Is your credit card interest rate 18% or higher? Call the number on the back of your card, tell them you have seen lower rates and chances are that you can get them to lower it.
Your best leverage during the call could be if you have a recent offer in the mail with a low introductory rate of 0%-5%. If you don’t have a recent offer, you could mention that you are considering the No-Fee Scotiabank Value VISA Card for 14.99%, the lowest rate I found with no annual fee.
If you have been paying your minimum payment on time and they consider you a good customer, they will likely be willing to work with you to negotiate a lower rate. If you are told that there is nothing they can do, politely ask to speak to a supervisor as they may be able to make the change.
If you phone your credit card company and get your rate lowered, please leave a comment and let us know what your rate was and what it’s at now!
Great tip! I suggest you ask directly for supervisor as the rep’s generally wont do it and it will save you some time.
This is great advice I recommend actually finding an offer first there are plenty of companies offering a good introductory rate but just make sure you take note of what the interest rate and balance transfer rate is afterwards because you may get tied into an expensive contract.
Hi!
I tried your advise and I didnt have any luck. I got a visa credit card with a 11.9% interest rate. I was one day late on a payment and they bumped my rate up to 21.9%! My monthly bill almost doubled. So I found you article here and gave i a shot. I even mentioned the Scotiabank value visa card you said, but I was told there was nothing they could do at this time and to call back in 6 months…
Is there anything I can do???
Thanks,
Matt
I am very lucky. Realy my Credit Card interest very higher 20.25%. I was very Tans. You are save my money. thanks
Johnmclrn
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