment and if you have recently missed any payments as a result of high rates, let it be known to the company.
Making the call to the credit card company
To have the rates in credit card reduced, call the customer service number of your credit card provider. When the call is taken by the credit card company representative, simply let your intentions of having a reduction in credit-card rates known to him or her.
In case the representative is not authorized to change your card’s rates, ask him to direct you to the person in charge of the interest rates. Let the person know the problems you are going through in making debt repayments and why you feel that it’s vital to have your interest rate reduced. Depending on how you explain yourself, you may be successful or not.
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